Mr Kwong announced that the Government proposed to seek Finance Committee approval next month to convert the authorised advance of $36,648 million (money of the day) to the PAA into equity following the establishment of the Airport Authority.
Finance Committee will also be asked to note the financial implications of Government signing the FSA with the AA.
Summary of Equity and Debt for the two Projects
Equity
Debt
New Airport
$36.6 billion
$11.6 billion
Airport Railway
$23.7 billion
$11.4 billion
Total
$60.3 billion
$23 billion
End/Friday, June 30, 1995
Transcript of the Governor's media session
The following is a transcription of the Governor, the Rt Hon Christopher Patten's media session before attending the fourth Anniversary dinner of the China Club today (Friday):
Question: The new airport is to open in April 1998, so you cannot fulfil your wish to go back to England through the new airport.
Governor: Well, the airport should be substantially completed by the middle of '97. Unfortunately, because of the amount of time it has taken to negotiate the financing arrangements, we won't be able to open it until a bit later because of the commissioning and the trials and so on, but I think at the end of the day we'll have built the airport more rapidly than most other people would have managed, at a decent price. It's a terrific project and I'm pleased that at the end of marathon discussions we've eventually got an agreement. There are other ways, of course, in which I can leave: I could go by boat or I could, as I once suggested, go by the through train.
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