P.A.H. 7 (REVIBEDI 4000091
DAILY
INFORMATION
ENT INFORMATION
SERVICES BULLETIN
Tuesday, August 1, 1972
г.
ASIAN DEVELOPMENT BANK LOAN AGREEMENT SIGNED
*
The Government's first loan from an international financial institute
was officially signed today.
During a brief ceremony, the Financial Secretary, Mr. Philip Haddon-Cave,
and the President of the Asian Development Bank, Mr. Takeshi Watanabe, both
signed a loan agreement of US$21.5 million about HK$120 million.
Mr. Watanabe arrived in Hong Kong yesterday specially for the ceremony.
The signing was one of his last official acts before he retires due to health
reasons,
As a result of the loan, Hong Kong can now proceed with the construction
of the desalting plant at Castle Peak in the New Territories.
The possibility of a loan from the Asian Development Bank was first
raised in April last year during the fourth annual meeting of the bank's board
of governors in Singapore.
Mr. Haddon-Cave flew to Manila in March this year for final negotiations
with the bank officials,
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 desalter.
It is repayable over 10 years from January 1, 1976 and the rate of
interest payable, iş. 7% per annum on the outstanding balance.
The sea water desalting plant, with a capacity of 40 million gallons a
day, will be the largest of its kind in the world. It will be sited at the Star
Quarry near the 17-milestone on Castle Peak Road.
12
No comments yet.
Private notes are available after approval.