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The following is issued on behalf of the Hong Kong Monetary Authority:
International Finance Corporation (IFC), a member of the World Bank Group, and the Hong Kong Monetary Authority (HKMA), signed a Memorandum of Understanding (MoU) with respect to establishing a strategic framework of co-operation today (July 4) to strengthen the ability of investors, banks and the financial sector to facilitate investment in infrastructure projects in Asia. The MoU was signed shortly before the launch ceremony of the Infrastructure Financing Facilitation Office (IFFO) of the HKMA.
As part of its missions, IFFO will facilitate information exchange and experience sharing among the key stakeholders, such as multilateral development agencies, private equity funds, sovereign wealth funds and banks.
Under the MoU, IFC and the HKMA will cooperate in using the IFFO platform to promote a more efficient and conducive market environment for infrastructure investment and financing in the region.
Executive Vice President and CEO of the IFC, Mr Philippe Le Houérou said, "Asia is becoming increasingly urbanised and infrastructure in areas such as energy, water and transportation will be critical for securing inclusive and sustained economic growth. We welcome this opportunity of putting our six decades of experience in private sector development to use with the IFFO."
Chief Executive of the HKMA, Mr Norman Chan said, "I look forward to having strategic collaboration with the IFC. With IFC's deep experience in infrastructure projects in the emerging markets, and its vast network with multilateral groups and infrastructure developers and operators, there will be significant synergy between IFC and IFFO."
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2 000 businesses worldwide, we use our six decades of experience to create opportunity where it's needed most. In the financial year 2015, our long-term investments in developing countries rose to nearly US$18 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
About IFFO
As part of the HKMA, IFFO's mission is to facilitate infrastructure investments and their financing by working with a cluster of key stakeholders. The functions of IFFO are as follows:
* providing a platform for information exchange and experience sharing;
* building capacity and knowledge on infrastructure investments and financing;
* promoting market and product development; and
* facilitating infrastructure investment and financing flows.
For more information about IFFO, please visit www.iffo.org.hk.
Ends/Monday, July 4, 2016
Issued at HKT 19:47
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