Hong Kong approves 146 mln HKD bank funding

10:21, April 24, 2010      

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The Hong Kong government announced Friday that the subscription to the 5th General Capital Increase of the Asian Development Bank was approved, which involved a paid-in amount of 146 million HK dollars (18.6 million U.S. dollars).

Besides the paid-in portion to be paid over a 10-year period, the funding ratified by the Legislative Council's Finance Committee includes a remaining callable portion of 4.514 billion HK dollars (575 million U.S. dollars) which will constitute a contingent liability for the Hong Kong government.

The bank is a multilateral financial institution for regional development with the principal goal of poverty reduction. It provides financial and technical assistance to governments for specific projects and programs. By general capital increases, the bank replenishes periodically its authorised capital stock to ensure its lending activities can continue without disruption.

The Hong Kong government said its continued subscription to the general capital increase was a clear demonstration of its continued support and commitment to the bank.

Hong Kong has benefited from the bank's lending programs before. From 1972 to 1980, Hong Kong obtained five loans totalling 101.5 million U.S. dollars to finance infrastructure projects. All were repaid by 1987.

Hong Kong joined the bank in 1969 and subscribed fully to all four previous general capital increases in 1970, 1977, 1986 and 1994.

Source: Xinhua


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