Member countries of the Asian Development Bank (ADB) should support the roll-out and management of various projects by taking advantage of Hong Kong’s deep and wide fundraising platforms and professional services, the city’s finance chief has said during a four-day visit to Georgia.
Finance Secretary Paul Chan Mo-po arrived in the country on Thursday to attend the 57th annual meeting of the ADB’s board of governors for the first time under the current administration.
Chan and bank president Masatsugu Asakawa held a meeting to exchange views on issues such as regional green transition, climate finance, and infrastructure development, as well as ways to strengthen cooperation between Hong Kong and the development bank.
Highlighting Hong Kong’s role as a leader in sustainable finance on Friday, Chan said that more than a third of Asia’s entire green bonds were issued in the city.
“Hong Kong continues to enrich its variety of green financial products and actively aligns with international green standards,” he said. “While meeting the needs of different investors, these also help channel funds to support regional green and transition projects more effectively.”
Chan stressed that the city had long maintained cordial cooperation with the bank and was willing to share its knowledge and exchange experiences with other regional partners, particularly in areas such as finance, infrastructure development and innovative technology.
“They are warmly welcomed to make use of Hong Kong’s deep and wide fundraising platforms and professional services to support the roll-out and management of different projects,” he said.
Founded in 1966, the Japanese-led regional development bank has 68 member countries ranging from Bangladesh and Pakistan to China and India, with its largest donations coming from Japan and the United States.
Chan also attended the Asian Development Fund’s (ADF) pledging meeting, saying that Hong Kong had been supporting the body’s replenishments over the years to help developing member countries engage in sustainable projects.
Such projects included responding to climate change, promoting gender equality and meeting their own social development needs, he said.
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Chan is expected to take part in the ADB’s constituency meeting on Friday in Tbilisi and meet with the bank’s senior management, as well as financial officials from other countries and regions.
He is set to return to Hong Kong on Monday.
Hong Kong, a city with green technology and environmental finance ambitions, has strived to deliver products and solutions to domestic and international markets, amid a surge in demand.
In 2022, the total amount of green and sustainable bonds issued in Hong Kong topped the region, accounting for 35 per cent of the Asian market.
With the inclusion of bonds and loans, the amount of green and sustainable debt issued in Hong Kong in 2022 increased by more than 40 per cent year on year to US$80.5 billion.