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The Hong Kong Monetary Authority (HKMA) and China Development Bank Corporation (CDB) have signed a Memorandum of Understanding (MoU) to establish a framework of co-operation to facilitate the financing of infrastructure projects via the Infrastructure Financing Facilitation Office (IFFO).
The signing took place in Beijing on December 20. On the same day the HKMA also signed a similar MoU with China Exim Bank.
China Exim and CDB both became IFFO partners in July 2016. Following the signing of the MoUs, they will work closely to promote a more conducive environment for infrastructure investment and financing in Hong Kong, and also exchange information and experience in evaluating projects that come under the Belt and Road initiative.
China views Hong Kong as being ideally placed as a "super connector" between China and the rest of the world, both as an international financial centre and as an offshore RMB centre.
As part of the HKMA, the mission of the IFFO is to facilitate infrastructure investments and their financing by working with a cluster of key stakeholders. The functions of the IFFO are: to provide a platform for information sharing and experience sharing; building capacity and knowledge on infrastructure investments and financing; promoting market and product development; and facilitating infrastructure investment and financing flows.
The HKMA acts as Hong Kong's central bank, and is charged with the task of maintaining monetary stability as well as supervising the banking sector.
4 Jan 2017