§ Mr. DenhamTo ask the Secretary of State for Foreign and Commonwealth Affairs what evaluations his Department has conducted of the quality of World bank lending to Russia; and what has been the level of lending in each of the last three years.
§ Mr. Lennox-BoydWorld bank lending to Russia began in August 1992 with a $600 million rehabilitation loan. In the bank's fiscal year ended June 1993—FY93—commitments totalled $760 million. Approvals in the current year—FY94—include a $610 million loan to the oil sector.
Further details of the bank's activities are contained in its 1993 annual report, copies of which are available in the Library of the House.
It is too early to assess the impact of bank lending to Russia, but we have been impressed by the preparatory work they have undertaken in support of its lending programme.