Banks participating in the Northern Metropolis Financial Advisory Taskforce have committed to referencing the Hong Kong’s nature-based solutions design guidelines and the Hong Kong Monetary Authority’s Sustainable Finance Action Agenda to offer sustainable finance solutions for the flagship project, according to the HKMA.
“This aims to support the co-existence of development and conservation in the Northern Metropolis while strengthening the climate resilience of the banking sector,” the HKMA said in a statement.
The statement came after the inaugural meeting of the taskforce on Wednesday, which discussed the latest developments of the Northern Metropolis and related financial services needs.
RELATED ARTICLES
- Xia affirms HK's progress during inspection tour
- Northern Metropolis key to HK's future growth, official says
- HK pulls out all the stops to develop Northern Metropolis
- 19 local institutions submit proposals for HK university town
Representatives from the HKMA, HKAB, the Development Bureau (DEVB); the Innovation, Technology and Industry Bureau (ITIB); Hong Kong-Shenzhen Innovation and Technology Park Limited; and 21 participating banks in the taskforce attended the meeting.
Four land parcels in Phase 1 of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and the first pilot area under large-scale land disposal in Hung Shui Kiu/Ha Tsuen New Development Area, are both currently under tender, according to the DEVB and ITIB.
Given that the Northern Metropolis projects will adopt a diverse range of development models, the scales, financing tenors, scopes, operating models and durations of these projects may differ from those of conventional development projects, according to the HKMA statement.
The banks in the taskforce offered financing solutions that are tailored to individual projects, with the aim of helping to accelerate the development of industries in the Northern Metropolis and attracting upstream and downstream enterprises to establish footholds, it added.
“The Taskforce will collaborate closely with the government and relevant stakeholders to expedite the implementation of projects in the Northern Metropolis, providing solid support for economic development.”
The HKMA and HKAB jointly established the Northern Metropolis Financial Advisory Taskforce in April to strengthen the banking sector’s communication and collaboration with the Hong Kong Special Administrative Region government and other stakeholders and to explore ways to actively support the Northern Metropolis development through financing.
