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He said with the signing of FSA the opportunity was now opened to the private sector to invest in the new airport project.
"The FSA opens the way for the AA to conclude its arrangements with banks and other lenders to raise the $11.6 billion it needs to complete the new airport project.
"And major franchisees would also be able to finalise their own financial arrangements on the basis of the FSA," he said.
Mr Tsang said the Government would continue to give strong support to the new airport project and wished the new chairman and the Authority every success with the completion of the project on time, within budget, and with the operation of what will be one of the world's finest airports.
Also speaking at the signing ceremony, Mr Wong said: "Today is a very important day in the history of Hong Kong's new airport project, as it has seen the establishment of the AA in succession to the Provisional Airport Authority first set up five years ago."
"Our task as the AA continues from that of the PAA before us, first to provide, and then to operate, an airport that will maintain Hong Kong's status as a centre of international and regional aviation."
Mr Wong pledged that he and his fellow members and staff of the Authority would all remain committed to ensuring that in April 1998 "we provide Hong Kong with an international airport worthy of this great city: an airport of which Hong Kong can be proud."
He said the first meeting of the AA board and the signing of FSA were two events that would help to ensure that the momentum already achieved in developing Hong Kong's new airport would, with Government's assurance of its strong support, continue under the new Authority.
"Today's signing of the FSA gives the Authority the certainty it needs of access to the borrowing required to finance the project up to airport opening. A major part of that borrowing has already been very successfully underwritten," he said.
Having signed the FSA, AA would move quickly to sign the key airside franchises for air cargo, aircraft catering and aviation fuel supply services.
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