HC Deb 28 July 1998 vol 317 cc126-7W
Dr. Tonge

To ask the Secretary of State for International Development if she will set out the mechanisms used by the Commonwealth Development Corporation to guarantee their loans to subsidiaries of multinational companies. [51855]

Mr. Foulkes

For loans made to subsidiaries of multinationals, the Commonwealth Development Corporation takes appropriate security, depending on the individual circumstances of the investment. This may include a parent company guarantee.

Dr. Tonge

To ask the Secretary of State for International Development if she will list the export of credit guarantees offered in respect of the loans made to Sierra Rutile by the Commonwealth Development Corporation. [51856]

Mr. Foulkes

The Commonwealth Development Corporation does not benefit from any export guarantees in relation to loans made to Sierra Rutile Ltd.

Dr. Tonge

To ask the Secretary of State for International Development how much money is currently owed to the Commonwealth Development Corporation from the company Sierra Rutile. [51854]

Mr. Foulkes

At 30 June 1998 the Commonwealth Development Corporation was owed £2.4 million by Sierra Rutile. Once their rutile mine returns to production it is expected that the outstanding debt of £2.4 million will be repaid.