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Press Releases

IMF, IFC and IBRD Establish Offices in Hong Kong

Mr Donald Tsang, the Financial Secretary, welcomes the establishment of the International Monetary Fund (IMF) Sub-Office in Hong Kong, following the formal signing on 23 September of a Memorandum of Understanding between the People's Bank of China (PBoC) and the IMF during the IMF/World Bank Annual Meetings in Prague. "The establishment of the Sub-Office underlines Hong Kong's position as the premier international financial centre in the region," he said.

"I am pleased to say that the International Finance Corporation (IFC) and the International Bank for Reconstruction and Development (IBRD) have also decided to establish in Hong Kong its first Joint Regional Office in Asia," Mr Tsang said. The Joint Regional Office will commence operations in Hong Kong after the signing of the necessary documents.

Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, said "The establishment of these two offices is a positive development for Hong Kong. We look forward to working closely with the two offices and will render the necessary support to facilitate their work in Hong Kong."

Note to Editors:

  • Photo of the signing ceremony showing Messrs. Horst Kohler, Dai Xianglong and Norman Chan.
  • Press Release issued by IMF
  • Background note on IMF, IFC, IBRD and the two offices in Hong Kong

 

Press Enquiries:

HKMA
Mr. Thomas Chan, Press Relations, at (852) 2878 1480

 

IMF
Mr. William Lee, Resident Representative, IMF Sub-Office in Hong Kong,
at (852) 2878 7303
Mr. David Hawley, IMF Press Desk at Prague, at (420) 2 6117 3151

 

IFC/IBRD
Mr. Javed Hamid, Director, IFC/IBRD Joint Office in Hong Kong, at (852) 2509 8100
Mr. Mark Constantine, IFC Press Desk in Prague, at (44) 790 999 5701

Hong Kong Monetary Authority

24 September 2000

Background Note

 

IMF Sub-Office in Hong Kong

The IMF was established in 1945 with the main objectives of promoting international monetary co-operation and exchange stability as well as to assist its members to address balance of payments problems.

The IMF currently has 75 resident representatives covering 79 countries worldwide. The IMF Sub-Office in Hong Kong serves as a subsidiary unit of the IMF Resident Representative Office in Beijing. The establishment of the Sub-Office in Hong Kong would enable the IMF to better monitor economic and financial developments in Hong Kong, an important international financial centre, and to deepen analysis of the implications of regional developments on Hong Kong. The IMF has appointed Mr. William Lee as the first Resident Representative of the Hong Kong Sub-Office.

The Memorandum of Understanding (MoU) for the Sub-Office, which sets out the privileges and immunities to be accorded to the IMF Sub-Office and its personnel, was signed by Mr. Dai Xianglong, Governor of the PBoC, and Mr. Horst Kohler, Managing Director of the IMF.

IFC/IBRD Joint Regional Office

The IBRD and the IFC, established in 1945 and 1956 respectively, are both members of the World Bank Group. The major role of the IBRD is to assist the economic and social development of developing countries by providing loans as well as advice and technical assistance to member governments. The IFC, the private sector arm, encourages private sector activities by offering financing to companies in developing countries in the form of lending, equity investments, guarantees and standby financing.

The decision of the IFC and IBRD to establish a Joint Regional Office in Hong Kong is in line with the World Bank Group's decentralisation objective to bring the management and officers closer to the client and the market where they operate. The Office is responsible for managing IFC's operations and IBRD's Private Sector Development activities in East Asia and Pacific. Mr Javed Hamid, Regional Director, has been appointed to head the Joint Regional Office. Its establishment would stimulate private sector investment in the region, and China in particular, while providing more business opportunities for Hong Kong. It would also facilitate IFC's own fund-raising activities in Hong Kong and the region.

The IFC and the IBRD will also sign an MoU with the Ministry of Finance of China and a Memorandum of Administrative Arrangements with the HKSARG over the next few days in Prague for the establishment of their Joint Regional Office in Hong Kong.

Last revision date: 1 August 2011
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