London and Hong Kong boost cooperation in Belt and Road
The City of London Corporation is set to work more closely with Hong Kong in the China-initiated Belt and Road Initiative (BRI) as it has been made an official partner of the Infrastructure Financing Facilitation Office (IFFO), a body run by the Hong Kong Monetary Authority (HKMA) which facilitates infrastructure investment and financing.
The move comes as officials from the UK travelled to Hong Kong for this year’s Hong Kong-London Financial Services Forum, which aims to boost cooperation in areas including the BRI, green finance & fintech. The City of London’s Special Adviser for Asia, Sherry Madera, was at the event.
The IFFO was founded in July 2016, and already boasts over 75 partners, including all of the major Chinese financial institutions and the China-Britain Business Council.
Commenting on the development, the City of London Corporation’s Policy Chairman Catherine McGuinness said:
“Today’s announcement is very significant. It shows that the City of London is committed to international cooperation in the Belt and Road and infrastructure investment.
“This partnership gives us ability to learn from the IFFO's progress.
“I hope going forward we can form a deeper relationship with HKMA and the Hong Kong government, who we already enjoy strong links with, to work together more closely in areas like the Belt and Road.”
The announcement follows a visit to London by the Hong Kong Chief Executive, Carrie Lam, who met the Lord Mayor of the City of London Charles Bowman earlier this year.
Media enquiries: Nathan Rodgers, Financial Services – Asia, The City of London CorporationTel: 020 7332 3451 / 07864 625 086E-mail: Nathan.email@example.com
Notes to editors
1. The Infrastructure Financing Facilitation Office (IFFO) is a platform established in July 2016 by the Hong Kong Monetary Authority (HKMA) to facilitate infrastructure investments and their financing. More information can be found here.
2. The City of London Corporation launched the industry-led Green Finance Initiative in partnership with Government in January 2016, recognising that green finance can be a prudent, profitable and one of the best tools available in the race to cut carbon. Further on the Green Finance Initiative can be found here.
3. The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:• We support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills. In addition, the City of London Corporation’s charitable funder, City Bridge Trust, makes grants of around £20 million annually to tackle disadvantage across London.• We also help look after key London heritage and green spaces including Tower Bridge, the Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important commons in London.• We also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies, all reflecting a long-term approach.
See www.cityoflondon.gov.uk for more details.