27-JUL-1992
16:15
BRITISH TRADE COMMISSION
P.02
164
27 July 1992
HKA 182/3
Mn Fugass
Richard Needham, Esq.
Minister for Trade
Department of Trade & Industry
Ashdown House
PROVISIONAL AIRPORT AUTHORITY
Av Ricketts it:)
свесна
7829
Б
123 Victoria Street
London SW1E 6RB
ENGLAND
Dear Minister,
PS
ناز
Ps in Ecodlad Sir jales nr Gome Стоит
nr turn
Head ERD
N" Bine
re
We are as you know in the final stages of evaluation on our Site Preparation Contract. Although final financing arrangements will have to await resolution of discussions in the Airport Committee, we feel it is absolutely essential that for this very large and critical contract, we have the clearest possible indication of the finance that we can expect to arrange, before we make our decision.
U.K. suppliers are prominent in three of the four consortia still under evaluation. Our confidence in the availability and terms of ECGD's support will be a major factor in our decision. I should also say that a really strong response from ECGD will be of immense value to us in demonstrating to other credit agencies and governments that the U.K. wants to see the airport project succeed in raising its finance on the basis proposed by the U.K. and the Hong Kong Governments.
Our Finance Director has had helpful discussions with ECGD. If I may, though, I would like to highlight three points on which we still feel that a firmer indication can and should be given:-
1.
2.
There appears still to be some doubt about the basic availability of cover, in the light of the size of ECGD's existing exposure. I do feel it is really unthinkable that, if our credit structure and other key elements are satisfactory, we would not get cover for U.K. and eligible local costs.
Because we will have no revenues until our target opening date, we need to roll up interest prior to that time (1997) and to start repayment then and not before. ECGD has indicated willingness to consider this, but it is so essential to us that we believe that as a
general principle, it should be settled now.
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2.
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