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Developing Countries: Loans

Volume 492: debated on Tuesday 12 May 2009

To ask the Secretary of State for International Development how much the Government has received in interest on loans to developing countries in each year since 2004. (269086)

The Government, through the Department for International Development, has received the following amounts of loan interest from developing countries in the financial years 2004-05 to 2007-08:

Low income countries1

Middle income countries1

Total

2004-05

508,180

2,263,040

2,771,220

2005-06

28,821

1,724,631

1,753,452

2006-07

11,401

1,694,981

1,706,382

2007-08

11,102

1,396,409

1,407,511

Total

559,504

7,079,061

7,638,565

1 ‘Developing countries’ has been interpreted to mean low income and middle income countries as currently defined by the Organisation for Economic Co-operation and Development’s Development Assistance Committee.

The majority of these amounts (92.7 per cent.) refer to middle income countries; the remainder is for low income countries (7.3 per cent.). A substantial proportion of these interest payments refer to a reducing debt portfolio of old investments by CDC.

These figures do not include interest payments to the Export Credit Guarantee Department on rescheduled defaulted commercial credits that were guaranteed by them.