HC Deb 06 March 2000 vol 345 cc525-6W
Mr. Flight

To ask the Chancellor of the Exchequer (1) what recent representations he has received regarding loans by the European Bank for Reconstruction and Development to the west/east joint venture company, KomiArcticOil; and if he will make a statement; [112427]

(2) what recent assessment he has made of lending by the European Bank for Reconstruction and Development to Russian oil companies and its compatibility with its rules on lending. [112426]

Miss Melanie Johnson

The European Bank for Reconstruction and Development seeks to engage in high quality projects with a strong transition impact. This approach is fully in line with the Bank's mandate and lending policies. All loans are subject to a rigorous review process within the Bank and must be approved by the Bank's Board of Directors, which represents 60 member nations and international organisations, including the UK.

In terms of decisions relating to a change in ownership in a company in which the EBRD has an interest, the Bank reaches its decision based on commercial considerations with proper regard to the integrity and corporate governance standards of the purchaser.