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CONFIDENTIAL
چچ
Mr Stone
Pa
1167
(different
draft sent sack.
Hong Kong Department
FCO
Room WH304
From: MS J C RADICE
Date: 14 APRIL 1992
M
21/4
POSSIBLE ASIAN DEVELOPMENT BANK LENDING FOR FINANCING OF AIRPORT CORE PROGRAMME (ACP) PROJECT
1.
We discussed last week the terms of a reply to Hong Kong telegram no.1022 of 9 April. The reply should definitely go from the ODA, since it concerns our relationship with the Asian Development Bank and the possibility of giving instructions to our Executive Director there. I have now received a copy of Hong Kong telegram no.779 of 12 March, which was not copied to the ODA at the time.
2. I understand that you were going to discuss this matter at your departmental meeting yesterday. I thought meanwhile that it would save time if I produced a suggested draft reply, which is attached. I have discussed the incoming telegram with our Under Secretary Peter Freeman; he has not yet seen my suggested draft, but it reflects in part my discussions with him and advice received from our Economist here. The IF 1 division of the Treasury (Ms Lowri Hooson, tel.270 4887) would also like to be given the chance to comment on the draft before it issues.
3. I should be grateful for your early comments. Clearly we must send a reply, even if only interim, to Hong Kong before Easter. I made the point to you and to your colleague Mr Furness on the telephone that leaving aside the merits or otherwise of the project, we would not want to use up credit by lobbying for a loan to very rich country unless there was some quite exceptional and convincing justification for doing so. also drew the attention of Mr Furness to the open nature of all proceedings at the ADB: in any lobbying exercise or statement to the Board of Directors, we would need to come clean about the reasons for our wishing to press this proposal.
Jennifalia
Mrs J C Radice
International Financial Institutions Department ODA
Rm 1708
tel 3535 0260
CONFIDENTIAL
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