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Half of UK`s state cover used to support arms exports

IRNA

London, Jan 9, IRNA -- Almost half of the Britain`s credit guarantees 
have been used to support arms exports since Labour came to power in 
1997, according to new figures released by Foreign Office Minister 
Mike O`Brien. 
Out of a total value of Pnds 21.7 billion (Dlrs 39 bn) worth of 
state cover provided by the Export Credit Guarantee Department (ECGD) 
to British exports over the past six years, Pnds 10.1 bn were for 
military and defence sales. 
A further Pnds 5.5 bn were for aerospace projects, but only Pnds 
1.4 bn in the oil and gas sector, Pnds 1.2 bn for transport and 
telecommunications, Pnds 230 million for the environment, Pnds 60 m 
regarding mining and Pnds 46 m for education and medicare. 
O`Brien said that since 2001, ECGD has been assessing the 
potential environmental and social impacts of all projects, except for
defence and aerospace, which were subjected to separate processes. 
According to the figures, published Friday in a written reply to 
parliament, the chief beneficiary for arms exports credits were Pnds 
6.2 bn to Saudi Arabia, Pnds 1.3 bn to South Africa, Pnds 590 m of 
credits to Brunei, Pnds 535 m to Oman and Pnds 253 m to Turkey. 
The state cover for defence and military sales made up 99.99 per 
cent of the credit guarantees provided for British exports to Saudi 
Arabia. 
By far the largest ECGD cover for aerospace projects was Pnds 937 
m to the United States, followed by Pnds 551 m to the United Arab 
Emirates and 496 m to China. 
In the case of Iran, a total of Pnds 193 m was provided to support
British exports, including Pnds 37 m for oil and gas projects, the 
same amount for mining, Pnds 3 m for environmental and Pnds 115 m for 
unspecified other projects. None were for defence or military sales. 
On oil and gas projects, the biggest total cover was Pnds 429 m 
for Oman, Pnds 249 m for South Africa, Pnds 148 m for Nigeria, Pnds 
128 for the Russian Federation and Pnds 110 m for Brazil. 
HC/AA/210 
End