HL Deb 07 March 1979 vol 399 cc285-6WA
Baroness HORNSBY-SMITH

asked Her Majesty's Government:

Which countries within the East European bloc have received financial aid through the ECGD; for what amounts and with what periods of credit.

Lord JACQUES

Since 1965 responsibility for overseas aid has rested with the Ministry of Overseas Development. Thus ECGD facilities do not represent financial aid to overseas countries, but the guarantees given by the Department enable United Kingdom exporters and banks to offer credits on commercial terms to support United Kingdom exports. It would not be in accordance with the United Kingdom commercial interest to disclose details of ECGD cover for individual markets, for commercial reasons. However, ECGD is currently open for cover in respect of exports to all the East European members of the CMEA, including the USSR. The total value of its commitments on these countries at the present time amounts to £1,700 million. The credit terms vary according to the size and nature of individual orders; the normal maximum terms for major projects in East European countries is eight and a half years' credit.