TNAG-1497-FCO40-2055-Guangdong-nuclear-power-station-project-at-Daya-Bay-safety-c-1986 — Page 278

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MILNAN 1982 OCMIAN 1982

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INFO PRIORITY PARIS

FROM ALTY

GUANGDONG NUCLEAR PROJECT: MIPT

QUOTE

1.

THE UK SIDE (HMG, GEC AND MIDLAND BANK) HAS REVIEWED IN

DETAIL THE POINTS SET OUT IN THE BOC/GNPJVC DOCUMENT OF 4 MARCH,

TAKING INTO ACCOUNT THE SUBSEQUENT MEETINGS BETWEEN THE CHINESE

AND UK SIDES IN SHENZHEN. THIS REVIEW HAS INCLUDED CONSIDERATION

BY DTI AND ECGD IN LONDON WITH THE INVOLVEMENT OF MR BENJAMIN AND

MR TWYFORD.

2.

THE UK SIDE REAFFIRMS, FIRST, THAT ITS EXISTING PROPOSALS (THE GEC/MIDLAND DOCUMENT OF 2 MARCH) ARE FULLY CONSISTENT WITH

THE TERMS OF THE MOU SIGNED BETWEEN HMG AND BANK OF CHINA: AND,

SECONDLY, AS MR BENJAMIN STATED LAST WEEK IN HIS MESSAGE TO MADAM HUANG, THAT ULTIMATELY ITS FLEXIBILITY IN MEETING THE CHINESE SIDE'S WISHES ON FINANCING IS LIMITED BY THE CONSTRAINTS

OF THE UK EXPORT CREDIT SYSTEM.

3.

HOWEVER, IN ORDER TO DEMONSTRATE ITS COMMITMENT TO EARLY

1

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