§ Mr. Wallasked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement on the terms of the Anglo-Egyptian Agreement on compensation for nationalised British property.
§ Mr. KershawThe Agreement which was initialled in Cairo on 22nd July provided for the payment by the Government of the United Arab Republic of compensation for the assets of United Kingdom nationals whose property was nationalised under laws promulgated in the United Arab Republic from 1960 to 1964 inclusive, including Agrarian Reform Laws No. 127 of 1961 and No. 15 of 1963, but excluding Law No. 150 of 1964.
Compensation will be in the form of a fixed sterling sum of £2.1 million minus £200,000 in respect of all related liabilities of the owners with the United Arab Republic. The net amount of £1.9 165W million will be paid in six six-monthly instalments starting on 1st March, 1972.
Valuation and payment of individual claims under the terms of the Agreement will be the responsibility of Her Majesty's Government and will be carried out by the Foreign Compensation Commission which will make payments in sterling. An Order in Council will be made to this effect as soon as the Agreement has been signed, which, it is hoped, will be within the next month or so.
A meeting of the Committee established to represent the interests of claimants will shortly be held in London to discuss the working of the Agreement.