asked the Minister for Finance if he will make a statement on reports that the World Bank have agreed to lend between 50 and 70 million dollars over the next five years; and if he will state the rate of interest that will be charged.
Ceisteanna—Questions. Oral Answers. - World Bank Loans.
31.
Any reports to the effect that the World Bank have agreed to lend this country large sums of money over the next five years are incorrect. As the House was informed in March, 1969, the bank at that time approved a loan of $14½ million to the ESB to help in financing the board's pumped storage project at Turlough Hill, County Wicklow. This is the only loan which the bank have agreed to make to Ireland to date.
The possibility of obtaining further loan accommodation from the World Bank is, however, under examination in conjunction with representatives of the bank as part of the arrangements to finance from abroad some of the public capital programme. Examination of the matter has not yet reached a stage at which it is possible to say whether a further loan, in addition to the loan of $14½ million to the ESB, will be obtained or what the rate of interest might be. If and when the bank approve such a loan, I will inform the House.
May we take it that reports that the World Bank agreed to lend this country sums of money are incorrect?
If there were such reports they are incorrect.
There were such reports.