XN000022-1978-10-24 — Page 7

TUESDAY, OCTOBER 24, 1978

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FINANCIAL SECRETARY GOING TO MANILA TO SIGN ADB LOAN AGREEMENT

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THE FINANCIAL SECRETARY, MR. PHILIP HADDON-CAVE, LEAVES THIS (TUESDAY) EVENING FOR MANILA TO SIGN A US$19.5 MILLION (ABOUT HK$92 MILLION) ASIAN DEVELOPMENT BANK LOAN AGREEMENT FOR THE SHA TIN HOSPITAL POLYCLINIC PROJECT.

THIS IS THE FOURTH PROJECT FOR WHICH THE GOVERNMENT HAS BORROWED FROM THE ASIAN DEVELOPMENT BANK. IT BRINGS THE TOTAL OF A.D.B. LOANS TO THE HONG KONG GOVERNMENT TO US$77 MILLION,

THE SHA TIN HOSPITAL POLYCLINIC PROJECT IS AN INTEGRAL PART OF THE GOVERNMENT'S CONTINUING MEDICAL DEVELOPMENT PROGRAMME, THIS PROGRAMME INCLUDES THE CONSTRUCTION OF A NUMBER OF NEW REGIONAL HOSPITALS, GENERAL CLINICS AND POLYCLINICS AND A MEDICAL SCHOOL AT THE CHINESE UNIVERSITY OF HONG KONG. APART FROM PROVIDING OUT-PATIENT AND HOSPITAL SERVICES FOR THE POPULATION OF THE EASTERN PART OF THE NEW TERRITORIES, THE SHA TIN HOSPITAL WILL ALSO SERVE AS A TEACHING HOSPITAL. IT WILL HAVE 1,400 BEDS AND SPECIAL UNITS FOR MEDICAL ONCOLOGY, PHYSICAL MEDICINE, BURNS AND PAEDIATRIC SURGERY.

THE A.D.B. LOAN WILL MEET PART OF THE OFF-SHORE COSTS CONNECTED WITH THE CONSTRUCTION OF THE HOSPITAL AND THE POLYCLINIC AS WELL AS THE TOTAL FOREIGN EXCHANGE COSTS OF THE REQUIRED CONSULTANCY SERVICES FOR THE PROJECT AND THE EQUIPMENT FOR THE HOSPITAL.

THE LOAN HAS AN AMORTISATION PERIOD OF 13 YEARS, INCLUDING A GRACE PERIOD OF THREE YEARS, AND ATTRACTS AN INTEREST RATE OF 7.7 PER CENT.

MR. HADDON-CAVE WILL RETURN TO HONG KONG TOMORROW.

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