§ Sir John StanleyTo ask the Secretary of State for Foreign and Commonwealth Affairs what steps his Department has taken to implement the private finance initiative announced in the autumn statement on 12 November 1992 and in the Treasury private finance guidance published on 9 December 1992.
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§ Mr. GoodladThe potential scope of the initiative will vary between departments. In the case of the Foreign and Commonwealth Office, diplomatic wing, we have not so far identified any proposals relevant to the initiative.
The Commonwealth Development Corporation, for which the Overseas Development Administration is the sponsor department, funds projects in developing countries, particularly in the private sector in partnership with a range of co-investors. The Administration has two arrangements which already associate private finance with aid funds: the joint funding scheme which matches contributions from non-governmental organisations on a pound-for-pound basis, and the aid and trade provision which provides aid funds to recipient Governments in association with commercial funds though these are usually supported by the Export Credits Guarantee Department.
We will continue to look for suitable proposals.