The Hong Kong Monetary Authority (HKMA) signed an agreement with International Finance Corporation (IFC), a member of the World Bank Group, on Sept. 19, local time in London, committing one billion U.S. dollars to the innovative Managed Co-lending Portfolio Program (MCPP) debt mobilization platform for emerging markets.
According to the HKMA, the authority will support IFC in financing projects across more than 100 countries, including in infrastructure, telecom, manufacturing, agribusiness and services.
"MCPP is an essential part of IFC's business development in emerging markets. This new partnership with the HKMA signifies the expansion of IFC's base of important long-term, strategic partners," said the IFC Vice President, Dimitris Tsitsiragos, at the signing ceremony.
"With the collaborative efforts of two institutions, we look forward to further realizing the growth potential of emerging markets in a sustainable manner, and the HKMA's participation in MCPP will allow IFC to provide more financing to projects, benefiting millions of people by creating jobs, raising living standards, and improving connectivity," Tsitsiragos said.
The Chief Executive of the HKMA, Norman Chan, said, "We are very pleased about this new partnership with IFC, which provides a useful platform for the HKMA to broaden its investment opportunities in the credit market."
"Emerging markets present a broad array of untapped investment opportunities with good long-term growth potential. Joining hands with IFC allows long-term institutional investors like the HKMA to ride on the considerable expertise, experience and network of IFC in sourcing investable opportunities with proper risk management and governance framework," Chan said.