Hong Kong hopes for business services boom from AIIB club
City among 13 new members of the regional lender, with inclusion of Canada extending its reach into North America
Hong Kong is hoping its professional and financial services will get a big boost when it becomes a member of a Beijing-backed bank created to finance infrastructure across Asia.
The Asian Infrastructure Investment Bank’s (AIIB) board announced on Thursday that Hong Kong was one of 13 new applicants approved for membership, along with Canada. The expansion will extend the lender’s reach into North America and take its total membership to 70.
“The interest in joining the AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution,” bank president Jin Liqun said.
“I am very proud that the AIIB now has members from almost every continent and we anticipate further applications being considered by our board of governors later this year.”
The 13 prospective members will officially join the lender once they complete procedures in their home countries and deposit an initial cash instalment.
Hong Kong Financial Secretary Paul Chan Mo-po welcomed the decision, calling for the Legislative Council’s Finance Committee to approve the funding quickly.
Chan said Hong Kong’s participation in the AIIB could create new opportunities for services in the city, reinforcing its place as an international financial centre.
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