§ Mr. Alec Jonesasked the Secretary of State for Wales to what extent industry and other bodies in Wales have obtained subsidised loans from the European Investment Bank and the European Coal and Steel Community.
§ Mr. Nicholas EdwardsThe European Investment Bank (EIB) does not provide subsidised loans for investment projects in Wales or elsewhere in the United310W Kingdom. The interest rate which the EIB charges to borrowers reflects the commercial cost of the EIB raising its funds on the international capital markets. To date, Wales has secured loan approvals from the EIB in excess of £350 million.
With regard to European Coal and Steel Community (ECSC) loans, subsidies are made in the form of rebates of up to 3 per cent. of interest payments for five years. To date, Wales has been allocated some £35 million in rebates on loan allocations of £250 million.
§ Mr. Alec Jonesasked the Secretary of State for Wales whether he is satisfied with the arrangements for seeking inward investment from the United States of America to Wales; and whether he will ensure that the arrangements are at least equivalent to those concerned with attracting inward investment to Scotland.
§ Mr. Nicholas EdwardsThe Development Corporation for Wales has clearly demonstrated its ability to seek out and establish contact in overseas countries with potential investors. I continue to attach the greatest importance to this activity, and in the coming year I shall be expecting the corporation to provide a still more effective operation on behalf of Wales, both in the United States of America and elsewhere.