The Development Fund for Guangdong-Macau Cooperation will be allocated 20 billion yuan out of the Macau financial reserve as approved, and there are no plans by the partners to add to the capital to be applied, said the Macau Monetary Authority.
The Fund was established by the Guangdong Provincial Government and the Macau Government and will be managed by Guangdong Hengjian Investment Holding Co. Ltd. and Guangdong Nam The Group Ltd.
The Fund will operate on a market-based management model, while the funds will be applied to projects for the construction of the Guangdong-Hong Kong-Macau Great Bay, particularly high-quality and highly relevant projects, which are favourable to the related to the construction of the Guangdong Free Trade Zone.
Under the terms of the agreement, the partners of the Fund will subscribe a total of 20 billion yuan in total, according to the Macau Monetary Authority, and the parties reached consensus on the possibility of extending cooperation and further capital increase up to the limit of 100 billion yuan.
The statement added that this will only happen when circumstances warrant it, with the unanimous consent of all the partners. (macauhub)