§ 49. Mr. O'Malleyasked the Secretary of State for Industry, Trade and Regional Development if he will make a statement on the assistance given to the consortium for the building of the Durgapur plant in India; and whether help was sought for quotations for other steel works plant.
§ Mr. du CannA British Government loan of £15 million was made in 1958 to cover part of the foreign exchange cost for the building of Durgapur steel-works by a British consortium and a further loan of £22 million was made in 1962 for the extension of these works by British manufacturers. Steelworks plant manufacturers have sought help from the Export Credits Guarantee Department in quoting for major projects in other countries. The Department hasing steelworks contracts to a value already issued financial guarantees cover- 201W exceeding £30 million in all and is currently offering further guarantees for this purpose.