26 May 2000
KCRC welcomes FC's decision
A KCRC spokesman today welcomed the Finance Committee's approval of a HK$8.5 billion equity injection from the Government to the Ma On Shan Rail and Tsim Sha Tsui Extension.
"This represents a major step forward in bringing these two important railways to a successful completion in 2004 for the benefit of the community as a whole.
"We are now well on track to awarding the first construction contract in October this year. Subject to the conclusion of the project agreement with the Government and authorization by the Executive Council, construction will begin as soon as possible after the contract awards.
"We have acquired a growing and highly skilled project management team with vast experience in planning, designing and constructing new railway and other major infrastructure projects in Hong Kong and other parts of the world.
"With this pool of talent, we are confident that we will be able to complete the new railways on time and within budget," the spokesman said.