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Commonwealth Development Corporation Act 1999

Financial assistance by Government

Section 9: New loans to CDC

34.Section 9 allows the Secretary of State to provide loans to CDC, by means of the NLF, while the Corporation remains wholly Government-owned: see subsections (1) and (2).

35.Although the NLF is operated by the Treasury, loans made from it are routed via the Secretary of State’s account at the Office of the Paymaster-General. Thus, NLF loans are made by the Secretary of State.

36.The terms of such loans are determined by the Secretary of State, with the consent of the Treasury: see subsection (3) and section 22(1)(d). Subsection (4) provides that when the Corporation repays the loan or pays interest on it to the Secretary of State he must pay the sums received back into the NLF.

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