India (Aid) (Hansard, 12 May 1969)

§ 10. Mr. David Steel

asked the Minister of Overseas Development how the terms of debt relief to be offered by the United Kingdom to India at the forthcoming consortium meeting of donor countries compare with terms offered by other donor nations last year.

Consortium Members	Amount of Debt Relief (U.S. $ million)	Type of Debt Relief	Repayment Terms	Grant^* Element (per cent.)
1. Austria	…	…	0.89	Refinancing	24 years maturity including 7 years grace at 3 per cent. interest.
			0.51	Grant (by reduction of interest).	—	69.9
			1.40
2. Belgium	…	1.10	Cash Credit	25 years maturity including 7 years grace at 3 per cent. interest.	53.2
3. Canada	…	0.91	Rescheduling	Postponement for 10 years at 6 per cent. interest.
			1.07	Cash Grant (to offset interest)	—	65.4
			1.98
4. France	…	…	5.00	Cash Credit	12 years maturity including 31½ years grace at 3.5 per cent. interest.	33.5
5. West Germany	…	14.44	Refinancing	10 years maturity including 3 years grace at 3 per cent. interest.
			8.00	Cash Credit	25 years maturity including 7 years grace at 3 per cent. interest.
			4.85	Grant (by reduction of interest)	—	50.3
			27.29
6. Italy	…	…	5.50	Cash Credit	12 years maturity including 3 years grace at 4 per cent. interest.	30.1
7. Japan	…	…	16.83	Rescheduling	12 years maturity including 3 years grace at 4 per cent. interest.	30.1
8. Netherlands	…	0.58	Grant (by reduction of interest)	—	100
9. U.K.	…	…	18.00	Refinancing	25 years maturity including 7 years grace, free of interest.	76.1
10. U.S.A.	…	…	8.73	Rescheduling	Postponement for 10 years without interest.	62.3
11. IBRD	…	…	15.00	Rescheduling	Postponement for 10 years with rates of interest specified in applicable loan agreements.	n.a.
Total	…	101.41		Average overall grant-element (excluding IBRD)	51.7
^* Using a discount rate of 10 per cent.

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