اطاع
Reference .......
1.12.6 990/10/201..
Shad
they
I don't think this adds eytlig to whed were already to bitllor already know.
Enter pa
Сердик
FROM A C Higginbottom
DATE
10 FEBRUARY 1988
26
Mr Hill
Hong Kong Department
Dear or Hill
MIGA: HONG KONG
нистог
FF
B 1988
21
10.
1. You will have by now received Mr Grainger's minute of 3rd February on this subject, in response to Hong Kong telex 321, copied to us. You should
also have seen the World Bank's comments on our proposal to exclude the
dependent territoties from MIGA at the outset pending written notification
to the contrary. As Mr Grainger points out, the Bank's response does not
completely rule out problems with this approach although these are not
likely.
2. Mr Grainger concludes that it would be advisable to consult the PRC as
soon as possible. We agree.
We would prefer to include Hong Kong in the
UK's ratification of the MIGA Convention from the outset if at all
possible. If this is not possible, only then will we follow the ICSID
formula; ie ratification followed by lifting exclusion of the dependent
territories shortly afterwards. For wider policy reasons we cannot afford
to delay ratification while these matters are decided upon.
3. I should make it clear at this stage that simply including Hong Kong
under the UK's ratification will not mean that investments in Hong Kong can
be covered by MIGA policies immediately. For this to happen, Hong Kong
• will have to be designated a developing country for the purposes of MIGA.
This designation can only be granted by the Board of Directors, which does
not, as yet, exist. There would therefore, inevitably, be at least a short
delay between ratification and extension of eligibility for insurance cover
to investments in Hong Kong.