01-MAY-1992 16:46
SECRETARIAT PRESS OFFICE
+ 832 858 5212 F.03*
Asian Development Fund
Established in
June. 1974 to provide in a systematic way concessionary lendings to needy Bank members.
nore
Loans from the fund do not carry any interest and only a nominal annual service charge of 1 1 per cent is charged. Most loans are repayable over periods of 35-40 years, including a grace period of 10 years.
The Fund is replenished periodically. contributed US$ 1 million to each of replenishments in 1983 and 1987.
Hong Kong
the last two
In Feb. 92. the ADB Board of Governors authorized the fifth replenishment of the Fund (ADF VI) with a target amount of US$4.2 Billion.
Hong Kong will shortly be seeking approval from the Finance Committee of the Legislataive Council to make a contribution to the ADF VI.
ADB 1992 Annual Meeting
Cost to HK
-
Committee
The Finance
approved a budget of HKS 8.9 million to provide for convention and office facilities, transport, telecommunication and other equipment, temporary staff, social programmes etc.
The Bank pays for all the rest, i.e. air fares for staff, hotel accommodation, cost incurred in Manila to prepare for the meeting.
Benefits to HK -
Gives HK the international hosting the event.
prestige
associated with
Provides an opportunity for many senior government officials and bankers from other countries to see HK at first hand.
Underscores HK's support of the ADB and our commitment to regional development cooperation.
Future role of HX in the Bank
Hong Kong will maintain a close relationship with and interest in the ADB.
20/20'd
S'I'D
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