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Anglo-Soviet Credit Agreement

Volume 387: debated on Thursday 17 November 1977

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asked Her Majesty's Government:What is the average tenure of credits extended, and at what rates of interest, to large-scale sales embracing complete processing plants for long-delivery to the Soviet Union; and what scale of escalation clause is currently in use.

The credit terms supported by ECGD for sales of complete processing plant to the Soviet Union under the terms of the Anglo/Soviet credit agreement are confidential to the parties involved. As was announced by my right honourable friend the Secretary of State for Trade on 28th July last in reply to a Question put to him in another place, these terms are in accordance with the international consensus reached last year on export credit guidelines. This consensus provided for maximum credit terms and minimum interest rates. Details are available in the ECGD Trading Results for 1976–77, copies of which are available in the Library.

The arrangements for providing for escalations are for the commercial parties to negotiate.House adjourned at five minutes before six o'clock.