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WEDNESDAY, MAY 21, 1986
THE REMAINING FINANCIAL COMMITMENT, AMOUNTING TO $315.2
J
MILLION, IS A CONTINGENT LIABILITY OF THE CALLABLE SHARES WHICH ARE SUBJECT TO CALL ONLY AS AND WHEN REQUIRED BY ADB TO MEET ITS FINANCIAL OBLIGATIONS. IN THE HISTORY OF ADB, THERE HAS NOT BEEN
A CALL ON THE CALLABLE SHARES.
ADB'S THIRD GENERAL CAPITAL INCREASE, WHICH THE BANK APPROVED IN APRIL 1983, IS AIMED AT SUSTAINING ITS DEVELOPMENT LENDING ACTIVITIES FOR 1983-87.
A GOVERNMENT SPOKESMAN SAID HONG KONG HAD BEEN A MEMBER OF THE ASIAN DEVELOPMENT BANK SINCE MARCH 1969. +IT IS THE ONLY INTERNATIONAL FINANCIAL ORGANISATION OF WHICH HONG KONG IS A MEMBER IN ITS OWN RIGHT.+
HE SAID SUBSCRIPTION TO THE BANK'S THIRD GENERAL CAPITAL INCREASE WAS ESSENTIAL IF HONG KONG WAS TO FULFIL ITS ROLE AS A MEMBER OF THE BANK.
+ IT IS ALSO A CLEAR DEMONSTRATION THAT HONG KONG INTENDS TO CONTINUE AS A MEMBER IN THIS INTERNATIONAL ORGANISATION AFTER 1997, + HE SAID.
THE SPOKESMAN FURTHER SAID HONG KONG'S CONTINUED PARTICIPATION IN ADB AFTER 1997 HAD BEEN ASSURED, IN ACCORDANCE WITH THE PROVISIONS OF THE JOINT DECLARATION, BY AN AGREEMENT REACHED BETWEEN THE BRITISH AND CHINESE GOVERNMENTS IN THE JOINT LIAISON GROUP.
OTHER THAN THE INTANGIBLE BENEFIT OF POLITICAL GOODWILL, HE ADDED, HONG KONG HAD ALSO OBTAINED DIRECT BENEFITS FROM ITS MEMBERSHIP OF THE BANK.
+ LOANS TOTALLING SOME US$95 MILLION HAVE BEEN RAISED FROM ADB TO FINANCE FIVE LOCAL PROJECTS. THEY ARE THE LOK ON PAI SEA WATER DESALTING PLANT IN 1972, THE SHA TIN SEWAGE TREATMENT PLANT IN 1976, THE SHA TIN URBAN DEVELOPMENT (HOUSING) IN 1977, THE SHA TIN HOSPITAL-POLYCLINIC IN 1978 AND THE SECOND SHA TIN URBAN DEVELOPMENT IN 1980.
+COMPANIES IN HONG KONG ARE ALSO ELIGIBLE TO BID FOR TENDERS RELATED TO ADB-FINANCED PROJECTS AS A RESULT OF HONG KONG'S MEMBERSHIP OF ADB. AS OF DECEMBER 1985, THE VALUE OF SUCH CONTRACTS AWARDED TO HONG KONG FIRMS WAS ESTIMATED TO BE US$89 MILLION, HE SAID.
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