§ Mr. A. Hendersonasked the Chancellor of the Exchequer to what extent Her Majesty's Government in the United Kingdom is to be associated with the international Corporation to finance industrial projects in underdeveloped countries, the setting up of which was recently announced by the United States Government.
§ Mr. R. A. ButlerHer Majesty's Government have taken note of the announcement of the United States Administration that they will seek Congressional approval for United States participation in an International Finance Corporation. I understand that copies of the announcement are available in the Library. Her Majesty's Government hope that the institution of an International Finance Corporation will further the flow of United States private investment overseas and thus contribute to the development of underdeveloped territories and to stability in the world economy.
Her Majesty's Government are ready to take part in international discussions with a view to the setting up of an International Finance Corporation on the general lines indicated in the United States announcement. Subject to these discussions and to assurance of appropriate subscriptions from the United States and other members of the International Bank, Her Majesty's Government would be ready, at an appropriate time, to make to Parliament proposals for United Kingdom participation in the proposed Corporation.