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CONFIDENTIAL
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We have not had access to consultants' reports. We know that (i) and (ii) were the subject of a report by lessrs. Scott, Wilson and Kirkpatrick who have told us that their estimates But we were prepared on the basis of international tender. have reason to believe that (iii) - (v) are estimates by the Hong Kong Fublic Works Department based on local performance. This could mean that the estimates for these items might be on the low side if the project were undertaken by an outside contractor and, possibly, that the estimated export content in these items is on the low side. Equally it could mean
that we might encounter difficulties with the Hong Kong Government in putting to them the proposition that the entire project should be undertaken by a British contractor.
5.
Given that the project throws up a sizeable British export content of the order of £6 million, our present thinking is that the loan should be related to that figure and not to any local expenditure.
6.
If you could indicate agreement in principle that provided the entire project were undertaken by a British contractor it would be eligible for ECGD-backed financial assistance to the extent of its export content (i.e. approxi- mately £6 million) we would propose to approach the Hong Kong Government indicating the lines on which they might make formal application to you (which could be sent direct to you or through us, as you prefer). For this purpose it occurs to us that we should need from you the following additional basic
information:
(a) an indication of the terms on which "project credit"
would be available (in particular, term of loan and charges);
(b) whether a necessary preliminary would be a
consultant's report covering the entire project; (c) where responsibility would lie for securing the
necessary finance (which would presumably come from a bank); the point is whether you would
/introduce ...
CONFIDENTIAL
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