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Miss V Life
HM Treasury
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Your reference
Our reference IDG.8788/599/611/007A
Date 12 June 1987
Dear Verion,
IFC: HONG KONG/CHINA
We do not usually brief our Executive Director on IFC project documents but I think that we ought to look at the attached proposed investment in two Hong Kong companies who would invest in PRC, because it would take place in British territory. (I understand that IFC have formally informed Treasury, as an arm of HMG, by telex of their intentions in accordance with IFC's Articles.) It seems to me that the two Hong Kong companies will operate in PRC like Development Finance Institutions and I see no difficulty in authorising our ED to support the proposal when it goes to the IFC Board on 18 June 1987. If you or any copy-addressee hate any objections or any comments which you think that our ED should make, would be grateful if you will let Colin Roth (in my absence on annual leave) know by noon on Tuesday 16 June 1987. Absence of comment by then will be taken as agreement, and Colin will let our ED know on Tuesday afternoon so that he can, if thought desirable, exchange words with the Chinese ED before the project comes to the Board on Thursday.
Yan aye Walter
W T Birrell
4669
International Financial Institutions Department
CC
Miss V Fleming, BOE
Dr B Coleby, DTI
Mr C Leeks, HKD/FCO
Mr S Alexander, EED/ODA
Mr P Dearden, ES (MAG)/ODA
I
CE 18/6
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