HC Deb 15 February 1965 vol 706 c182W
Mr. Rowland

asked the Minister of Overseas Development what contribution Her Majesty's Government have offered to make in support of Turkey's capital development programme in 1965.

Mrs. Castle

At a meeting of the Turkish consortium of O.E.C.D. on 17th and 18th December, 1964, we offered to contribute aid of £2 million in support of Turkey's development effort in 1965. The British representative explained that this offer was made entirely without prejudice to the final level or nature of United Kingdom aid to Turkey this year. The new aid will be on the same terms as our 1964 aid, namely, a loan under Section 3 of the Export Guarantees Act, 1949, for 25 years with no repayments of capital required during the first seven years and a waiver of interest payments during the same period. The cost of the waiver of interest will be borne on the votes of the Ministry of Overseas Development. Payments will be made to the Acquisition of Guaranteed Securities Fund, administered by the Export Credits Guarantee Department, in order to recompense the Fund for the interest waived. It is hoped that an agreement on this new loan will shortly be concluded with the Turkish Government.