§ Baroness HORNSBY-SMITHasked Her Majesty's Government:
Which countries in Latin America have received financial aid through the ECGD: for what amounts and with what periods of credit.
§ Lord JACQUESSince 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. However, ECGD is currently open for cover in respect of exports to all Latin American markets and the total value of its commitments on these countries now amounts to some £2,200 million. The credit terms depend upon the nature of the goods and the country of destination but the maximum credit period for major sales of capital equipment to this area would not normally exceed 10 years.