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Foreign Borrowing

Volume 885: debated on Monday 3 February 1975

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asked the Secretary of State for Industry to what sectors of the British economy have Arab funds made a significant contribution; and what State corporations have drawn a figure exceeding $100 million from Arab and Iranian oil surpluses.

I have been asked to reply.There has been little identifiable direct investment in British industry by the oil producers to date. Details of the sources of borrowing by individual public sector bodies are confidential to the borrowers and lenders unless they decide otherwise. The drawing of $400 million by the National Water Council under the Iranian line of credit has, however, been publicised.