Development Schemes (Finance)

Oral Answers to Questions — Colonial Empire – in the House of Commons at 12:00 am on 27th July 1949.

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Photo of Mr Ernest Davies Mr Ernest Davies , Enfield 12:00 am, 27th July 1949

asked the Secretary of State for the Colonies what approach has been made to the International Bank for Reconstruction and Development for assistance in developing the Colonies; what schemes are under review; and, since such help would be a means of easing the dollar problem and advancing development schemes, if he will take steps to secure it forthwith.

Photo of Lieut-Colonel David Rees-Williams Lieut-Colonel David Rees-Williams , Croydon South

I would invite my hon. Friend's attention to the reply which I gave to my hon. Friend, the Member for Wolverhampton, West (Mr. H. D. Hughes) on 16th March. The discussions between the International Bank and the Colonial Development Corporation are proceeding. As regards possible borrowing from the International Bank by Colonial Governments themselves, it was explained in the debates on the Colonial Loans Bill that the purpose of that Bill was to enable His Majesty's Government to guarantee any loans from the Bank for which Colonial Governments might apply. No such applications have yet been made, and my hon. Friend will appreciate that I cannot force the pace.