§ Mr. Cohenasked the Chancellor of the Duchy of Lancaster what recent lines of credit have been made available to Iraq; of what value and with what conditions as to the use of the funds made available; and what loans have been made available in each of the past five years.
§ Mr. ButcherOne. The Governments of the United Kingdom and Iraq signed a financial protocol on 24 September 1987 under which ECGD will provide support for a £100 million line of credit for the supply of United Kingdom capital goods, equipment and services on credit terms of up to five years and a £75 million line of credit for the supply of prepared pharmaceutical products, medical equipment, veterinary medicines, the bulk supply of semi-processed pharmaceuticals, insecticides, powdered milk and baby milk powder on credit terms of up to 18 months. These loan facilities will be signed in 1988.
2. Two earlier protocols for £250 million each were signed in 1983 and 1984 and the uptake of these loans is as follows. All of the pharmaceutical lines of credit were additional to the protocol amounts.
1983–84
- £250 million general purpose line of credit (including two project buyer credits).
387 - £25 million pharmaceutical line of credit.
- 1985
- £100 million general purpose line of credit.
- £50 million pharmaceutical line of credit.
- 1986
- £50 million pharmaceutical line of credit.
- 1987
- £50 million pharmaceutical line of credit.
- £20 million veterinary medicine line of credit.
- £50 million general purpose line of credit.
- £28 million buyer credits for 3 water resource projects
- £52 million general purpose line of credit.