§ Sir Bernard Braineasked the Secretary of State for Foreign and Commonwealth Affairs if he will make a statement about Great Britain's contribution to the Caribbean Development Bank.
§ Mr. WoodBritain is a member of the Caribbean Development Bank, and has subscribed the equivalent of US$ 10 million to the bank's equity capital. Half of this was in paid-up shares and half in callable shares. Her Majesty's Government also agreed in 1971 to contribute £2,083,333.33—the sterling equivalent of US$ 5 million—to the bank's Special Development Fund, which had been set up to make or guarantee loans of high developmental priority and on softer terms than would be available in the bank's ordinary operations. This contribution to the special fund is now fully committed to projects, and Her Majesty's Government have agreed to provide £2,030,456.85—the equivalent of a further US$ 5 million—to help replenish the fund.
British subscriptions to the bank's equity capital are linked to the value of the United States dollar in September 1969, and the sterling equivalent is subject to adjustment from time to time. Our contributions to the special fund are fixed in sterling at the exchange rate with the United States dollar that prevails at the time contributions are agreed.