Mr. John D. TaylorTo ask the Secretary of State for Trade and Industry what provision has been made in the EC/EFTA agreement to establish the European economic area to provide grants and loans to(a) the Republic of Ireland, (b) Greece, (c) Portugal and (d) Northern Ireland.
§ Mr. SainsburyUnder the terms of the European economic area agreement, EFTA would set up a fund to assist the development of Northern Ireland, the Republic of Ireland, Greece, Portugal and specified regions of Spain. The fund would be managed by EFTA and comprise 500 mecu in grants over five years and an interest rate subsidy of 3 per cent. on 1.5 becu of loans to be repaid within 10 years.