The International Organizations (Privileges and Immunities) (European Bank for Reconstruction and Development) Order was gazetted today (March 24) to assist China in fulfilling its obligations as a member of the European Bank for Reconstruction and Development (EBRD).
 
     The Order, made under Section 3 of the International Organizations (Privileges and Immunities) Ordinance, seeks to give effect to the provisions of the Agreement Establishing the European Bank for Reconstruction and Development (the Agreement) in relation to status, privileges and immunities of the EBRD and its personnel. The Agreement requires all members of the EBRD to make effective in their own territory all relevant provisions.
 
     Established in 1991, the EBRD is a multilateral development bank which supports development in recipient member countries with a view to fostering their transition towards open market-oriented economies. China joined the EBRD in January 2016 as a non-recipient member. It is incumbent upon China to apply the relevant provisions of the Agreement to its territory.
 
     A Government spokesperson said, "The proposed arrangements will facilitate the operation of the EBRD and encourage businesses in Hong Kong to explore new opportunities in member countries in collaboration with the EBRD."
 
     The Order will be tabled before the Legislative Council on March 29, 2017 for negative vetting and will come into operation on June 14, 2017.

Ends/Friday, March 24, 2017
Issued at HKT 11:00

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