§ 51. Sir D. Gammans
asked the Secretary of State for Foreign Affairs if he can give an assurance that the money contributed by Great Britain towards the cost of the Assuan dam will be drawn from the blocked sterling account and will not affect the amount of capital which this country can expend on Commonwealth development.
§ Mr. Selwyn Lloyd
No, Sir. The Egyptian blocked sterling account is Egyptian property. Releases from it must be made by agreement with the Egyptian Government. This Agreement is embodied in the Exchange of Notes between Her Majesty's Government and the Egyptian Government dated 30th August, 1955, and published in White Paper Command 9611 on 3rd November, 1955.
§ Sir D. Gammans
Is my right hon. and learned Friend satisfied that this is a justifiable investment for this country in view of our present limited resources?
§ Mr. J. Griffiths
Would the Foreign Secretary not agree that, in the interests of the Commonwealth, it would have been better to provide this public money for Trinidad Oil rather than giving it to the Assuan dam?