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Home»ADOPTION NEWS»HKMC Releases Social Bond Allocation Update and Impact Report 2024
ADOPTION NEWS

HKMC Releases Social Bond Allocation Update and Impact Report 2024

By Crypto FlexsSeptember 1, 20243 Mins Read
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HKMC Releases Social Bond Allocation Update and Impact Report 2024
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Iris Coleman
30 Aug 2024 20:09

The Hong Kong Mortgage Corporation (HKMC) has released its 2024 Social Bond Allocation Update and Impact Report, detailing the allocation and social impact of bonds issued in 2022 and 2023.





According to the Hong Kong Monetary Authority, Hong Kong Mortgage Corporation (HKMC) has released its 2024 Social Bond Distribution Update and Impact Report. The report provides a comprehensive overview of the net proceeds distribution of the two social bonds issued in 2022 and 2023, and the social impact as of 30 June 2024.

Key allocations and social impacts

The report reveals that the net proceeds from the social bonds were primarily allocated to projects aimed at addressing social issues in Hong Kong. These projects include affordable housing, healthcare and education programs, which are designed to benefit disadvantaged communities.

The Independent Practitioner’s Limited Assurance Report, issued by PricewaterhouseCoopers, is provided in conjunction with the HKMC Report. This assurance report adds a level of transparency and confidence to the allocation and impact disclosures, ensuring that the information presented meets rigorous assurance criteria.

Background and Objectives

HKMC’s social bond issuance is part of a broader strategy to promote sustainable finance in Hong Kong. These bonds are specifically designed to fund projects that create positive social outcomes in line with global standards for social impact investing. HKMC aims to maintain a high level of accountability and transparency by providing detailed allocation and impact reports, thereby enhancing investor confidence.

According to HKMC, social bonds have already made significant progress in improving the living conditions of many residents. For example, funds have been used to build affordable housing units that provide safe and secure living environments for low-income families. In addition, investments in healthcare have helped provide essential health services to underserved populations.

Future plans and outlook

Going forward, HKMC plans to continue to focus on sustainable finance, with the potential to issue additional social bonds in the pipeline. The organisation aims to expand its portfolio of socially impactful projects to contribute to the broader goal of sustainable development in Hong Kong.

In summary, the Social Bond Allocation Update and Impact Report 2024 not only highlights the effective use of funds, but also underlines HKMC’s commitment to social responsibility. As the organization continues to prioritize transparency and accountability, it sets a strong example for other financial institutions aiming for positive social impact.

For further details, please see the full report and the independent expert’s limited assurance report on the Hong Kong Monetary Authority website.

Image source: Shutterstock


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