Hong Kong becomes new member of Asian Infrastructure Investment Bank
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On May 12, 2017, the Finance Committee of the Legislative Council approved the funding for subscription of 7 651 shares of the AIIB's capital, of which 1 530 are paid-in shares (amounting to about $1.2 billion, payable over five years) and 6 121 are callable shares. Having completed the subsequent legal procedures, Hong Kong was admitted as a new member of the AIIB.
The Financial Secretary, Mr Paul Chan, said, "The early completion of our accession process demonstrates Hong Kong's readiness to support the operation of the AIIB. As the leading international financial centre, Hong Kong has a sophisticated, robust and highly liquid financial market, and an abundance of top professionals with global experience, coupled with the unique advantage of 'one country, two systems'. Hong Kong is well placed to help the AIIB to raise funds to finance various infrastructure projects. Our experience and expertise in the design, construction, operation and management of major infrastructure have been well proven internationally. Hong Kong's professional services and financial services sectors can certainly contribute to the success of the AIIB, while Hong Kong's participation in the AIIB can also create new opportunities for the relevant sectors."
The AIIB is a multilateral development bank set up with a mission to foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. It also aims at encouraging private investment in projects, enterprises and activities contributing to economic development in the region.
The AIIB will hold the second annual meeting of its Board of Governors in Jeju, Korea, from June 16 to 18, 2017. The Financial Secretary will lead a delegation to attend the meeting, which will be the first time that Hong Kong participates as a member of the bank.
Ends/Tuesday, June 13, 2017
Issued at HKT 12:00
Issued at HKT 12:00
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