§ Mr. Grimondasked the Secretary of State for Foreign and Commonwealth Affairs, which industries receive cheap credit in the EEC: and to what extent.
§ Mr. Benn,pursuant to his reply [Official Report, 13th March 1975; Vol. 448W 888, c. 209], gave the following information
I take it that the right hon. Member's Question refers to loans from Community resources. There are special arrangements under which funds can be made available to industry in the Community. The European Coal and Steel Community provides loans from funds to which the United Kingdom contributes for projects in the coal and steel industries, and for reconversion projects which will provide employment for redundant coal and steel workers. Loans are also available to undertakings and institutions in the Community from the European Investment Bank. There is also a scheme of Community support for high risk technological development projects in the hydrocarbons sector. The support is repayable in the event of commercial success.