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20:25, 20-Sep-2017
Hong Kong Monetary Authority commits 1 bln USD for investing in emerging markets
["china","north america","europe"]
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The Hong Kong Monetary Authority (HKMA) signed a one billion US dollar agreement with the International Finance Corporation (IFC) on September 19, as part of the Managed Co-lending Portfolio Program (MCPP), an innovative debt mobilization platform for emerging markets.
According to the HKMA, the authority will support the IFC in financing projects across more than 100 countries, including in infrastructure, telecom, manufacturing, agribusiness and services.
"MCPP is an essential part of IFC's business development in emerging markets. This new partnership with the HKMA signifies the expansion of IFC's base of important long-term, strategic partners," said the IFC Vice President, Dimitris Tsitsiragos, at the signing ceremony.
VCG Photo
VCG Photo
"With the collaborative efforts of the two institutions, we look forward to further realizing the growth potential of emerging markets in a sustainable manner, and the HKMA's participation in MCPP will allow IFC to provide more financing to projects, benefiting millions of people by creating jobs, raising living standards, and improving connectivity," Tsitsiragos said.
The Chief Executive of the HKMA, Norman Chan, said, "We are very pleased about this new partnership with IFC, which provides a useful platform for the HKMA to broaden its investment opportunities in the credit market."
"Emerging markets present a broad array of untapped investment opportunities with good long-term growth potential. Joining hands with IFC allows long-term institutional investors like the HKMA to ride on the considerable expertise, experience and network of IFC in sourcing investment opportunities with proper risk management and governance frameworks," Chan said.
1971km
one billion US dollars
Source(s): AP
,Reuters
,Xinhua News Agency