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§ Lord Belstead
The issue has not been discussed in the World Bank board since October 1980 when, with the support of the United Kingdom representative, the bank approved an $8 million loan for a study of alternative hydro-electric schemes. That study has not yet been completed. However, the feasibility of the Upper Mazarumi project will depend, not only upon the availability of substantial funds from a number of sources, but also upon an assured demand for the power. A potential source of demand would be an aluminium smelter but, in the present depressed state of the aluminium industry, there is no immediate prospect of one being established in the area. I am aware that Venezuela has made representations to the World Bank in the past, but I am assured that the bank will make its decision on technical and economic grounds.