The Hong Kong Monetary Authority and the Hong Kong Association of Banks announced on Wednesday the joint establishment of the Northern Metropolis Financial Advisory Taskforce, which will explore financing solutions that support the development of the Northern Metropolis.
The Taskforce comprises representatives from the HKMA, the HKAB, and 15 banks that possess experience in large-scale project financing, while the Chinese Banking Association of Hong Kong will participate as an observer and support the relevant work.
With a site visit to Hung Shui Kiu/Ha Tsuen New Development Area and the Loop in the Northern Metropolis on Tuesday, the Taskforce aimed to learn about the latest developments and overall planning of the Northern Metropolis projects, paving the way for more informed future discussions and advice.
The main works for the Taskforce include providing professional advice on financing and banking services for the development of the Northern Metropolis and exploring Northern Metropolis opportunities and related financing needs with a view to proposing practical financing recommendations to advance relevant projects.
Facilitating the exchange of expertise and experience for the purpose of strengthening the banking sector's financing support for key Northern Metropolis projects is also one of the focuses for the Taskforce.
Deputy Chief Executive of the HKMA Arthur Yuen Kwok-hang said, "The participating banks will draw on their financial expertise and experience to provide practical financing advice and solutions that can help expedite the implementation of the Northern Metropolis projects, thereby providing solid support for Hong Kong's long-term growth."
