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International Organizations (Privileges and Immunities)  (New Development Bank) Order gazetted
     The International Organizations (Privileges and Immunities) (New Development Bank) Order was gazetted today (March 29) to assist China in fulfilling its obligations as a member of the New Development Bank (the Bank).
     The Order, made under section 3 of the International Organizations (Privileges and Immunities) Ordinance, seeks to give effect to the provisions of the Agreement on the New Development Bank (the Agreement) pertaining to the status, privileges and immunities of the Bank and its personnel. The Agreement requires all members of the Bank to make effective in their own territory all relevant provisions.
     Established by the Agreement in 2014, the Bank is a multilateral development bank founded with the purpose to mobilise resources for funding infrastructure and sustainable development projects in BRICS (Note), other emerging market economies and developing countries, thereby complementing the existing efforts of multilateral and regional financial institutions for global growth and development. It is incumbent upon China as a founding member of the Bank to apply the relevant provisions of the Agreement to its territory.
     A government spokesperson said, "The proposed arrangements will facilitate the operation of the Bank and encourage businesses in Hong Kong to explore new opportunities in member countries in collaboration with the Bank."
     The Order will be tabled before the Legislative Council on April 11, 2018, for negative vetting and will come into operation on June 1, 2018.

Note: BRICS consists of China, Brazil, Russia, India and South Africa.
Ends/Thursday, March 29, 2018
Issued at HKT 11:00
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