§ Mrs. Clwyd
To ask the Chancellor of the Duchy of Lancaster what changes have taken place in the provision of export credits to Iraq in the past year; what proposals he has to make further changes; and if he will make a statement.
§ Mr. Alan Clark
The United Kingdom/Iraq joint commission on trade and economic co-operation which was held in Baghdad in November 1988 resulted in a further £340 million of United Kingdom export credit support for Iraq. To date three loan agreements haw been signed comprising:
- a £65 million buyer credit to finance a contract for four turbine generators for the A1-Shemal power station
- a £75 million line of credit for pharmaceutical and humanitarian products
- a £100 million line of credit for capital goods and projects
The balance of £100 million has not yet been allocated under any specific facility but will be used to finance United Kingdom capital goods and projects. No drawings have yet been made under the above loans.
There will be a further United Kingdom/Iraq joint commission in London later this year but it is too early to anticipate what further United Kingdom export credit facilities might be made available to Iraq for 1990.