HC Deb 11 December 1958 vol 597 cc121-2W
Mr. Greville Howard

asked the Secretary of State for Foreign Affairs how the payments arising out of Her Majesty's Government's contribution to the Organisation for European Economic Cooperation credits for Turkey, announced

Mr. lain Macleod

The table below gives the information desired.

in the House on 31st July, are to he financed.

Mr. Profumo

An Agreement between Her Majesty's Government and the Turkish Government was signed in Paris on 25th November. The terms of the Agreement, which will be published as a Command Paper, provide for a loan of £3,575,000 at an interest rate of 51 per cent. The loan will be repayable half- yearly over a period of ten years, to begin on the 1st of January, 1964.

A first instalment of £1,787,500 was pain on the 1st of December; a second instalment of £893,750 is payable before the 31st of January, 1959, and the balance of £893,750 not later than the 30th of April, 1959. Payments will be borne on the Vote for Foreign Office Grants and Services, and a Supplementary Estimate to cover the total of £2,681,250 payable in the current year will be presented to Parliament in due course. In the meantime funds to meet expenditure during the present financial year are being made available from the Civil Contingencies Fund.