HONG KONG – The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) on Wednesday announced the joint establishment of a taskforce to explore financing solutions to support the development of the flagship Northern Metropolis project.
With the facilitation of the HKMA, the banking sector initiated dialogues with the Development Bureau in 2025 to understand the development and planning of the mega project.
Designed to bolster the city’s economic base, the project which encompasses extensive new development land and industrial projects, plays a pivotal role in driving Hong Kong’s future development and enhancing its competitiveness.
The Northern Metropolis Financial Advisory Taskforce comprises representatives from the HKMA, HKAB and 15 banks that possess experience in large-scale project financing. The Chinese Banking Association of Hong Kong will also participate as an observer and support the relevant work, the HKMA said in a statement.
Besides supporting the Northern Metropolis development through financing, the taskforce aims to strengthen the banking sector’s communication and collaboration with the Hong Kong Special Administrative Region government and other stakeholders, the statement adds.
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It will provide professional advice on financing and banking services, explore opportunities and related financing needs on practical financing recommendations and facilitate the exchange of expertise and experience for strengthening the banking sector’s financing support for key Northern Metropolis projects, the HKMA added.
“The establishment of the Northern Metropolis Financial Advisory Taskforce provides a vital coordination platform for the HKMA and the banking sector to collaboratively advance the development of the Northern Metropolis,” said HKMA Deputy Chief Executive Arthur Yuen.
The participating banks will draw on their financial expertise and experience to provide practical financing advice and solutions that can help expedite the implementation of the Northern Metropolis projects, he added.
Sun Yu, HKAB chairman and vice chairman and chief executive of Bank of China (Hong Kong), said the Northern Metropolis has not only become a key engine for driving Hong Kong’s economic growth, but also a strategic gateway for the city to integrate into and contribute to the overall national development with the outline of the national 15th Five-Year Plan expressing explicit support for expediting the Hong Kong flagship project.
“Through the taskforce, the banking sector will closely align with the development needs of the Northern Metropolis, leveraging its financial expertise in financing, innovation and technology development, attracting business investment, and promoting connectivity,” he said, expressing full commitment to supporting the accelerated development of the project and creating new growth momentum for the city’s future.
On Tuesday, the taskforce conducted a site visit to Hung Shui Kiu / Ha Tsuen New Development Area and the Loop in the Northern Metropolis to learn about the latest development and overall planning of the Northern Metropolis projects.