RESTRICTED
FM HONG KONG
TO PRIORITY FCO
TELNO 158
OF 18050OZ JANUARY 92
INFO PRIORITY PEKING, ODA
RESTRICTED
$107/2
RI R His lozli pus
01
ADO DOL
013521
MDLIAN 7987
ASIAN DEVELOPMENT BANK: CONTRIBUTION BY HONG KONG TO THE ASIAN
DEVELOPMENT FUND.
ADB HAS SOUGHT OUR CONTRIBUTION TO THE NEXT REPLENISHMENT OF THE ASIAN DEVELOPMENT FUND (ADF VI), WHICH WILL PROVIDE FUNDS FOR CONCESSIONARY LENDING TO DEVELOPING COUNTRIES.
2. AS YOU MAY RECALL, HONG KONG CONTRIBUTED US DOLLARS 1 MILLION TO EACH OF THE LAST TWO REPLENISHMENTS IN 1983 AND 1987. THE DONATIONS WERE MADE AS 'ADDITIONAL CONTRIBUTION' IN ORDER TO
AVOID GIVING AN IMPRESSION THAT HONG KONG INTENDED TO BE A REGULAR DONOR. WE INFORMED THE CHINESE THROUGH THE JLG IN 1986 OF OUR PROPOSED CONTRIBUTION TO ADF V, AND ASSURED THEM THAT HONG KONG'S DONATIONS WOULD BE FULLY DISBURSED BEFORE 1997 AND THAT THERE WOULD BE NO CONTINGENT LIABILITY FOR THE CHINESE GOVERNMENT.
3.
SUBJECT TO THE APPROVAL OF EXCO AND FINANCE COMMITTEE, WE INTEND TO INCREASE THE LEVEL OF OUR CONTRIBUTION FOR ADF VI TO US DOLLARS 3 MILLION. WE BELIEVE A SIGNIFICANT INCREASE WOULD BE APPROPRIATE IN VIEW OF THE NEED TO DEMONSTRATE OUR GOODWILL AND CONTINUED SUPPORT TO THE ADB AND HAVING REGARD TO THE GROWING PROSPERITY OF HONG KONG. FURTHERMORE THE BANK HAS FORGED MUCH CLOSER TIES WITH HONG KONG RECENTLY NOT ONLY BY AGREEING TO HOLD ITS 1992 ANNUAL MEETING HERE IN MAY BUT ALSO BY LAUNCHING AN
ISSUE OF US DOLLARS DENOMINATED DRAGON BONDS IN HONG KONG LAST NOVEMBER. THE BANK ALSO PLANS TO LAUNCH ITS FIRST HK DOLLAR BONDS HERE AROUND THE TIME OF THE ANNUAL MEETINGS. REGULAR TAPPING OF OUR CAPITAL MARKETS BY THE BANK WOULD PROVIDE A SIGNIFICANT CONTRIBUTION TO THE PROMOTION OF OUR CAPITAL MARKETS.
4. WE UNDERSTAND THAT KOREA AND TAIPEI WILL EACH BE
CONTRIBUTING US DOLLARS 15 MILLION TO ADF VI, WHILE INDONESIA MAY PROBABLY DONATE US DOLLARS 1 MILLION. SINGAPORE HAS CONTINUED TO REFUSE TO MAKE ANY DONATION.
Radice
ching stel not eligiilo tunned down by us; wo supported grants stight
complication
she will pursue para 5.
PAGE RESTRICTED
1
>2011
No comments yet.
Private notes are available after approval.