(Yicai Global) June 14 -- Hong Kong has officially become part of the Asian Infrastructure Investment Bank, taking the total number of member states to 77, the special administrative region said yesterday.
Last month, Hong Kong took on 7,651 shares in the investment institution. These include 1,530 paid-in shares, worth about CNY106 billion (USD156 million) and payable over five years, and 6,121 callable shares.
AIIB is the first multilateral development institution set up by China. It focuses on supporting infrastructure and construction in Asia and strengthening cooperation and integrating economies within the region. The bank is headquartered in Beijing and was set up with authorized capital of USD100 billion.
The investment bank will hold its second annual board meeting on Jeju Island, South Korea from June 16 to June 18. Hong Kong Financial Secretary Paul Chan Mo-po will lead the region's delegation to its first such meeting as an official member state. Joining the AIIB could present new opportunities for Hong Kong's professional and financial service industry, he said.