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HA3 102/1 Нив
From: MRS J C RADICE
Date: 23 APRIL 1992
Mr Stone
BY FAX: 270 3387
Hong Kong Department
FCO
HONG KONG: POSSIBLE ASIAN DEVELOPMENT BANK LENDING FOR FINANCING OF AIRPORT CORE PROGRAMME PROJECTS
1. Mr Freeman (who is away in Washington until Monday 27 April) has asked me to check the position on counter-guarantees in the Asian Development Bank as applied to dependent territories. Paragraph 5 of FCO telegram number 668 of 16 April refers.
2. Article 3.3 of the Agreement establishing the Asian Development Bank reads as follows:
"In the case of associate members of the United Nations Economic Commission for Asia and the Far East which are not responsible for the conduct of their international relations, appl
Ibe
Baional Terations of the appäte Mesilid-accompanied by af undertaking by such member that, until the applicant itself assumes such responsibility, the member shall be responsible for all obligations that may be incurred by the applicant by reason of admission to membership in the Bank and enjoyment of the benefits of such membership., "Country" as used in this Agreement shall include a territory which is an associate member of the United Nations Economic Commission for Asia and the Far East."
But
From this wording it seems clear to me that the British Government would have to give a counter-guarantee for any public sector loan from the Asian Development Bank to Hong Kong. it seems to me that the only cast-iron way of getting this confirmed is to ask Dr Bühler to ask either the Treasurer or the General Counsel of the Bank itself.
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I accordingly
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