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2
are however strongly represented.
EXPORT CREDIT
5.
The full range of ECGD facilities are available for Hong Kong which is now ECGD's largest market in terms of exposure. Under the latest arrangements the officially supported interest rate would therefore be 10.85% for credits up to 5 years and 11.35% for credits in excess of 5 years.
6.
The
ECGD supported loans for large projects have played an important role in the recent development of Hong Kong. support provided for the construction of the Mass Transit
Railway and the two Castle Peak power station projects entail a number of innovative features such as partial HK$ financing ad the facility to switch the currency of the loan ad demonstrate a flexibility of approach appreciated by borrowers in Hong Kong. The largest of these, that for the Castle Peak 'B' Power Station, is also significant as the repayment period for the loan extends 5 years beyond the expiry of the New Territories lease in 1997. The decision to agree support beyond that date was viewed as significant indication of the UK's continuing commitment to the territory.
MAJOR PROJECTS
7.
(i) CASTLE PEAK POWER SATION
The site of Castle Peak will eventually house two power stations, developed jointly by China Light and Power Co (CLP) and Eastern Energy Ltd, a subsidiary of the Exxon
Corporation.
Castle Peak 'A' (4 x 350 MW coal/oil fired) The station
will be fully operational by Summer 1985. at present day prices is £300 million.
Contract value
Full station
Contract value at
Castle Peak 'B' (4 x 660 MW coal fired)
will be operational by 1989/90. present day prices is £550 million.
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