TNAG-0425-FCO40-471-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 153

HONG KONG MASS TRANSIT SCHEME

TERMS APPROVED

Loan Amount

1

Loan for 85% of UK goods and services

2

Loan in respect of local costs equivalent to 15% of UK goods and services.

Principal Repayments (both loans)

In 24 equal consecutive half yearly instalments over 12 years from scheduled completion of first 4 stages

Interest (both loans)

Interest to be charged at export finance rate (currently 6% p.a.). Interest accruing prior to and on scheduled completion of first 4 stages to be capitalised at export finance rate. Capitalised sum on completion of first 4 stages to be repaid in 24 equal consecutive half yearly instalments concurrently with principal repayments; outstanding balance to carry interest at export finance rate.

w/272.