The Asian Infrastructure Investment Bank (AIIB) on November 3 announced plans to set up an office in Hong Kong to address its growing business needs.

The Hong Kong Special Administrative Region (HKSAR) government said it will actively meet the AIIB's needs to render support for the establishment of the office.

As an AIIB member, Hong Kong, China can leverage its vibrant capital markets, world-class professional services and diverse financial products to support the bank's operations in project financing, bond issuance, and investment and financial management, among others, said Christopher Hui, secretary for financial services and the treasury of the HKSAR government.

The AIIB was established in January 2016 with a mission to foster sustainable economic development, create wealth, and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors. Hong Kong, China joined the AIIB in June 2017.