HC Deb 08 February 1956 vol 548 cc180-1W
76. Mrs. Jeger

asked the Secretary of State for the Colonies how much of the £38 million development scheme for Cyprus will be financed directly from United Kingdom revenues; and how much money will have to be raised by the people of Cyprus.

Mr. Lennox-Boyd

For the five-year period up to March, 1960, a sum of £937,000 has been made available to Cyprus under the C.D. & W. Acts. As I have already informed the House Her Majesty's Government also propose, subject to the approval of Parliament, to give Cyprus financial assistance towards the cost of the Emergency, which will enable the Colony to devote more of its own resources to its development programme. We cannot yet say how long it may take to carry out that programme but, as I mentioned in the debate on 5th December, on present estimates for the next six years, some 60 per cent. of the cost should be borne from local revenue or met from local loans. In addition, the Cyprus Government will need to raise a certain amount of external loans.