§ Mr. Oramasked the Chancellor of the Exchequer how much of this country's aid to the Colonies and to independent countries, respectively, is in the form of loans under Section 3 of the Export Guarantees Act; and what is the usual duration of loan and the rate of interest.
§ Mr. Maurice MacmillanDisbursements of aid to independent countries provided under Section 3 of the Export Guarantees Act, 1949 (as amended) were £32.2 million in 1961–62, £40.5 million in 1962–63 and £49.7 million in 1963–64. Repayments, depending on the circumstances of the case, may in practice range over periods of five to twenty-five years. The rate of interest is the rate at which the Exchequer can borrow, together with a management charge of ¼ per cent., and varies with the period of the credit.
Advances under Section 3 of the Export Guarantees Act are made only to independent 130W countries. Aid to Colonial Territories is provided under other arrangements.