§ Mr. MacArthur
asked the President of the Board of Trade if he will make a statement about the loan being made to Sierra Leone.
§ Mr. Erroll
Yes. Her Majesty's Government have agreed to make a loan of £35 million to the Government of Sierra Leone under Section 3 of the Export Guarantees Act, 1949, and the162W Agreement is expected to be signed in Freetown today.
This is in fulfilment of an undertaking given by Her Majesty's Government in May, 1960, in connection with Sierra Leone's independence.
This loan will be used to pay for goods and services from Britain. In the usual way, some transactions financed under the loan will be for the account of the Sierra Leone Government for developing their economy. Exceptionally, the loan will also be used to finance purchases from the United Kingdom which are required by private importers and the Sierra Leone Government will consequently receive an equivalent sum which it can use to meet its own local expenditure.