§ Mr. FavellTo ask the Secretary of State for Foreign and Commonwealth Affairs what is his latest estimate of the cost of the implementation of European Community draft directive document No. 4345/91 on debt from African, Caribbean and Pacific countries to the Exchequer (i) directly and (ii) channelled via the European institutions.
§ Mrs. ChalkerIt is estimated that the full cost to the United Kingdom in terms of repayments forgone if the proposals contained in the Commission's draft communication to the Council No. 4345/91 are agreed would be around £48 million over the period of the seventh European development fund (1991 to 1995). This represents the United Kingdom share of repayments made to the European investment bank, which are credited by it to the member states, in respect of risk capital investments and special loans in African, Caribbean and Pacific countries which were financed from the European development funds to which we have contributed.
The proposals are under discussion in the Council of Ministers.