HC Deb 25 June 1964 vol 697 cc129-30W
Mr. Oram

asked the Chancellor of the Exchequer how much of this country's aid to the Colonies and to independent countries, respectively, is in the form of loans under Section 3 of the Export Guarantees Act; and what is the usual duration of loan and the rate of interest.

Mr. Maurice Macmillan

Disbursements of aid to independent countries provided under Section 3 of the Export Guarantees Act, 1949 (as amended) were £32.2 million in 1961–62, £40.5 million in 1962–63 and £49.7 million in 1963–64. Repayments, depending on the circumstances of the case, may in practice range over periods of five to twenty-five years. The rate of interest is the rate at which the Exchequer can borrow, together with a management charge of ¼ per cent., and varies with the period of the credit.

Advances under Section 3 of the Export Guarantees Act are made only to independent countries. Aid to Colonial Territories is provided under other arrangements.