§ Mr. Humphrey Atkinsasked the President of the Board of Trade if he will give further details of the plans of the Hong Kong Government to construct a tunnel between Hong Kong and the mainland; and what assistance is being given by Her Majesty's Government to this project.
§ Mrs. Gwyneth DunwoodyThere is nothing I can add to the reply given to 147W the hon. Member on 5th May, 1969, by my right hon. Friend the Minister of State for Foreign and Commonwealth Affairs, but I would refer the hon. Member to the announcement by E.C.G.D. on 16th April, 1969, that the Department had agreed in principle to guarantee a loan up to a maximum of £14 million to be made by Lloyds Bank Ltd. to the Cross-Harbour Tunnel Company Limited to help finance the construction of the proposed tunnel. The loan will bear interest at 5½ per cent. per annum and will be repayable over seven years from the estimated completion of the tunnel. As security for the loan, the shareholders in the Tunnel Company will severally guarantee repayment of advances made, and a floating charge over the company's assets will also be given.—[Vol. 783, c. 28–29.]