§ 60. Mr. Roseasked the Minister of Overseas Development whether she will make a statement on the creation of the European Development Fund as it affects the United Kingdom.
§ Mrs. HartThe new European Development Fund, on which agreement was reached in Brussels last week, will total 3,140 million units of account, or approximately £1,600 million at current rates of exchange. France and Germany will each contribute 25.95 per cent. and the United Kingdom 18.7 per cent. or about £300 million. This money will be committed over a five-year period, but disbursements will take longer than this. 379W As a result of our participation British firms will be eligible to tender for supply and works contracts and consultancy work arising from the fund's operations.