§ 4. Sir R. Robinson
asked the Minister of State for Commonwealth Relations what recent request Her Majesty's Government has received from the Government of India for financial assistance; and what has been the response.
§ Mr. Alport
The United Kingdom Government have offered a loan of £10 million to the Government of India, to be made under Section 3 of the Export Guarantees Act. The intention is that India should be able to draw on this loan to make payment for a broad range of her imports from the United Kingdom.
2. The loan is being offered in response to an approach by the Government of India to the United Kingdom for early assistance in meeting India's foreign exchange requirements for 1960–61, the final year of the Second Five Year Plan.
3. In addition the United Kingdom Government will later join in consideration of India's need for assistance during the current year with the consortium (U.S.A., Canada, German Federal Republic and Japan in addition to the United Kingdom) which met under the aegis of the International Bank to concert assistance to India in 1958 and 1959.