HKMA and HKAB launch task force for Hong Kong’s Northern Metropolis financing
The task force will provide professional advice on financing and banking services for the development of the megaproject
The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) announced on Wednesday the joint establishment of the Northern Metropolis Financial Advisory Taskforce, which will explore financing solutions for the development of the city’s flagship project.
The Northern Metropolis, a megaproject designed to bolster Hong Kong’s economic base and advance its integration with the Greater Bay Area, will transform 30,000 hectares (74,132 acres) of land near the city’s border with mainland China into an economic powerhouse and housing hub.
Through coordination with the HKMA, the banking sector started discussions with the Development Bureau last year to gain insights into the development and planning of the Northern Metropolis.
“The participating banks will draw on their financial expertise and experience to provide practical financing advice and solutions that can help expedite the implementation of the Northern Metropolis projects, thereby providing solid support for Hong Kong’s long-term growth,” said Arthur Yuen, deputy chief executive of the HKMA, in a statement.
The task force consisted of representatives from the HKMA, HKAB and 15 banks with experience in large-scale project financing, according to the statement. Meanwhile, the Chinese Banking Association of Hong Kong will participate as an observer and support relevant work.
To explore ways to actively support the Northern Metropolis development through financing, the task force will provide professional advice on financing and banking services for its development, identify relevant opportunities and financing needs with a view to proposing practical financing recommendations to advance relevant projects.