Financial Secretary Paul Chan attended the Constituency Meeting at the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Italy yesterday.

Discussions in the Constituency Meeting focused on co-operation between member countries, ways to navigate current economic risks and uncertainties in the region, optimal use of resources to better assist low- and middle-income countries, and provision of technical assistance and support for capacity building in such countries.

Mr Chan stated that the Hong Kong Special Administrative Region Government welcomes the ADB’s strengthening of support for developing countries in areas such as addressing climate change, boosting the private sector, promoting regional co-operation, and facilitating digital transformation. In addition, he said it supports enhancing technical assistance to improve the effectiveness of development projects.

The finance chief stressed that, as an international financial centre, Hong Kong will continue to share its expertise with other members in areas such as establishing capital markets, promoting green transitions and the development of green finance, and infrastructure financing.

Mr Chan also met Rachel Thompson, the Director representing the Hong Kong, China constituency on the ADB Board of Directors, to discuss how Hong Kong can better assist the ADB in the issuance of insurance-linked securities, including catastrophe bonds.

In the evening, Mr Chan attended a reception organised by the meeting's host country, Italy.