Viscount Astorasked Her Majesty's Government:
What progress the Export Credit Guarantee Department (ECGD) has made on debt conversion with regard to Cuba; and whether the ECGD will be able to offer cash benefit for Cuban debts rescheduled through the Paris Club arrangements. [HL2045]
§ The Minister of State, Department of Trade and Industry (Lord Clinton-Davis)ECGD's debt conversion scheme enables local currency funds to be released to the purchaser of debt rescheduled through the Paris Club for investment in approved projects in the countries concerned. To date, ECGD has not sold any Cuban Paris Club debt for conversion. Any proposal to buy such debt would be subject to the agreement of both the Cuban authorities and ECGD.