Hong Kong, July 4, 2016— The ability of investors, banks and the financial sector to facilitate investment in infrastructure projects in Asia was strengthened today when International Finance Corporation (IFC), a member of the World Bank Group, and the Hong Kong Monetary Authority (HKMA), signed a Memorandum of Understanding (MoU) establishing a strategic framework of co-operation. 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.
Philippe Le Houérou, Executive Vice President and CEO of IFC, said, “Asia is becoming increasingly urbanized 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.”
Norman TL Chan, Chief Executive of the HKMA, said, “I look forward to having strategic collaboration with 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.”
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 FY15, our long-term investments in developing countries rose to nearly $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
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:
For more information about IFFO, please visit http://www.iffo.org.hk/.
Hong Kong Monetary Authority
4 July 2016
Mr Philippe Le Houérou [right] and Mr Norman TL Chan [left] sign a Memorandum of Understanding, under which 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.