§ Mr. Craigenasked the Secretary of State for Scotland what financial assistance is available to Scottish industry from EEC funds.
§ Mr. William RossAssistance is available from the funds of the European Coal and Steel Community (ECSC), from the European Social Fund (ESC), from the European Agricultural Guidance and Guarantee Fund (FEOGA), and from the European Investment Bank (EIB). In addition, finance will be available in due course from the Regional Development Fund when agreement has been reached on the detailed arrangements. ECSC loans are available for direct assistance to projects in the coal and steel industries, and for projects creating new employment in areas where employment in these industries is in decline. The coal and steel industries may also qualify for low interest loans for workers' housing, and there are grants to promote the resettlement and retraining of ex-coal and steel workers. The primary purpose of the European Social Fund is to assist the training and 449W resettlement of workers, while the European Agricultural Guidance and Guarantee Fund provides, inter alia, grants towards the cost of selected projects which further the aims of the common agricultural policy of the EEC.
European Investment Bank loans are available for modernising or converting undertakings and initiating new activities called for by the development of the Common Market, and for projects of common interest to two or more member States. Loans for small or medium-sized projects are generally catered for in block through a financial intermediary, and the Industrial and Commercial Finance Corporation has negotiated two loans of £3.5 million and £10 million to support such projects in the United Kingdom assisted areas.