Hong Kong Business News

The Government today served notice to the Legislative Council to introduce a resolution under the Loans Ordinance to set a borrowing ceiling of $500 billion, combined, for the Government Green Bond Programme and the Infrastructure Bond Programme (IBP).

Secretary for Financial Services & the Treasury Christopher Hui said the green bond programme is instrumental in promoting green finance in Hong Kong, signifying the Government’s commitment to sustainable development and combatting climate change.

“The programme has been successful in establishing important benchmarks for green bond issuance in the region and won considerable acclaim from international investors.”

He added that the programme’s scope will be expanded to cover sustainable projects and renamed as the Government Sustainable Bond Programme (GSBP) to further consolidate Hong Kong’s position as a green and sustainable finance hub.

With regard to the IBP, which will be established at a later, the treasury chief said the programme will enable better management of the cashflow needs of infrastructure projects and facilitate their earlier completion, benefiting the economy and livelihoods.

Noting that the GSBP and IBP will include retail issuances to allow public participation, and priority investment by funds of the Mandatory Provident Fund, Mr Hui said a borrowing ceiling of $500 billion for the programmes will allow more flexibility in quota re-allocation, which he hopes can be effected as soon as possible.

Subject to the legislative process, the Government will move the resolution in LegCo on March 27.

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