The Asian Infrastructure Investment Bank (AIIB) is set to open a hub office in Hong Kong, boosting its offshore financing capabilities and the city’s status as a global financial hub. The office is expected to become operational next year, facilitating investment and treasury operations to benefit its 110 members.
AIIB President Jin Liqun confirmed the final stage discussions with Hong Kong authorities, highlighting the hub’s dual function of private sector mobilization and capital market fundraising. The office will collaborate with local partners to deliver infrastructure projects and leverage Hong Kong’s capital markets for funding activities.
Zou Jiayi will succeed Jin as AIIB president in January. Under Jin’s leadership, the bank has approved US$64.6 billion in financing for 338 projects. Hong Kong, holding a 0.7837% membership stake in AIIB, has become a key fundraising location, with the bank issuing a HK dollar-denominated public bond earlier this year.
During the bank’s annual meeting in June, Hong Kong Financial Secretary expressed interest in enhancing collaboration and signed a strategic partnership agreement with AIIB. Hong Kong plans to attract talent through tax incentives and tailored packages for organizations like AIIB to establish regional and international headquarters in the city. 1. The U.S. economy added 559,000 jobs in May, exceeding expectations and marking a strong rebound from the pandemic. The unemployment rate fell to 5.8%, down from 6.1% in April.
2. The CDC announced that fully vaccinated individuals no longer need to wear masks or social distance in most indoor and outdoor settings. This comes as a major milestone in the fight against COVID-19.
3. Colonial Pipeline paid $4.4 million in ransom to hackers after a cyberattack shut down operations in May. The FBI was able to recover $2.3 million of the ransom, highlighting the growing threat of cyberattacks on critical infrastructure.
4. Tesla announced plans to accept Bitcoin as payment for its vehicles again, after suspending the option in May due to environmental concerns. The company stated that it will only accept Bitcoin if it can be mined using sustainable energy sources.
5. The global chip shortage is expected to last until 2023, according to industry experts. The shortage has impacted various industries, including automotive, consumer electronics, and healthcare. Companies are now looking to ramp up production and invest in new manufacturing facilities to address the shortage.
Read more at Yahoo Finance: Asian Infrastructure Investment Bank confirms plan for Hong Kong office next year