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THE AIRPORT CORE PROGRAMME
An agreed minute on financing arrangements for the new airport and the airport railway was signed by the Sino-British Airport Committee on November 4, facilitating the start of major works for the two projects.
The minute provides for not less than $60.3 billion of government equity and not more than $23 billion of private sector debt for the two projects. The $60.3 billion equity is broken down into $36.6 billion for the airport and $23.7 billion for the airport railway, while the $23 billion debt is divided into $11.6 billion for the airport and $11.4 billion for the airport railway.
Arrangements for land required for the projects were also agreed upon by the Sino- British Land Commission on November 17.
Discussions continued with the Chinese side on the financial support agreements for the two projects, the Airport Bill and major airport-related franchises.
As construction work on the new airport and airport railway moved into a new phase of activity, the government raised, with immediate effect in November, the ceiling of the Importation of Labour for the New Airport and Related Projects Scheme from 5 500 to 17 000, to meet the worker requirement of the projects.
Hong Kong's externally-oriented economy depends greatly on modern, efficient and expanding air transport for its continued growth. Efficient road and rail transport facilities are also essential, along with land for development. The Airport Core Programme (ACP) is designed to provide these facilities in 10 interlinked projects, which will build a base for the territory's economic expansion well into the next century.
Aside from the new airport and airport railway, the ACP projects comprise five road projects, including extensive tunnels and bridges, stretching from Central District under the harbour, along the western shore of Kowloon peninsula, across the islands of Tsing Yi and Ma Wan, and along the North Lantau coast; two major land reclamations in West Kowloon and Central District (in addition to the land reclaimed for the airport); and a new town at Tung Chung, North Lantau.
Hong Kong's key role as a centre for international and regional aviation will be enhanced by the new modern airport, which will replace the existing one at Kai Tak, and be capable of operating round-the-clock. Associated infrastructure developments will relieve traffic congestion, and open up new land for urban development and the further expansion of port facilities.
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