The Asian Infrastructure Investment Bank (AIIB) said today that Hong Kong will become a new member upon deposit of the first installment of capital subscription with the bank.
The Government briefed the Panel on Financial Affairs of the Legislative Council on 16 March on the relevant details of the membership application. The Panel is supportive of the Government's plan to seek funding approval from the Finance Committee in the second quarter of 2017. Once FC's approval is obtained and the first installment paid, Hong Kong will formally become a new member of the AIIB.
The AIIB is a Multinational Development Bank designed to provide financial support for infrastructure development and regional connectivity in Asia. Its missions are 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.
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