TNAG-0424-FCO40-470-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 223

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F

(b)

(i)

(ii)

(iii)

(iv)

(v)

5

XCC(73)10

First National City Bank/Merrill Lynch, Pierce, Fenner and Smith, Incorporated Kleinwort, Benson Limited

Jardine Fleming and Company, Limited/ Morgan and Cie International S.A. N. M. Rothschild and Sons, Limited The Crown Agents for Overseas Governments and Administrations.

Consortium proposals for construction, equipment and finance put forward by:

(i)

Philipp Holzmann AG

(ii) The Japanese Consortium

(iii)

(iv)

(v)

(c)

હ

The British Group

I. M. Intermetro S. p. A.

Hong Kong Metro Constructors.

Miscellaneous proposals (finance and project management and/or operation) put forward by:

(i) Kaiser Engineers and Constructors, Inc

International Joint Venture

(ii)

(iii)

Hill Samuel and Company, Limited.

Exploratory discussions were held with the proposers concerned between 16th November and 21st December 1972, in London, Tokyo and Hong Kong, with a view to clarifying these proposals and bringing them, where possible, onto a roughly comparable level within the context of certain parameters set by the Steering Group. Summaries of these 13 proposals, incorporating supplementary information put forward during or subsequent to the exploratory discussions, are attached at Annex F.

Feasibility of Financing and Constructing the MTR as indicated by the Proposals

11

In exploring and evaluating proposals received, the Steering Group bore in mind the following considerations:

(a)

(b)

that as much as possible of the total capital cost of the project should be covered by export credits;

that the project must be financially viable in the sense that the accumulated debt on the system

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