The International Finance Corporation, a member of the World Bank Group, and the Hong Kong Monetary Authority, signed a memorandum of understanding today to set up a strategic framework of co-operation to strengthen the ability of investors, banks and the financial sector to facilitate investment in infrastructure projects in Asia. The MOU was signed shortly before the launching ceremony of the Infrastructure Financing Facilitation Office of the HKMA.
The 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.
The 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.
Executive Vice President and CEO of the IFC, Philippe Le Houérou said: “Asia is becoming increasingly urbanised 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.”
HKMA Chief Executive Norman Chan said: “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 and HKMA sign pact to facilitate infrastructure financing