FRIDAY, APRIL 23, 1976
ADB INTERESTED IN PUBLIC HOUSING PROJECTS
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THE FINANCIAL SECRETARY, MR. PHILIP HADDON-CAVE, SAID TODAY (FRIDAY) HE WOULD WELCOME THE ASIAN DEVELOPMENT BANK TO PARTICIPATE IN HONG KONG'S PUBLIC HOUSING PROJECTS BY WAY OF A LONG TERM LOAN FROM ORDINARY RESOURCES, ALBEIT AT 9.5 PER CENT.
SPEAKING AT THE BANK'S ANNUAL MEETING OF. THE BOARD OF GOVERNORS CURRENTLY HELD IN JAKARTA, HE SAID HE WAS GLAD TO NOTE PRESIDENT INOUE'S (OF THE ADB) REFERENCE TO THE BANK'S INTEREST IN LOW COST PUBLIC HOUSING.
+THIS IS A FIELD IN WHICH, FOR WELL KNOWN REASONS, THE HONG KONG GOVERNMENT HAS HAD TO INVEST ENORMOUS AMOUNTS OF CAPITAL AND ADMINISTRATIVE AND TECHNICAL SKILLS, AND WILL HAVE TO CONTINUE TO DO SO FOR ANOTHER DECADE OR SO.
MR. HADDON-CAVE SAID HE WOULD WELCOME THE BANK'S PARTICIPATION +BECAUSE THE COMPETING DEMANDS OF OUR OTHER PUBLIC SECTOR PROGRAMMES ARE MAKING IT DIFFICULT FOR US TO CONTINUE FINANCING THE NET COST OF OUR VARIOUS HOUSING SCHEMES FROM PUBLIC REVENUE ALONE.
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+FOR THE BANK TO PARTICIPATE IN ONE OR MORE OF THESE SCHEMES WOULD MEAN THAT OUR EXPERIENCE IN THIS FIELD OF HIGH DENSITY PUBLIC HOUSING WITH ITS COMPLEX OF PROBLEMS CONNECTED WITH SITE FORMATION, LAYOUT, LAND USAGE, CONSTRUCTION, MANAGEMENT AND ANCILLIARY SERVICES WOULD BECOME DIRECTLY AVAILABLE TO THE BANK,+ HE ADDED.
IN THIS CONNECTION, MR. HADDON CAVE BELIEVED THAT, THROUGH THE MEDIUM OF THE BANK, THERE SHOULD BE A GREATER INTERCHANGE OF THE SPECIALISED ́ ́EXPERIENCE OF MEMBER COUNTRIES IN FIELDS OF COMMON INTEREST FOR THEIR COMMON GOOD.
THIS, HE SAID, WOULD RESULT IN THE DISSEMINATION AND THE FURTHER DEVELOPMENT OF SUCH SPECIALISED EXPERIENCE, AND, HOPEFULLY BUT INCIDENTALLY, IN A DIMINISHED USE OF EXPENSIVE OUTSIDE CONSULTANTS.
THE FINANCIAL SECRETARY SAID WHILE HE UNDERSTOOD THE NEED FOR A CONTINUING FLOW OF FUNDS ON CONCESSIONARY TERMS TO CERTAIN DEVELOPING MEMBER COUNTRIES, HE FELT OBLIGED TO SOUND A WARNING.
+WHEN ANY COMMODITY, INCLUDING MONEY, IS PRICED ON THE BASIS OF EXTRA-MARKET CONSIDERATION, NOT ONLY IS THERE A DANGER OF DISTORTION IN THE PATTERN OF DEVELOPMENT, BUT ALSO THE IMPORTANCE OF SOUND AND COMPLEMENTARY DOMESTIC POLICIES BEING PURSUED MAY WELL BE OVERLOOKED.
+ALL OF