XN000022-1980-04-17 — Page 3

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THURSDAY, APRIL 17, 1980

GOVERNMENT AUTHORISED TO RAISE ANOTHER LOAN FROM ADB

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THE GOVERNMENT WAS AUTHORISED BY A RESOLUTION OF THE LEGISLATIVE COUNCIL TODAY (THURSDAY) TO RAISE A LOAN EQUIVALENT TO US$20 MILLION FROM THE ASIAN DEVELOPMENT BANK TO FINANCE PART OF THE FOREIGN EXCHANGE COST OF THE SECOND SHA TIN URBAN DEVELOPMENT PROJECT.

THIS IS THE FIFTH LOAN TO BE RAISED BY THE GOVERNMENT FROM THE ASIAN DEVELOPMENT BANK.

THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE TOLD THE COUNCIL THAT THE LOAN WAS REPAYABLE OVER 10 YEARS FROM MAY 15, 1983 AT A RATE OF INTEREST OF 8.1 PER CENT PER ANNUM CHARGEABLE ON THE AMOUNT OF THE LOAN WITHDRAWN AND OUTSTANDING FROM TIME TO TIME. THERE IS ALSO A COMMITMENT CHARGE OF 0.75 PER CENT.

SIR PHILIP SAID THE NECESSARY GUARANTEE FOR THE LOAN WOULD BE PROVIDED BY THE BRITISH GOVERNMENT.

THE FOUR PREVIOUS LOANS WERE MADE IN 1972, 1975, 1977 AND 1978, WHEN THE GOVERNMENT WAS AUTHORISED TO RAISE SUMS EQUIVALENT TO US$21.5 MILLION, US$20 MILLION, US$20.5 MILLION AND US$19.5 MILLION RESPECTIVELY TO FINANCE THE CONSTRUCTION OF THE DESALTING PLANT AT LOK ON PAI, THE SHA TIN SEWAGE TREATMENT PROJECT, THE SHA TIN URBAN DEVELOPMENT (HOUSING) PROJECT AND THE SHA TIN HOSPITAL-POLYCLINIC PROJECT.

SIR JACK CATER ACTING GOVERNOR

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THE CHIEF SECRETARY, SIR JACK CATER HAS ASSUMED THE FUNCTIONS OF THE OFFICE OF GOVERNOR FOLLOWING THE DEPARTURE FROM HONG KONG OF THE GOVERNOR, SIR MURRAY MACLEHOSE TODAY (THURSDAY).

SIR MURRAY LEFT FOR MANILA THIS AFTERNOON TO ADDRESS THE INTERTANKO SHIPPING ORGANISATION GENERAL MEETING.

DURING HIS VISIT TO THE PHILIPPINES, SIR MURRAY WILL CALL ON PRESIDENT MARCOS AND THE FOREIGN MINISTER, GENERAL CARLOS ROMULO. SIR MURRAY WILL ALSO VISIT THE REFUGEE PROCESSING CENTRE AT BATAAN.

THE GOVERNOR, ACCOMPANIED BY THE POLITICAL ADVISER, DR DAVID WILSON WILL RETURN ON SATURDAY (APRIL 19).

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