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Gibraltar

Volume 82: debated on Tuesday 2 July 1985

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asked the Secretary of State for Foreign and Commonwealth Affairs what representations he has received from the managing director of Gibraltar Shiprepair Ltd. about the possibility that the £28 million granted to the Gibraltar Government to commercialise the dockyard in Gibraltar over a period of three years could be used up by the end of 1986; and if he will make a statement.

I have received no representations from the managing director of Gibraltar Shiprepair Ltd.The capital aid grant of a maximum of £28 million was intended to finance physical development and civil engineering of the former naval dockyard, to meet certain "start-up" expenses and cover any operating cash deficit during the first two years of commercial operations, which began on 1 January 1985. It therefore had always been our expectation that disbursement of our capital aid grant would be completed by the end of 1986, or shortly after.