HC Deb 25 February 1969 vol 778 cc240-1W
Mr. Judd

asked the Minister of Overseas Development whether he will initiate discussions with the Commonwealth Development Corporation about the possibility of raising capital for its programme from other Commonwealth governments.

Mr. Prentice

I am advised that subject to Ministerial approval there is nothing in the present legislation which need prevent the Corporation from raising capital for its programme from the Government of other developed Commonwealth countries and I would be ready to discuss this possibility with the Corporation if they so wish.

Mr. Judd

asked the Minister of Overseas Development whether he will publish in the OFFICIAL REPORT details of those occasions in the past 10 years on which Her Majesty's Government has prevented the Commonwealth Development Corporation from going ahead with proposed developments.

Mr. Prentice

There have been none in the past 10 years.

Mr. Judd

asked the Minister of Overseas Development whether he will initiate discussions with the Commonwealth Development Corporation about the possibility of reducing the interest rate charged by the Government to the Corporation for specific projects in which an 8½ per cent. return on capital cannot be expected.

Mr. Prentice

There is already an arrangement by which part of each year's Government advances to the Commonwealth Development Corporation carries a seven year waiver of interest. As I informed my hon. Friend on 21st January, out of a total of £10 million provided for 1968–69, £5 million will carry this waiver of interest.

The purpose of the concession is to enable the Commonwealth Development Corporation to carry out development projects it could not otherwise undertake and to furnish it with some relief from the present interest burden.—[Vol. 776; c. 61.]

Mr. Judd

asked the Minister of Overseas Development whether he will initiate discussions with the Commonwealth Development Corporation to review the area within which it operates and the possibility of extending its work beyond the Commonwealth; and whether he will make a statement.

Mr. Prentice

As I said in the debate on aid to underdeveloped countries on 2nd December last, legislation is under consideration which would make it possible for the Commonwealth Development Corporation to extend its activities to additional countries. These could include non-Commonwealth countries.—[Vol. 774; c. 1101–2.]