XN000022-1972-06-21 — Page 12

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Wednesday, June 21, 1972

TRIBUTE TO ASIAN BANK LEADER

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The Financial Secretary, the Hon. Philip Haddon-Cave, this afternoon

paid tribute to the President of the Asian Development Bank, Mr. Takeshi

Watanabe of Japan who has just resigned his post because of ill health.

He told the Legislative Council that the devotion with which Mr.

Watanabe had discharged his onerous task of guiding the bank through its

formative years and establishing for it a sound reputation

which he had achieved could hardly be over emphasised.

and the success

Mr. Haddon-Cave added: "If his health permits, it is the Hong Kong

Government's wish to welcome Mr. Watanabe here to perform the signing ceremony

for our first loan agreement before his retirement takes effect."

Moving the second reading of the Loans (Asian Development Bank) Bill,

the Financial Secretary said that although the immediate purpose of the

legislation was to authorise the loan for the desalting plant, it had been

drafted in such a way that any further loans, which might be negotiated with

the bank, would not require the enactment of further ordinances.

could be authorised by resolutions of the Legislative Council.

Instead they

The loan for the desalting plant is to be made available in various

currencies equivalent to a total of US$21.5 million, and will be used to finance

a substantial proportion of the foreign exchange cost of the 40-million-gallon-

a-day desalter.

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