§ 87. Mr. Awberyasked the Secretary of State for the Colonies how much of the £29 million granted to Malta under the next five-year plan will go to the reconstruction of the dockyard; how much of the remainder will be raised by local loans; and what proportion will be regarded as a loan to the Island to form the basis of the first national debt for the Colony in transforming it from a fortress economy to a peace time one.
§ Mr. Iain MacleodI assume that the question relates to the recently announced Development Plan (the first of its kind) for the period 1959 to 1964, copies of which have been placed in the Library.
Of Her Majesty's Government's contribution of £29 million towards the total cost of £32 million, £6 million will be in the form of loans to the firm of Bailey (Malta) Limited for the modification and extension of the Dockyard 32W and the establishment of ancillary industries. No part of the £29 million will be raised by local loans; it will all come from Her Majesty's Government. It is proposed, however, to raise the balance of £3 million by local loans during the five-year period. Approximately £7 million of the moneys provided by Her Majesty's Government will be in the form of loans to the Government of Malta.