Category: Economy

MIL-OSI Asia-Pac: PARLIAMENT QUESTION: SCHEMES TO PROMOTE ENTREPRENEURSHIP AND INNOVATION AMONGST SC

Source: Government of India (2)

Posted On: 19 MAR 2025 2:14PM by PIB Delhi

The Government has introduced various Schemes to promote entrepreneurship and innovation amongst Scheduled Castes. The Venture Capital Fund for Scheduled Castes (VCF-SC), with a corpus of Rs. 750 crore, provides concessional finance ranging from Rs. 10 lakh to Rs. 15 crore at a 4% coupon rate. This fund is managed by IFCI Venture Capital Ltd.

Additionally, the Ambedkar Social Innovation and Incubation Mission (ASIIM), supports SC students, researchers, and entrepreneurs in Technology Business Incubators (TBIs) and Atal Incubation Centers (AICs). Under ASIIM, Rs. 30 lakh equity funding is provided over three years to help start-ups in sectors such as agriculture technology, IT, environment, waste management, and green energy. As of now, 245 SC-owned companies have been sanctioned financial assistance of ₹588.4 crore under the Venture Capital Fund for Scheduled Castes, including ASIIM.

Currently, the Government has no plans to establish a Social Innovation Hub to facilitate business ventures and startups for the SC community. However, it continues to promote entrepreneurship and innovation through existing initiatives such as ASIIM and VCF-SC. Additionally, steps have been taken to simplify access to credit through PM SURAJ—a digital interface for all financial inclusion Schemes of the Department of Social Justice & Empowerment and providing mentorship support and market linkages to strengthen the entrepreneurial ecosystem for Scheduled Castes and other marginalized communities.

This information was provided by UNION MINISTER FOR SOCIAL JUSTICE AND EMPOWERMENT, DR. VIRENDRA KUMAR, in a written reply to a question in Rajya Sabha today.

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VM

(Rajya Sabha US Q2197)

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Development of Fisheries in Odisha

Source: Government of India (2)

Posted On: 19 MAR 2025 2:10PM by PIB Delhi

The Department of Fisheries (DoF), Ministry of Fisheries, Animal Husbandry & Dairying (MoFAH&D), Government of India is implementing the Pradhan Mantri Matsya Sampada Yojana (PMMSY) for a period of five years from 2020-21 to 2024-25 in all States and Union Territories including Odisha. The DoF, MoFAH&D, Government of India under PMMSY has approved the proposals received from the Government of Odisha at a cost of Rs.1264.23 Crore with central share of Rs.510.94 Crore during the last four years and in the current financial year. Out of this, Rs.271.17 crore of central share has been released to the Government of Odisha so far based on the utilization reports submitted by the State Government.

The ‘National Policy on Marine Fisheries, 2017 notified by the Government of India, provides guiding principles of conservation and optimum utilization of fisheries resources for ensuring sustainability. The DoF, GoI is implementing fishing ban in India’s EEZ along the east and west coast during the major breeding season of the commercial fish species to ensure successful spawning and strong recruitment for sustaining the fisheries. On the east coast, including the coasts of Odisha, the fishing ban is implemented annually from April 15th to June 15th. The Government of Odisha, through the Orissa Marine Fisheries Regulation Act, 1981, also regulates fishing activities in the state’s territorial waters to support the sustainable management of fisheries along the Odisha coast. In addition, the Government of India has prohibited harmful fishing practices, such as pair or bull trawling, and the use of LED or artificial lights for fishing within the EEZ.

The DoF, GoI has approved 38 units of cold storages and ice plants, 1125 units of fish marketing facilities including fish kiosks, live fish vending centers, insulated vehicles, refrigerated vehicles, three wheelers with ice box and motor cycles with ice box. Two state-of-the-art Wholesale Fish Markets having processing facilities are also approved at Balasore and Khorda districts of Odisha. Activities such as construction of new ponds for brackish water and fresh water aquaculture, recirculatory aquaculture system (RAS), biofloc and reservoir cage culture are also approved under the PMMSY to increase fish production and export from Odisha. Besides, the DoF, GoI has recently notified development of scampi production and processing cluster in Balasore, Bhadrak, and Mayurbhanj districts of Odisha.

The DoF, GoI under PMMSY has approved proposals of the Government of Odisha for construction of fishing harbor at Astaranga, Puri at a cost of Rs.179.90 crore. Further, the proposal of Paradip Port Trust for modernization and up-gradation of the Paradip fishing harbor at a cost of Rs.108.91 crore has been approved by DoF, GoI with 100% central share under PMMSY.

This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: ROADMAP FOR PRIVATE PARTNERSHIP IN THE LIVESTOCK SECTOR
Source: Government of India (2)

Posted On: 19 MAR 2025 2:09PM by PIB Delhi

The Department of Animal Husbandry and Dairying (DAHD) framed the National Livestock Policy in 2013 to address key challenges hindering the growth of the livestock sector. These challenges include shortage of feed and fodder, low productivity, livestock health, livestock and environment, knowledge gap, and inadequate infrastructure for marketing, processing and value addition.

The policy aims to increase livestock productivity and production sustainably while improving farmers’ livelihoods. It also focuses on strengthening research and development initiatives to improve productivity, biosecurity and profitability in the sector. The policy promotes the conservation and genetic improvement of indigenous livestock and poultry breeds. It also aims to enhance feed and fodder availability to meet livestock nutrition requirements and achieve optimal productivity.

The National Livestock Mission (NLM) is being implemented since 2014-15 on the lines of the National Livestock Policy 2013 wherein the activities were undertaken for development of feed and fodder by providing financial assistance, conservation of threatened breeds and providing breeding stock to the farmers for livelihood development. Realigned in 2021-22, the NLM has three sub-missions.
1. Sub-mission on Breed Development of Livestock and Poultry proposes to bring sharp focus on entrepreneurship development and breed improvement in poultry, sheep, goat and piggery through NLM-Entrepreneurship Development Programme (EDP-NLM) by providing 50 percent capital subsidy for the establishment of breed multiplication farms.
2. Sub-mission on feed and fodder development is continuing to address the challenges of feed and fodder, the Government is promoting partnership with public and private companies for production of quality (breeder, foundation and certified) fodder seeds, besides promoting Entrepreneurship in fodder development.
3. The sub-mission on Extension and Innovation is implemented with an activity of Research and Innovation, including Livestock Insurance. The scheme has further been modified in February 2024 to expand its scope by including the conservation and genetic improvement of indigenous breeds of horses, camels, and donkeys; fodder development from waste lands and degraded forest lands, and entrepreneurship in fodder seed processing.
Furthermore, the Department with cooperation of private industry has adopted a PPP approach for the establishment of Highly Pathogenic Avian Influenza (HPAI)-free poultry compartments. These compartments are managed by private enterprises that adhere to strict biosecurity protocols, including surveillance measures. This initiative facilitates the export of poultry and poultry products, even during outbreaks in other parts of the country.

Under the Entrepreneurship Development Programme (EDP) of National Livestock Mission (NLM), the Central Government provides a 50 percent capital subsidy for the establishment of breed multiplication farms. Eligible beneficiaries include individual farmers, Farmers Producer Organizations (FPOs), Farmers Cooperative Societies (FCOs), Joint Liability Groups (JLGs), and Section 8 companies. Similarly, 50% subsidy is provided for the establishment of feed and fodder units including silage production, Total Mixed Ration (TMR) plants, and fodder seed processing and grading infrastructure. Under NLM-EDP, a total of 3295 projects have been approved with a project cost of ₹ 2381.12 crore, with a subsidy of ₹1,098.63 crore. Additionally, to increase the production of quality fodder seed, 100 percent financial support is available for Central Government and other credible institutions engaged in producing certified, foundation, and breeder seed.

In addition, the Department of Animal Husbandry and Dairying (DAHD) is implementing the Animal Husbandry Infrastructure Development Fund (AHIDF) to promote private-sector investments. This fund incentivizes investments by individual entrepreneurs, private companies, MSMEs, Farmers Producer Organizations (FPOs), Section 8 companies, and dairy cooperatives. Under AHIDF, the Central Government provides a three percent (3%) interest subvention on loans, allowing eligible entities to avail term loans up to 90 percent of the project cost from any scheduled bank, NABARD, NCDC, or NDDB. The AHIDF supports the establishment of dairy processing and value addition infrastructure, meat processing and value addition infrastructure, animal feed plants, breed improvement and multiplication farms for cattle, buffalo, sheep, goat, and pig, veterinary vaccine and drug production facilities, animal waste-to-wealth management (agri-waste management), and primary wool processing infrastructure. The AHIDF actively encourages private sector investment in veterinary drugs and vaccine infrastructure, further strengthening India’s animal health and production ecosystem. Till date, an interest subvention of ₹293 crore has led to the leveraging of a total investment of ₹16582 crore in 353 projects under AHIDF.

This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Prof. S.P. Singh Baghel, in a written reply in Rajya Sabha on 19th March, 2025.

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AA

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MIL OSI Asia Pacific News –
March 20, 2025
MIL-OSI Asia-Pac: Inland fisheries promotion in Kerala

Source: Government of India (2)

Posted On: 19 MAR 2025 2:07PM by PIB Delhi

The Department of Fisheries, Government of India (DoF, GoI) through its schemes, policies and programs has been taking several initiatives towards holistic development of both marine and inland fisheries sector in all States and Union Territories including Kerala. Promotion of fish production and strengthening of fisheries value chain system have been the core of these initiatives.

The DoF, GoI is implementing flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY) in all the States and Union Territories of India including Kerala for a period of 5(five) years from FY 2020-21 to FY 2024-25. The PMMSY inter-alia aims at harnessing of fisheries potential including inland fisheries in a sustainable manner, enhancing fish production and productivity through expansion, intensification, diversification and productive utilization of land and water, strengthening of value chain, doubling fishers and fish farmers incomes and generation of employment and also ensuring social & economic security for fishers and fish farmers.

During last four years (2020-21 to 2023-24) and current financial year (2024-25) under PMMSY, the DoF, GoI has accorded approvals to the fisheries developmental proposals of Government of Kerala amounting Rs.1358.10 Crore. The approved activities inter alia included inland fisheries development activities like assistance towards construction of freshwater finfish hatcheries (05 Nos), new rearing & grow-out ponds for fish culture (89 ha.), fish feed mills (05 Nos), ornamental fish rearing and breeding units (798 Nos), cage culture in reservoirs (750 Nos), high-tech culture systems like Re-circulatory Aquaculture System (646 Nos), Biofloc culture units (850 Nos), pen culture units (31 ha.), integrated development of reservoirs (07 Nos), boats and nets to traditional fishermen (200 Nos), extension and support services under ‘Matsya Seva Kendras’ (10 Nos).

The approved activity also included cold chain and marketing activities like iceplants/cold storages (16 Nos), fish transportation vehicles (468 Nos), live fish vending centre (77 Nos), value added enterprises (10 Nos), fish retail markets (05 Nos), whole sale fish markets (02 Nos) and also referral lab and disease diagnostic labs (02 Nos) for timely disease diagnostics. Awareness campaigns and capacity building programs have been also taken up in Kerala through National Fisheries Development Board (NFDB) in various areas of inland fisheries. Besides, the GoI has also extended facilities of Kisan Credit Card (KCC) to the fisheries and fish farmers from FY 2018-19 to meet their working capital requirement in all States/UTs including Kerala.

Further, Government of Kerala has informed that under the State plan scheme, Janakeeya Matsya Krishi, includes different schemes like diversification of species & aquaculture practices, Kerala reservoir fisheries development programme for effective utilization of potential in reservoirs, ranching, establishment of fish/clam protected areas. It is also informed that hi-tech fish marts in various districts of Kerala are established through Matsyafed wherein the fresh fish are directly procured from fishers/farmers and supplied to consumers. It is further informed that due to changing food habits and enabling convenience, easy to cook/ready to eat kind of value added products like fish curry, fish cutlets, fish pickles are sold through Matsyafed in some districts.

Government of Kerala has informed that due to these interventions from Centre and State the inland fish production has increased from 2.05 lakh tonnes in 2019-20 to 2.51 lakh tonnes in 2023-24.

This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

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AA

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Fund for fisheries sector in Kerala

Source: Government of India (2)

Posted On: 19 MAR 2025 2:06PM by PIB Delhi

The Department of Fisheries, Government of India (DoF, GoI) through its schemes, policies and programs has been taking several initiatives towards holistic development of fisheries sector in all States/UTs including Kerala. The major initiatives include Blue Revolution Scheme implemented during 2015-16 to 2019-20, extending Kisan Credit Card (KCC) to fisheries (since 2018-19), creation of Fisheries and Aquaculture Infrastructure Development Fund (FIDF) (2018-19 to 2025-26) enabling concessional financing in fisheries, flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY)’ (2020-21 to 2024-25). Enhancing fish production, strengthening of value chain, employment generation, ensuring safety & security of fisheries and ensuring sustainability of the resources have been the core of these initiatives.

Under the flagship scheme ‘Pradhan Mantri Matsya Sampada Yojana’ (PMMSY) during last four years (2020-21 to 2023-24) and current financial year (2024-25) the Department of Fisheries, GoI has accorded approval to the fisheries developmental proposals of Government of Kerala worth Rs.1358.10 Crore with central share of Rs. 574.90 Crore. Central funds of Rs.344.15 Crore has been also released to Kerala during this period.

The approved activities included support for fish production oriented activities like establishment of brood bank (01), hatcheries (09 Nos), rearing & grow of ponds (89 ha.), brackish water culture (172 ha.), establishment of ornamental rearing units (798 Nos), cage culture in reservoirs (750 Nos), Re-Circulatory Aquaculture System (RAS) (646 Nos), Biofloc units (850 Nos), integrated development of reservoirs (07 Nos), and deep sea fishing vessels (20 Nos). The approval also included support for infrastructure and cold chain activities including upgradation of fishing harbors (11 Nos), iceplants/cold storages (16 Nos), fish transportation vehicles (468 Nos), live fish vending centres (77 Nos), value added enterprises (10 Nos), fish retail markets (05 Nos), whole sale fish markets (02 Nos) and also referral lab and disease diagnostic labs (02 Nos) for timely disease diagnostics. Further, activities like pen culture in open water bodies (31 ha.), stocking of fish seeds (10 ha.), bivalve cultivation units (1140 Nos), boats & nets to traditional fishermen (200 Nos) are also approved under the PMMSY.

In addition, under the PMMSY, Integrated Modern Coastal Fishing Villages (09 Nos), Climate Resilient Coastal Villages (06 Nos), Artificial Reefs (42 units), extension support services like Matsya Seva Kendras (10 Nos), Sagar Mitras (222 Nos) are also approved to Kerala. Besides livelihood and nutritional support to 1,79,316 fishers during fishing ban period are also approved to Kerala. Awareness campaigns and capacity building programs have also been taken up in Kerala through National Fisheries Development Board (NFDB) in various areas of inland fisheries. Government of Kerala has informed that within the State Plan Scheme, the State has taken up initiatives towards aquaculture, diversification, increasing seed production, conservation & management of resources, regular patrolling, coaching programmes for fishermen students for higher education, interest free loans to fisher women, group insurance scheme including pension schemes.

There is no such special scheme announced exclusively for riverine fisheries. However, the schemes implemented by the Department of Fisheries, GoI already comprises of activities for development of riverine fisheries like pen culture, stocking of fish seeds, boats & nets to traditional fishermen, ranching programmes etc. In addition. Government of Kerala has informed that as part of riverine fisheries, embankment and pen culture activities in rivers, canals and other suitable water bodies are taken up. Under the State plan project regarding ‘Integrated Fishery Management in Inland Aquatic Ecosystem’ implemented since FY 2022 ranching of fish & shrimp seeds, establishment of fish/clam protected areas have also been implemented. The Government of Kerala has informed that during last five years, funds amounting to Rs.20.07 crore is allocated for the same wherein, Rs.8.54 crore has been disbursed and Rs.7.24 crore has been utilized.

This information was given by Union Minister of State, Ministry of Fisheries, Animal Husbandry and Dairying, Shri George Kurian, in a written reply in Rajya Sabha on 19th March, 2025.

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MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: LCQ18: Places for religious activities in Hong Kong

Source: Hong Kong Government special administrative region

LCQ18: Places for religious activities in Hong Kong
Question:

According to the Hong Kong Fact Sheets issued by the Government in October 2024, more than three million people in Hong Kong adhere to a religion. It is learnt that, from time to time, various religious bodies have a demand for places to conduct religious activities. However, in recent years, some religious bodies have encountered difficulties with the approval processes and procedures when applying for the construction of permanent places for religious activities. In this connection, will the Government inform this Council:

(1) of the number of applications received from religious bodies of different religions for the construction of permanent places for religious activities in the past five years; among such applications, the respective numbers of those that have been approved, those that are pending approval and those that have been rejected, as well as the reasons for the rejection of those applications (set out in a table);

(2) whether the Government currently has established approval mechanisms in place, including a dedicated land allocation system for religious purposes and a special land premium system for the conversion of land designated for non-religious uses into places for religious activities; if so, of the details; if not, the reasons for that and whether the Government will consider introducing specific and relevant mechanisms in the future;

(3) whether the Government will provide assistance or financial support to religious bodies for the construction of permanent religious places; if so, of the details; if not, the reasons for that; and

(4) whether the Government will provide funding schemes to religious bodies for the construction of religious places, expedite the vetting and approval of applications in this regard, and assist religious bodies in carrying out renovation or enhancement works for new or existing religious places, so as to promote tourism activities and enable more members of the public to visit and tour such places; if so, of the details; if not, the reasons for that?

Reply:

President,

In consultation with the Development Bureau (DEVB), I give the consolidated reply to the Hon Benson Luk’s question on behalf of the Government as follows:

Hong Kong is an open and inclusive city in which religious freedom is the fundamental rights enjoyed by Hong Kong residents as protected by the Basic Law and other relevant legislation. The Hong Kong Special Administrative Region Government has been maintaining close liaison with religious groups and attends events organised by them with a view to promoting the communications with them and understanding their needs.

The Home and Youth Affairs Bureau (HYAB) is responsible for liaising with local religious groups and plays a co-ordinating role in local religious affairs. While adhering to the principle of non-intervention of the freedom of religion and religious groups’ internal affairs, HYAB listens to the views of respective religious groups and, where necessary, renders assistance to them through appropriate channels.
Also, under the current land policy, if religious groups wish to develop religious facilities on Government land, they may apply to the Government by way of private treaty grant (PTG). When processing the relevant land grant applications, the LandsD would consult the relevant bureau(x)/department(s) with regard to the actual circumstances of the case, and seek the HYAB’s policy support. If the HYAB’s policy support can be secured for the project, there will be concessionary premium arrangement for the respective religious facilities. The HYAB does not provide any other financial support to religious groups for acquiring permanent religious facilities at present.

As regards applications from religious groups to develop permanent religious facilities as mentioned in the question, the LandsD received a total of four PTG applications related to religious use in the past five years or so (three of which are solely for religious use, and the other application covers other facilities). So far, two applications have been withdrawn by the applicants while the remaining two are under processing. Separately, in the past five years the LandsD also approved two applications, both of which were received prior to 2021. The relevant information is set out in the table below:

Year(as of March 2025)*The applications approved in a year do not necessarily correspond to the applications received in the same year.

The relevant bureau(x)/department(s) will continue to expedite the processing of the applications. Meanwhile, the HYAB will continue to keep in touch with religious groups to render appropriate and practicable assistance. Regarding promoting tourism activities as mentioned in the question, it is stated in the Development Blueprint for Hong Kong’s Tourism Industry 2.0 promulgated in December 2024 that the Government will focus on diversified development of religious tourism to enrich Hong Kong’s tourism offerings, including engaging with religious groups to explore opening up religious venues as tourist attractions on a limited scale without affecting religious activities. The HYAB will assist in liaison with relevant religious groups to explore the feasible arrangements and actively collaborate with the Culture, Sports and Tourism Bureau’s work.

Besides, to encourage the preservation of graded historic buildings, including religious premises, the Commissioner for Heritage’s Office of the DEVB launched the Financial Assistance for Maintenance Scheme on Built Heritage in 2008 to provide financial assistance to the owners of privately-owned graded historic buildings, as well as tenants, who are non-profit-making organisations, of Government-owned declared monuments and graded historic buildings for them to carry out minor maintenance works by themselves. Private owners of declared monuments may seek technical advice from the Antiquities and Monuments Office (AMO) or apply to the AMO for the AMO to carry out maintenance and repair works for their declared monuments, and the cost of which will be borne by the AMO.
Issued at HKT 16:15

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MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: Effective implementation of Mahatma Gandhi National Rural Employment Guarantee Scheme in the current decade.

Source: Government of India

Posted On: 19 MAR 2025 1:29PM by PIB Delhi

The Mahatma Gandhi National Rural Employment Guarantee Act 2005 (Mahatma Gandhi NREGA) aims at enhancing livelihood security of households in rural areas of the country by providing at least one hundred days of guaranteed wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.

It may be noted that the budget allocation for the Financial Year 2006-07 was Rs 11,300 crores, which increased to 33,000 crore in 2013-14. This has increased continuously over the last 10 years. Current Financial year’s allocation of Rs 86,000 crore is the highest ever budgetary allocation at the BE stage. Government has spent a record Rs 1,11,000 crore under the scheme in the year 2020-21 to ensure livelihood security to people distressed during COVID19 pandemic. This shows Government’s sincere commitment towards the effective implementation of the Scheme.

Similarly, the total persondays generated between FY 2006-07 to FY 2013-14 were 1660 crore, whereas, the total persondays between FY 2014-15 to FY 2024-25 has been 3029 crore, which is 82% more than the decade before 2014. In this process, over the last years from 2014-15 to 2024-25, the Central Government has released 7,81,302 crores which resulted in the creation of 8.07 Crore rural assets. While in the previous decade from 2006-07 to 2013-14, only 2,13,220 crores were released which resulted in creation of 1.53 Crore rural assets. Over the last 10 years, Government’s increased efforts have led to a remarkable increase in the creation of rural assets which is evident from over 526% increase in the rural assets which are geotagged and of better quality. Moreover, due to continued focus on women empowerment, the participation of women has increased from 48% in FY 2013-14 to over 58% in the current FY 2024-25.

There are 266 works permissible under Mahatma Gandhi NREGA, out of which 150 works are related to agriculture and allied, 58 are related to Natural Resource Management (NRM) and 58 works are that of Rural Infrastructure. Various water related works such as check dams, farm ponds, community ponds, irrigation open wells, etc. are taken up under the Scheme. Government’s continued thrust on water conservation has yielded remarkable results, evident in the form of significant reduction in the number of water-stressed rural blocks from 2264 to 1456 (35% reduction) in the given decade. Another major success is in the form of Mission Amrit Sarovar, which has led to the creation of over 68,000 Amrit Sarovars in the country in Phase I. Currently, Phase II of Mission Amrit Sarovar has been rolled out with a renewed focus on water availability with community participation, Jan Bhagidari, at its core.

The Government’s focus on improving the livelihood opportunities for the most vulnerable sections of the society can been seen in the substantial increase in the creation of individual assets from 17.6% in FY 2013-14 to 56.99% in FY 2024-25.

It is inaccurate to say that ABPS (Aadhaar Based Payment System) or NMMS(National Mobile Monitoring System) are exclusionary. In fact, these have been major reform processes to ensure effective implementation of this Scheme. For instance, ABPS helps in better targeting, increasing the efficiency of the system and reducing the delays in the payments arising out of frequent changes in the bank account, thereby, ensuring better inclusion, curbing leakages. As on date, Aadhaar seeding has been accomplished for 13.45 crores (99.49%) active workers under MGNREGA, whereas in 2014, Aadhaar seeding was done for only 76 lakh workers. Similarly, NMMS has brought about enhanced transparency in the implementation of MGNREGA. Electronic real-time attendance capturing through NMMS has streamlined the timely creation of muster rolls as well as elimination of fake attendance. Moreover, in case of exceptional circumstances, there is a provision of approving the manual attendance at the field level.

The Government has been continuously working on improving the transparency and accountability in Mahatma Gandhi NREGA. The adoption of National Electronic Fund Management System (NeFMS) and Aadhaar Based Payment System (ABPS) in the current decade have made MGNREGA, the biggest DBT Scheme in the country. 100% of the wage disbursement is being done electronically through DBT. Earlier in the absence of such mechanisms, there was a possibility of leakages as the payment of wages through e-FMS was merely 37% in 2013. Similarly, other path breaking digital initiatives like GIS based planning, Geo-tagging of assets, SECURE for estimate calculation etc. have made this Scheme one of the most transparently run schemes in the country. This is evident from a comprehensive MIS System NREGASOFT with all data regarding persondays generation and assets available in the public domain. This along with JANMANREGA mobile app significantly increased citizen oversight of the program which was absent before 2014.

Moreover, enhanced focus on Social Audit, inspections through Area Officer App and other interventions have resulted in a robust monitoring framework which was absent before 2014.

Details of “Effective implementation NREGA 10 years” is in the annexure.

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MG

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: LCQ21: Promoting development of Hong Kong’s capital market

Source: Hong Kong Government special administrative region

LCQ21: Promoting development of Hong Kong’s capital market
Question:

     Recently, six departments of the Central Authorities jointly announced the Implementation Plan on Promoting the Inflow of Medium to Long-term Capital into the Market, so as to steadily expand the scale of investment and improve the supply and structure of funds in the capital market. Moreover, it has been reported that as pointed out by the Governor of the People’s Bank of China, the proportion of the country’s foreign exchange reserves allocated to Hong Kong’s assets will be substantially increased to support the development of Hong Kong’s capital market. In this connection, will the Government inform this Council:

(1) whether the Government has discussed with the relevant Mainland authorities the specific details (such as the target level of the allocation proportion, the types of assets to be allocated and the amount involved) and the implementation timetable for increasing the allocation of the country’s foreign exchange reserves to Hong Kong’s assets; if so, of the details; if not, the reasons for that;

(2) whether the Government will study with the Mainland regulatory authorities the establishment of a mechanism for channelling capital, so as to promote the investment of the country’s foreign exchange reserves and some of the Mainland medium to long-term capital (such as the National Social Security Fund, commercial insurance funds and pension funds) in Hong Kong’s capital market;

(3) whether the Government will actively consider making good use of the funds under its control, such as charitable trust funds, university endowment funds and funds managed by different government departments, to jointly increase investment in Hong Kong stocks, so as to play a leading role and boost market confidence; if so, of the details; if not, the reasons for that; and

(4) as it has been reported that the Deputy Director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region (SAR) has recently proposed to promote the publication of a White Paper on Hong Kong’s Capital Market (the White Paper), whether the SAR Government will implement the formulation of the White Paper; if so, whether it will study collecting various financial institutions’ views in areas such as market regulation, transaction costs and corporate governance?

Reply:

President,

     In consultation with the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX), my consolidated reply to the four parts of the question is as follows:

     During his remarks at the Asian Financial Forum in January 2025, the Governor of the People’s Bank of China said that a thriving capital market serves as the core and backbone of Hong Kong as an international financial centre. It will encourage quality enterprises to get listed and issue bonds in Hong Kong, and continuously enhance and expand the connectivity mechanisms between the Mainland and Hong Kong for stocks, bonds, wealth management products and interest rate swaps. It will also deepen the financial co-operation within the Guangdong-Hong Kong-Macao Greater Bay Area, and increase the allocation of our country’s foreign exchange reserves in assets in Hong Kong, so that the financial development in Hong Kong will embrace a broader future. The Hong Kong Special Administrative Region Government and financial regulators will continue to co-ordinate closely with relevant Mainland authorities as always to support the integration and healthy development of the Mainland and Hong Kong capital markets. We will also discuss with the Mainland further expansion and enhancement arrangements for mutual market access between capital markets of the two places, so as to better meet the needs of residents in both places for cross-market and diversified asset allocation, as well as attract more Mainland and international fund flows into Hong Kong.

     The Government very much welcomes and is grateful to the increase in allocation of the national foreign exchange reserves in assets in Hong Kong, which is a recognition of Hong Kong’s investment environment and the quality of our products. The specific details (such as funding distribution or timetable) will be considered by relevant Mainland institutions and announced as necessary. The Government and financial regulators have been maintaining communication with the Mainland financial regulators on financial market matters and will fully support related work. In fact, we need to strengthen our efforts in optimising the market and utilising our own attractiveness to encourage more Mainland and overseas institutions and individual investors to participate in trading Hong Kong stocks. In the face of challenges from the external environment in the past few years, the Government has been striving to continuously improve market liquidity through taking forward specific enhancement measures. Specifically, the Government set up the Task Force on Enhancing Stock Market Liquidity in 2023 to review the factors affecting market liquidity and put forward improvement recommendations on different areas such as listing regime, market structure, trading mechanism, etc. The Government together with the SFC and HKEX have taken forward various measures, including enhancing the specialist technology listing regime, reforming GEM, facilitating listing of overseas issuers, implementing arrangements for trading under severe weather, establishing the regime for share repurchase and treasury, narrowing the trading spread, etc. We have also been actively attracting overseas capital through different channels, including consolidating traditional sources of funds and opening up new capital sources.

     As our country’s economy demonstrates resilience with breakthroughs in key technologies, and as the enhancement measures that we have implemented begin to bear fruit, the sentiment and trading in the Hong Kong stock market have improved since last year. From the beginning of this year, stock market trading has become even more active, with average daily turnover until February exceeding $220 billion, an increase of close to 70 per cent over that of 2024. Last year, Hong Kong was one of the world’s four largest initial public offering (IPO) markets, with total IPO funds raised exceeding $87 billion, up nearly 90 per cent year-on-year. As of the end of February this year, HKEX was processing over 100 listing applications, demonstrating increasing confidence of companies in raising funds in Hong Kong. HKEX and the SFC will continue their efforts in strengthening the competitiveness of the stock market by facilitating corporate financing, promoting product innovation, and improving trading and risk management efficiency.

     As regards investment of funds under the Government, funds established by the Government or operated by Government departments have specific purposes and management mechanisms. The relevant funds need to formulate appropriate investment strategies based on factors such as its size, overall risk tolerance, liquidity needs, etc, so as to achieve target returns, cash flow or specific policy objectives through different asset allocations. It is not appropriate to formulate uniform asset allocation recommendations or restrictions for the investment of relevant funds.

     The Government has been implementing various reforms for the development of the capital market, including establishing listing avenues for new economy and technology enterprises with weighted voting rights structures, facilitating overseas issuers to raise funds in Hong Kong, etc. As also mentioned in the 2025-26 Budget, the key to consolidating and enhancing the strengths of Hong Kong as an international financial centre lies in institutional innovation, product innovation, a critical mass of enterprises and financial connectivity. To dovetail with the latest economic trends and corporate needs, HKEX and the SFC are taking forward a comprehensive review of the listing regime, which will review listing requirements and post-listing ongoing obligations, evaluate listing-related regulations and arrangements to improve the vetting process, optimise the thresholds for dual primary listing and secondary listing, and review the market structure, including exploring the establishment of an over-the-counter trading market. HKEX and the SFC will conduct in-depth review in each area, with a view to putting forward enhancement proposals in different areas by batches when they are ready within this year for market consultation. Meanwhile, the Government will also collect market views through various channels from time to time, including the financial regulators and the Financial Services Development Council, so as to formulate relevant development strategies in a timely manner.
Issued at HKT 15:15

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Categories24-7, Asia Pacific, Hong Kong, Hong Kong Government special administrative region, MIL OSI

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: LCQ3: Privatisation of listed companies

Source: Hong Kong Government special administrative region

LCQ3: Privatisation of listed companies
Question:

It has been reported that in the first half of last year, a total of 14 listed companies in Hong Kong announced that they would be delisted, with the companies’ market capitalisation reaching as high as $66 billion, including some relatively renowned enterprises to be delisted through privatisation. In this connection, will the Government inform this Council:

(1) whether it knows the respective numbers of listed companies delisted from the Hong Kong stock market and delisted through privatisation last year, as well as the market capitalisation of the companies involved; whether it has reviewed the reasons for the wave of delisting of listed companies last year and its impact on the Hong Kong stock market, and whether it has assessed the trend of the wave of privatisation of listed companies of this year; if it has assessed, of the details, and whether it has measures in place to abate the relevant impact, so as to prevent the excessive privatisation from undermining the attractiveness of Hong Kong stocks; and

(2) whether it knows if relevant regulatory bodies have plans to improve the delisting mechanism so as to allow delisted companies more time and flexibility in the delisting process; if they have, of the specific measures and timetable?

Reply:

President,

With Hong Kong being an international financial centre, the Government has been utilising our unique advantage of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” in enhancing the competitiveness of the financial services industry and promoting high-quality market development. In recent years, the Government, in collaboration with the Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX), has taken forward reforms in different aspects of the securities market and implemented a series of enhancement measures, so as to attract more enterprises and investors to participate in investment and financing activities in Hong Kong, inject vitality into our market and enhance liquidity.

To facilitate more quality enterprises to list and raise funds in Hong Kong, we have provided tailored listing mechanisms based on the needs of different enterprises, including establishing listing avenues for new economy and technology enterprises with weighted voting rights structures, reforming the listing mechanism for small and medium enterprises, broadening the financing channels for overseas issuers, clarifying the timetable for listing application vetting process. We have also introduced a new treasury share regime and relaxed the restrictions on issuers’ share repurchases to provide issuers with greater flexibility, and strived to increase disclosure by listed companies and improve corporate governance. To enhance the trading mechanism and efficiency, we have implemented severe weather trading and conducted a review on reduction of minimum price spread, and are advancing preparatory work for the uncertificated securities market regime to lay a solid foundation for further opening up new markets and attracting new capital.

As our country’s economy demonstrates resilience with breakthroughs in key technologies, the enhancement measures for the securities market begin to bear fruit. Last year, the trading volume of securities market hit new highs, with the total market capitalisation increased by 14 per cent year-on-year and the average daily turnover surged by close to 30 per cent year-on-year. Hong Kong is also one of the world’s four largest initial public offering (IPO) markets, welcoming listings of 71 companies within the year with over $87 billion of IPO funds raised, up nearly 90 per cent year-on-year. As of February this year, the HKEX was processing over 100 listing applications, demonstrating increasing confidence of companies in the Hong Kong securities market.

In consultation with the SFC and the HKEX, my reply to the two parts of the question is as follows:

(1) In 2024, there were 32 and 16 companies whose listing was cancelled pursuant to the delisting procedures under the Listing Rules or delisted through privatisation, with market capitalisation of approximately $17.7 billion and $122.6 billion respectively.

Over the past five years, the average number of companies that were delisted through privatisation was 21 per year. Apart from the 16 companies in 2024, the number of companies delisted through privatisation from 2020 to 2023 were 26, 30, 17 and 14 respectively. The number of companies delisted through privatisation accounted for less than one per cent of the total number of listed companies, and there was no upward trend. During the same period, the number of newly listed companies on the HKEX was 118 on average. The impact of delisting through privatisation on the overall market is not significant.

The reasons of privatisation of companies vary. For example, a company’s major shareholders or management may, through privatisation, prevent a takeover, maintain control over the company, and avoid outside influence on the company. As an internationally-aligned securities market, the SFC and the HKEX will continue to provide a fair and transparent acquisition and privatisation mechanism in accordance with the relevant provisions of the Codes on Takeovers and Mergers and Share Buy-backs and the Listing Rules, in order to facilitate listed companies to choose different paths for corporate development based on their own operational needs.

(2) As regards the delisting mechanism, in accordance with the relevant provisions of the Listing Rules, the HKEX may cancel the listing of securities of Main Board companies that have been suspended for 18 consecutive months or securities of GEM companies that have been suspended for 12 consecutive months. The reasons for suspension include (but are not limited to) insufficient public float of the issuer’s securities; the issuer does not have sufficient business operations or does not have assets of sufficient value to support its operations; the issuer has not published its results in accordance with the relevant requirements under the Listing Rules; or the issuer or its business is no longer suitable for listing. The HKEX in general will provide guidance on resumption of trading within three months of the issuer’s suspension, and will give listed issuers sufficient time to address relevant matters and follow up. Generally speaking, when handling cases on resumption of trading, the HKEX will make an assessment based on specific facts and circumstances of individual issuers. For example, when assessing the issuer’s business, the HKEX will consider the issuer’s business operation model, business scale and performance, source of funds, customer base size and type, internal control mechanism, etc., and will make reference to the practices and standards of the relevant industry.

As mentioned by the Financial Secretary in the 2025-26 Budget, the SFC and the HKEX will further take forward a comprehensive review of the listing regime in reviewing listing requirements and post-listing ongoing obligations, evaluating listing-related regulations and arrangements to improve the vetting process, optimising the thresholds for dual primary listing and secondary listing, and reviewing the market structure. Through the reform, we hope to better align with the latest economic trends and corporate needs, enhance the competitiveness of Hong Kong’s listing platform and further attract different companies to raise funds in Hong Kong. At the same time, the review aims to attract more investors, especially patient capital and overseas long-term investors, to participate and increase their allocation of Hong Kong stocks.

During the review process, we will continue to maintain close communication with the industry to fully understand the needs of different market participants. We also welcome Members and stakeholders to provide their opinions on different measures and practical operational arrangements to the regulator and the HKEX. Thank you, President.
Issued at HKT 13:15

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Categories24-7, Asia Pacific, Hong Kong, Hong Kong Government special administrative region, MIL OSI

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: LCQ4: Kai Tak Sports Park

Source: Hong Kong Government special administrative region

LCQ4: Kai Tak Sports Park
Question:

It has been reported that at the Kai Tak Sports Park (KTSP) Grand Opening Ceremony, some self-proclaimed “insiders” charged a fee of $1,000 per person to lead people without tickets to enter the venue “through the back door”, and they even claimed that there were ways to bring reporters to the scenes of other activities without tickets. Subsequently, at the World Snooker Grand Prix 2025 held in the KTSP, the word “curfew” appeared on the screen of the venue before the end of the competition, requesting the audience to leave the venue. Some foreign media reported the incident, and the foreign players in the venue also thought that Hong Kong had imposed a curfew. There are views that the incident has brought Hong Kong’s international image into disrepute. Moreover, it is learnt that a businessman lost his way when leaving the venue but did not receive any assistance from the staff. In this connection, will the Government inform this Council:

(1) of the number of stress tests conducted by different government departments before the opening of the KTSP; the number of staff members involved, as well as the contents, objectives and public expenditure of each stress test;

(2) whether it has examined why the aforesaid incidents of “passage without tickets”, “midnight curfew” and “nobody showing the way” still occurred after public money has been spent on stress tests; and

(3) without incurring substantial public money, of the measures in place to ensure that the aforesaid mistakes will not recur when organising the concerts by the band Coldplay and major competitions such as the National Games in the future?

Reply:

President,

Being the largest sports infrastructure project in Hong Kong’s history, the Kai Tak Sports Park (KTSP) will boost sports development and inject impetus into related industries such as recreation, entertainment and tourism, and mega-event economy. The KTSP provides Hong Kong with the largest and state-of-the-art venues, including a 50 000-seat Kai Tak Stadium, a 10 000-seat Kai Tak Arena and a 5 000-seat Kai Tak Youth Sports Ground.

With its official commissioning on March 1, the KTSP becomes a new hub for hosting major sports and entertainment events, creating favourable conditions for further promoting the mega-event economy. A series of mega events have been scheduled to take place in the KTSP, including the Hong Kong Sevens at the end of this month, followed by concerts of renowned bands and singers in Asia and around the world at the Kai Tak stadium. Competition events of the 15th National Games, the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games will also be held in the KTSP towards the end of this year. Mega sports and entertainment events, one after another, will bring to the audience an exciting experience.

My consolidated reply to the questions raised by the Hon Paul Tse is as follows:

Since late October last year until February this year, the Government and the Kai Tak Sports Park Limited (the Operator) conducted almost 20 test events and stress tests of different nature and scale across the three major venues in a gradual and orderly approach, with a view to evaluating different operation and contingency arrangements of the KTSP to better prepare its official commissioning. Both sport and non-sport test events took place in the three major venues with particular objectives, allowing relevant departments, the Operator and all participating parties to familiarise themselves with the preparatory work of both the hardware and software of the Sports Park, such as entry and exit arrangements, transportation, stage setup and backstage facilities.

In addition, to assess the maximum capacity of the KTSP and better understand the patterns of spectator flow after its full opening, the Government organised five large-scale stress tests involving civil servants, district personalities, youth groups, and stakeholders of the Operator, among which were two stress tests with 63 000 participants each and one with approximately 50 000 participants. The costs associated with these stress tests were covered by the construction cost of the KTSP, recurrent expenditure of the Culture, Sports and Tourism Bureau (CSTB) and other participating departments and hence, cannot be quantified separately.

The Operator is responsible for the day-to-day operation of the KTSP after its opening. It has the duty to oversee the security, optimise operational arrangement, as well as maintain close liaison and co-ordination with event organisers to ensure a pleasant experience for visitors. Both the Operator and event organiser attach high importance to security checks and ticket verification. With respect to earlier reports of suspected unauthorised entry to the venue without valid tickets, the Operator has retrieved its records and referred the case to law enforcement agency for follow-up. We note that signage within the precinct and training for front-line staff have been improving during the test events and stress tests over the past months, which will be further enhanced taking into account the needs of different events upon commissioning, so as to provide the most appropriate assistance to visitors.

The World Snooker Grand Prix 2025 concluded recently was the first major sport event staged at the KTSP after its commissioning. It was also the first time that the event organiser hosted the event in Hong Kong. There was obviously room for improvement in terms of internal and external communication, as well as event co-ordination and arrangements between the Operator and the event organiser, with a notable example being the spectators were asked to leave before the match concluded on the first day. As I have said earlier in public, the incident was highly undesirable. Having reviewed the arrangements on the day, the Operator and the event organiser responded immediately and revised the match arrangements afterwards to accommodate the needs of the match and spectators. Subsequent matches were completed smoothly and successfully, with both spectators and players commending the arrangements of the venue.

The CSTB attaches great importance to ensuring a good experience for visitors attending events at the KTSP. Being the party responsible for day-to-day operations, the Operator must put in place a sound response and contingency mechanism for handling emergency matters to ensure effective internal communication of accurate information, allowing the team (including front-line staff) to execute directives accordingly. External communication of official information should also be sufficient and timely to avoid confusion. The CSTB has expressed serious concerns to the Operator’s management of the Sports Park thus far and has directed the Operator to make prompt adjustments to its structure, including improvements to its mechanism in decision-making, communication and crisis management. The CSTB has also requested the Operator to provide further training to its staff on their sensitivity and arrangements for external communication, including assigning a dedicated spokesperson, so as to enhance public knowledge and build their confidence in the operation of the KTSP.

As the KTSP has officially commenced its operation, the Operator must learn from every experience and strive to improve operations, as well as maintain close communication with all stakeholders to ensure an enjoyable experience for visitors. The CSTB will continue to monitor the performance of the Operator and maintain close liaison with both the Operator and relevant stakeholders to realise the opportunities presented by this world-class infrastructure in joint hands, with a view to unleashing the potential of the KTSP to promote the development of sports and mega-event economy.
Issued at HKT 12:50

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Categories24-7, Asia Pacific, Hong Kong, Hong Kong Government special administrative region, MIL OSI

MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: LCQ17: Handling of waste vehicle tyres

Source: Hong Kong Government special administrative region

LCQ17: Handling of waste vehicle tyres
Question:

According to the paper submitted by the Environment and Ecology Bureau to the Panel on Environmental Affairs of this Council in November 2023 (the paper), nearly 30 000 tonnes of waste vehicle tyres were generated in Hong Kong in 2021, of which 70 per cent were generally first cut and disposed of at landfills, and only some 20 per cent were retreaded and reused or recycled. It has been learnt that although waste vehicle tyres disposed of at landfills will be cut first, it still takes a long time for them to decompose, which also leads to the problem of landfills being exhausted. In this connection, will the Government inform this Council:

(1) of the total weight of waste vehicle tyres generated in Hong Kong in each of the past three years, with a breakdown by the following methods for their disposal: (i) recovered and recycled locally, (ii) ‍recovered and exported after treatment, and (iii) disposed of at landfills;

(2) of the weight of landfilled waste vehicle tyres that were handled by the Government in the past three years, and its percentage in the weight of all waste vehicle tyres disposed of at landfills; the reasons for not recovering and recycling such waste vehicle tyres;

(3) Whether the Government has compiled statistics on the maximum handling capacity, actual handling capacity and remaining handling capacity of waste vehicle tyre recyclers in the market at present; if so, of the details; if not, whether it will compile such statistics;

(4) Given that it has been learnt that in order to promote the local recycling industry, the Government had allocated 20 sites for lease to the industry by January 2024, of the details of such sites, including their location and size, the recycling projects involved, and the number of such sites used for handling waste vehicle tyres; and

(5) Given that the paper proposes that landfills no longer accept and handle the disposal of waste vehicle tyres, when the proposal is expected to be formally implemented?

Reply:

President,

About 20 000 tonnes of vehicle tyre waste are generated in Hong Kong every year, of which some are retreaded for reuse or recycled. Vehicle tyre waste can be processed to recover metals, cut and shredded into crumb rubber as raw materials for other products, or utilised as alternative fuel as a means of converting waste to energy.

The reply to the question raised by the Hon Frankie Yick is as follows:

(1) Statistics on vehicle tyre waste generation by weight and handling method each year from 2021 to 2023 are tabulated below. The figures show that the proportion of vehicle tyre waste being recycled and retreaded for reuse is increasing year by year. Statistics for 2024 are still under compilation.

Year(tonnes)(tonnes)(tonnes)(tonnes)Note 2: The sum of individual items may not equal to total due to rounding.

(2) and (5) At present, tyres replaced during vehicle maintenance services undertaken by government departments are usually sent to contractors for retreading and reuse, or to recyclers for shredding and recycling. Vehicle tyre waste collected in public places by government departments and their outsourced service contractors is currently delivered to landfills for disposal. The relevant figures from 2021 to 2023 are tabulated below. Statistics of 2024 are still under compilation.

Year(tonnes)(Per cent) The Government has been maintaining regular meetings with the tyre trade and disseminating information on recycling of vehicle tyre waste (such as contact information of collectors and recyclers) through relevant trade associations, tyre dealers, retailers as well as vehicle repair workshops, with a view to facilitating their recycling arrangement.

Meanwhile the Government plans to introduce an amendment bill to the Legislative Council in the first half of 2025 to establish a common legislative framework for the producer responsibility schemes (PRSs). Upon the passage of the amendment bill by the Legislative Council, we will progressively cover more products under the PRSs, including vehicle tyres, in the light of prevailing circumstances. The Government shall implement the PRSs based on a market-led approach by which recycling service will be provided by the market, allowing the relevant stakeholders to jointly share the eco-responsibility. We will also set statutory recovery targets in order to ensure vehicle tyre waste are properly collected and treated, for the sake of enhancing the recycling rate of vehicle tyre waste as well as promoting the development of local circular economy.

In addition, the amendment bill will amend the scope of waste control to accommodate the subsequent implementation of various PRSs. Upon the implementation of the PRS for vehicle tyres in future, designated waste disposal facilities (including landfills) will no longer accept and handle vehicle tyre waste, for the purpose of diverting them to recycling facilities for recycling.

(3) Based on the Waste Recovery Survey conducted by the Environmental Protection Department, the maximum recycling capacity for vehicle tyre waste was around 25 000 tonnes while the actual recycling quantity was around 14 000 tonnes in 2023.

(4) As of January 31, 2025, among the 20 short-term tenancy (STT) sites for exclusive bidding and use by the recycling industry, one of them is being used for the processing of tyre waste. Information on the 20 STT sites is set out at Annex.
Issued at HKT 12:48

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MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: LCQ12: Non-governmental organisations’ acceptance of advantages from overseas organisations

Source: Hong Kong Government special administrative region

LCQ12: Non-governmental organisations’ acceptance of advantages from overseas organisations
Question:

     It has been reported that the new-term United States Government has recently planned to substantially reduce the spending of the United States Agency for International Development (USAID). It is learnt that USAID has been providing funding support for overseas non-governmental organisations (NGOs) on a long-term basis, and assisting such NGOs in carrying out work that endangers the national security of the place where the NGOs are based, such as exporting Western values, performing infiltration and sabotage, and inciting riots. In this connection, will the Government inform this Council:

(1) whether the Government currently has a mechanism in place to verify if local NGOs have accepted advantages from overseas organisations (such as USAID and the National Endowment for Democracy of the United States); if it has, of the details;

(2) whether it has assessed if the acceptance of financial contributions from overseas organisations by NGOs in Hong Kong violates the Hong Kong National Security Law and the Safeguarding National Security Ordinance; and

(3) whether the Government will consider establishing a mechanism to regulate the acceptance of financial contributions from overseas organisations by NGOs in Hong Kong, and regularly review if the financial contributions accepted by NGOs pose risks to national security?

Reply:

President,

     The Hong Kong Special Administrative Region (HKSAR) Government has all along been steadfast in safeguarding national sovereignty, security and development interests, fully and faithfully upholding the highest principle of “one country, two systems”, while protecting the legal interests, rights and freedoms of Hong Kong residents and other people in Hong Kong in accordance with the law. It will resolutely safeguard the overall interest of the community and the long-term prosperity and stability of Hong Kong, ensuring the steadfast and successful implementation of “one country, two systems”.

     With the promulgation of the Hong Kong National Security Law (HKNSL) on June 30, 2020 and the commencement upon gazettal of the Safeguarding National Security Ordinance (SNSO) on March 23, 2024, the legal system and enforcement mechanisms of the HKSAR for safeguarding national security have been improved. The HKNSL and the SNSO are compatible and complementary, building a strong line of defence to safeguard national security in the HKSAR, ensuring the effective protection of national security, and enabling the HKSAR to make good use of the relevant laws to effectively prevent, suppress and punish acts and activities endangering national security in accordance with the law.

     As a cosmopolitan city and an international financial centre, Hong Kong welcomes exchanges between local institutions, organisations and individuals and those from all parts of the world, as well as foreign institutions or organisations to set up offices and establish operations in Hong Kong. On the other hand, given the increasingly complicated geopolitical situation, the HKSAR faces ever-changing risks to national security. External forces, anti-China and destabilising individuals are waiting for opportunities to make malicious attacks and smears. The HKSAR Government will definitely take all necessary countermeasures to safeguard national security if any of them uses improper means to carry out acts of foreign interference in violation of the principle of non-intervention under international law, in an attempt to undermine the stability and prosperity of the HKSAR, posing national security risks.

     My reply to the three parts of the question is as follows:

     Various measures have been put in place under the legal system of the HKSAR for safeguarding national security to prevent external forces from interfering in the normal operation of the HKSAR, and to prevent external forces from unlawfully interfering in the affairs of our country or of the HKSAR through agents or agent organisations, thus undermining the sovereignty and political independence of our country, and endangering national security.

     In particular, Division 1 of Part 6 of the SNSO provides for offences relating to external interference endangering national security. Under section 52 of the SNSO, a person (including any organisation) who, with intent to bring about an interference effect, collaborates with an external force to do an act and uses improper means when so doing the act commits an offence of “external interference endangering national security”. The elements of this offence are clearly defined in sections 53 to 55. “Bringing about interference effect” covers influencing the executive authorities, the legislature and the judiciary in performing functions, interfering with an election, prejudicing the relationship between the Central Authorities and the HKSAR, the relationship between the HKSAR and any foreign country, etc. “Collaborating with external force” covers the circumstance that a person does the act with the financial contributions, or the support by other means, of an external force. “Using improper means” covers the making of a material misrepresentation, the commission of acts of violence or acts constituting criminal offences, etc.

     In addition, Division 2 of Part 6 of the SNSO has improved the mechanism originally provided for in the Societies Ordinance for prohibiting organisations endangering national security from operating in the HKSAR. Under section 60, if the Secretary for Security reasonably believes that it is necessary for safeguarding national security to prohibit the operation or continued operation of an organisation, or if a local organisation is a political body and has a connection with a political organisation of an external place (including the acceptance of financial contributions or substantive support by other means from a political organisation of an external place), the Secretary for Security may prohibit the operation or continued operation of the organisation in the HKSAR. In addition, the mechanism for prohibiting organisations endangering national security from operating in the HKSAR also applies to any organisation which is established outside the HKSAR but is related to the HKSAR. For example, a person in the HKSAR conducts activities in the HKSAR under the control, supervision or direction of that organisation; or that organisation provides financial contributions, or aid of other kinds to any person in the HKSAR.

     The HKSAR Government has all along been committed to resolutely, fully and faithfully implementing the HKNSL, the SNSO, and other laws of the HKSAR relating to safeguarding national security, with a view to effectively preventing, suppressing and punishing acts and activities endangering national security in accordance with the law. If any individual or organisation is suspected of committing an offence endangering national security, the law enforcement agencies will take decisive actions to enforce the law and pursue their legal liabilities in accordance with the law, and will not allow them to evade justice. The HKSAR Government’s actions to safeguard national security have all along been taken in strict accordance with the statutory procedures and relevant laws.

     Safeguarding national security is a top priority for the HKSAR and the most important task of the HKSAR Government. Details of relevant efforts of the HKSAR is information about the work on safeguarding national security and therefore cannot be disclosed.
Issued at HKT 12:05

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Categories24-7, Asia Pacific, Hong Kong, Hong Kong Government special administrative region, MIL OSI

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: LCQ15: Supporting villages in organising mega events

Source: Hong Kong Government special administrative region

LCQ15: Supporting villages in organising mega events
Question:

It is learnt that every year, numerous festive and cultural events take place in villages throughout the New Territories. These events are hosted by the Rural Committees (RCs) and attract a large number of visitors from the Mainland and overseas for sightseeing. However, there are views pointing out that the organisation of such events requires significant human, material and financial resources, which places a considerable financial burden on the resource-constrained RCs. In this connection, will the Government inform this Council:

(1) whether the Government provided financial and manpower support for the following rural mega events in the past three years: (i) the Lam Tsuen Wishing Festival, (ii) the Cheung Chau Bun Festival, (iii) ‍the Tin Hau Festival Parade of Yuen Long, (iv) the Hau Wong Festival of Tung Chung, (v) the Dragon Boat Races during the Dragon Boat Festival, and (vi) the Jiao Festivals of various villages; if so, of the details, and set out in a table the funding amount and number of support staff for each event; if not, the reasons for that;

(2) whether, in order to fully implement the concept of “Tourism is everywhere in Hong Kong”, the Government will provide direct funding to various RCs and consider introducing a new project type of Rural Festive and Cultural Events under the Countryside Conservation Funding Scheme, so as to subsidise villages to organise events with distinctive festive characteristics; if not, of the reasons for that;

(3) as there are views that the development of rural mega events and tourism in the New Territories requires the participation of various RCs, and yet it is learnt that the monthly subvention granted by the Government to each RC ranges from $15,300 to $16,700, with the last adjustment to the subvention amount made in 2018, whether the Government will adjust such amount upwards based on changes in the Composite Consumer Price Index; if not, of the reasons for that; and

(4) whether, in addition to strengthening the promotion of rural mega events through the Tourism Commission and the Home Affairs Department, the Government will draw on the Mainland’s experience and use means such as live streaming and short video clips by rural online influencers to showcase the natural scenery, traditional culture and lifestyle of New Territories villages, so as to deepen the understanding of the public and tourists about the motherland and the New Territories, thereby promoting the development of rural mega events?

Reply:

President,

In respect of the question raised by the Hon Kenneth Lau, in consultation with the Culture, Sports and Tourism Bureau and the Environment and Ecology Bureau, a consolidated reply is as follows:

The Government has always been supportive of the organisation of major rural events, with a view to promoting and preserving traditional culture. Among other things, the Home Affairs Department implements the Community Involvement Programme through which eligible organisations, including non-governmental organisations such as Rural Committees (RCs) and district organisations, may apply for funding support to organise projects featuring local characteristics and popular festive celebrations as well as cultural, artistic and recreational activities to promote district harmony. In the past three years, more than $14 million has been allocated under the Community Involvement Programme to subsidise RCs and other district organisations in the New Territories in organising some of the major rural events mentioned in the question. In addition, all District Offices (DOs) in the New Territories have been in close liaison and collaboration with RCs and relevant district organisations, including the provision of manpower support to assist the organisers in carrying out relevant activities upon their invitation. Other government departments have also made concerted efforts to provide assistance for the activities in accordance with their respective duties and remit, including venue arrangements, crowd management, traffic diversions and road closures, environmental hygiene and public order. All of the above work is undertaken by the DOs and other departments concerned with their existing resources and manpower. Hence, a breakdown of the subsidy amount and manpower involved is not available.

Besides, the Countryside Conservation Office under the Environment and Ecology Bureau also subsidises local non-profit-making organisations to organise diverse and innovative countryside conservation and revitalisation projects through the Countryside Conservation Funding Scheme (CCFS). One of the project types funded under the CCFS is Cultural Rehabilitation/Revitalisation Projects, which aims at enhancing public appreciation and awareness in conservation of target cultural assets. This project type encompasses elements of organising countryside festive events for attracting villagers to return to their villages for gatherings. For instance, festive activities were organised in Kuk Po last year for the Kuk Po Spring Equinox Festival in celebration of the new year, introducing the public to the Hakka culture, the features of Hakka cuisine and other Chinese New Year traditions.

With regard to the promotion of major rural events, the Hong Kong Tourism Board (HKTB) has been promoting mega events and festivals through various channels, including social media posts and invitation to KOLs for experiencing Hong Kong in person, as well as production of a series of promotional content, including videos, outdoor advertising, programmes in collaboration with renowned media, to carry out promotion in different source markets around the world and boost promotion impact by complementing with contents on HKTB’s one-stop travel information platform Discover Hong Kong. These include “Hong Kong Great Outdoors”, a promotional platform featuring hiking, beaches and outdoor activities, leisure and sightseeing, as well as island hopping. It also promotes traditional festivities, such as Cheung Chau Bun Festival, Dragon Boat Water Parade of Tai O, Hung Shing Festival. These promotional contents introduce to tourists the natural scenery, traditional culture and lifestyle of villages in the New Territories and attract them to come to Hong Kong. Efforts are also made by the DOs concerned in promoting activities in their respective districts through different channels, including websites, social media platforms and local networks.

The Government has always attached great importance to rural affairs and, through the provision of monthly subvention to RCs since the 1960s, to recognise and support their work. The rates and Government rents of RCs are also paid in full by the Government. The subvention to RCs is not subject to an adjustment mechanism approved by the Legislative Council. In 2018, the Government increased the subvention to RCs with reference to the changes in the Composite Consumer Price Index. There are three levels of RC subventions at $15,300, $15,800 and $16,700 per month respectively, which were set according to factors like the size of the RCs to cover their daily operating expenses. RCs may also apply for government subsidies for eligible rural activities through the various funding programmes mentioned above.
Issued at HKT 11:25

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Categories24-7, Asia Pacific, Hong Kong, Hong Kong Government special administrative region, MIL OSI

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Europe: The EBA launches call for papers for its 2025 Policy Research Workshop
Source: European Banking Authority

The European Banking Authority (EBA) today launched a call for papers in view of its 14th Policy Research Workshop taking place on 18-19 November 2025 and titled “Bridging capital and growth – the role of financial structures and intermediaries”. The deadline for submitting papers is 6 June 2025.

The workshop aims to bring together economists and researchers from supervisory authorities and central banks, as well as leading academics, to discuss and explore policies that can ensure innovation in a context of competition and risk arbitrage, while ensuring financial stability.

In preparation for the workshop, the EBA invites the submission of policy-oriented, preferably empirical, research papers on the following topics:
- the impact of global capital flows on market efficiency and the role of financial intermediation;
- access to finance by entrepreneurs ensuring that capital is used in the most productive ways;
- provision of mechanisms for managing risk and how regulatory frameworks can contribute to the functioning and stability of financial intermediaries;
- incorporation of environmental, social, and governance (ESG) to support sustainable development and growth;
- progress in digital finance initiatives and better alignment with regulation and policies.
Interested parties can download here the detailed call for papers, which includes additional information on the proposed topics for the papers, composition of the programme committee and contact details for the submission of papers. The submission deadline is 6 June 2025.

Contributors will be notified by mid-September 2025.
MIL OSI Europe News –
March 20, 2025
MIL-OSI Europe: D9+ Ministerial Meeting for digital technology and connectivity in Amsterdam

Source: Government of the Netherlands

News item | 19-03-2025 | 10:45

Minister Dirk Beljaarts of Economic Affairs of the Netherlands will host the D9+ Ministerial Meeting in Amsterdam on Wednesday 26 and Thursday 27 March 2025. Ministers from the thirteen most digitalized EU Member States and EU Commissioner Henna Virkkunen (Executive Vice-President of the European Commission) will meet at this summit. The D9+ Group of countries have joint ambitions to strengthen their digital economy, infrastructure and technologies and to better protect consumers on digital markets all based on a common EU digital technology strategy.

The Ministerial Meeting in Amsterdam includes meetings to ensure more EU private investments in digital technologies and to improve access to financing for startups and scale-ups. The ministers will also discuss challenges regarding connectivity. Such as increasing the supercomputing capacity within the EU to be able to develop innovations in the field of both digital infrastructure and technology. During the D9+ the participating Ministers will also have meetings on artificial intelligence. Discussions will be held on topics like developing innovative AI technology and AI infrastructure within the EU and the use of AI in public services. During these meetings various guest speakers will also provide insight into how business investments can be stimulated.

The following Ministers from the D9+ Group will be in Amsterdam for the summit: Caroline Stage (Minister for Digital Affairs; Denmark), Liisa-Ly Pakosta (Minister of Justice and Digital Affairs; Estonia), Niamh Smyth (Minister of State for Trade, Promotion, AI and Digital Transformation; Ireland), Elisabeth Margue (Minister Delegate to the Prime Minister for Media and Connectivity; Luxembourg), Dariusz Standerski, Secretary of State for Digital Affairs; Poland); Margarida Balseiro Lopes (Minister for Youth and Modernization; Portugal), Ksenija Klampfer (Minister of Digital Transformation; Slovenia), Oscar Lopez Águada (Minister for Digital Transformation and Civil Service; Spain), Marian Jurečka, Minister of Labour and Social Affairs; Czech Republic), Erik Slottner (Minister for Public Administration; Sweden). The representatives from Belgium and Finland have to be confirmed yet.

The participating ministers have the ambition to deliver a final declaration which Minister Beljaarts will hand over to EU Commissioner Virkkunen. At the same time as the D9+ Ministerial Meeting both business federations (B9+) and start-up and scale-up organizations (S9+) from the thirteen countries involved will meet in Amsterdam.

Origin of D9+

In 2016, Sweden launched an initiative called ‘Digital Frontrunners’ following a report in which nine EU member states were designated as frontrunners. Four additional countries have since become members of the D9+. The Ministers meet informally twice a year to work together on their ambitions in the field of digital economy and technology. There is a rotating presidency. After the Netherlands, Portugal will organize the next D9+ in the second half of 2025.

MIL OSI Europe News –

March 20, 2025
MIL-OSI Europe: EIB Global assists cities develop climate resilient urban projects in East Africa

Source: European Investment Bank

EIB

The European Investment Bank (EIB Global) has availed over €1.2 million (over Ksh 166 million) in technical assistance support to cities in East Africa for preparation of climate resilient urban development projects.

The cities set to benefit from this technical assistance are Kericho, Nyamira, Kisumu, Embu, Eldoret and Malindi in Kenya as well as Zanzibar in Tanzania and Makindye in Uganda.

EIB Global’s support to cities is financed through the City Climate Finance Gap Fund – a multi-donor trust fund supported by Germany and Luxembourg and implemented jointly with the World Bank and in close partnership with German Development Cooperation (GIZ). The technical assistance program focuses on early-stage project preparation with an aim of facilitating access to finance for urban projects that would otherwise potentially remain at idea stage.

Most of the support for the cities in the region will revolve around assessing options for managing solid waste and faecal sludge, waste to energy solutions through production of biogas and wastewater treatment. Preliminary proposed solutions have recommended integrated solid waste management plans that encompass segregation of waste at source, separation of waste collections, waste recovery and proper disposal.

Further technical assistance promotes active mobility through evaluating non-motorised transport options, implementing urban flood proofing measures to mitigate flood risks and enhancing environmental sustainability by establishment of green public parks as well as expansion of urban forestry and biodiversity.

In Kenya, EIB Global’s support is geared towards helping the cities access further financing support from an ongoing infrastructure investment programme known as the Kenya Urban Support Programme II, upon completion of the Gap Fund technical assistance.

EIB Vice President Thomas Ostros said, “Cities and local governments play a key role in fighting climate change because they experience its effects the most. However, they often struggle to develop climate-resilient infrastructure, mainly due to a lack of resources and expertise to create strong, investment-ready projects. Through its support for the Gap Fund, the EIB helps cities bridge these gaps and prepare effective climate projects.”

Technical assistance for project preparation plays a vital role in facilitating the implementation and financing of climate action projects by availing bankable opportunities. This is particularly true at urban or sub-national level where local authorities sometimes do not have enough in-house capacity to prepare robust projects that can attract public and private finance providers at an international level.

The European Investment Bank is very active in urban climate finance especially through the City Climate Finance Gap Fund. The Bank works with other partners to advise on projects that will place cities on a path to net zero.

Background information

About EIB Global

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

About City Climate Finance Gap Fund:

Cities are key to creating a climate-smart future. Over half the global population lives in cities, generating 80% of total economic output and accounting for 70% of global CO2 emissions. While urbanization is a key driver of growth, unplanned, rapid urbanization and urban sprawl threaten to increase greenhouse gas emissions and vulnerability to climate change and other shocks. As many cities and local governments take steps to become low-carbon and climate-resilient, they face barriers in accessing finance as well as difficulties in planning and project preparation, due to insufficient capacity or resources — particularly in the early stages of the project cycle. The Gap Fund supports cities in addressing this specific challenges.

On 20th September 2023, the governments of Germany and Luxembourg announced new funding of €50 million for the City Climate Finance Gap Fund (Gap Fund), a multi-donor fund, implemented by the World Bank and the European Investment Bank with partners. These resources will support the development of low-carbon and climate-resilient urban investments and will nearly than double the fund’s capitalization, bringing it to €105 million, one of the largest early-stage technical assistance funds for cities and climate.

It provides much-needed funding for early-stage technical assistance and capacity building so that cities from low- and middle-income countries can operationalize their climate action plans, develop robust project concepts, and access climate finance resources. Since its establishment in 2020, EIB has supported 137 cities in developing and emerging economies through the Gap Fund.

EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
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EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
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EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
©EIB
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EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
EIB Global Assists Cities Develop Climate Resilient Urban Projects in East Africa
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MIL OSI Europe News –

March 20, 2025
MIL-OSI Europe: Briefing – Europe’s policy options in the face of Trump’s global economic reordering – 19-03-2025

Source: European Parliament

In this paper, we propose and analyse four scenarios of a second Trump administration’s economic policy and its impact on Europe, ranging all the way from moderate tariffs to full trade war, a full multilateral breakdown with the US leaving the IMF down to a more cooperative exchange rate realignment agreement. We assess two trade scenarios quantitatively and outline broader policy shocks and their economic consequences. Our findings highlight significant challenges for the ECB, requiring responses to trade disruptions, financial instability, and potential global economic reordering. We offer specific policy recommendations for the ECB to navigate these uncertainties. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 March 2025.

MIL OSI Europe News –

March 20, 2025
MIL-OSI Europe: Austria: EIB supports hydropower expansion in Upper Austria
Source: European Investment Bank
- The EIB is providing €320 million in loans for the construction of the Ebensee pumped storage power plant.
- Energie AG plans to invest more than €600 million to expand hydropower in Upper Austria, with a €400 million financing package for this objective approved by the EIB.
The European Investment Bank (EIB) has granted Energie AG Oberösterreich in Upper Austria a financing package of up to €400 million to expand hydropower. Energie AG plans to invest a total of over €600 million in a new pumped storage power plant in Ebensee and a planned run-of-river hydropower plant in Roitham/Traunfall.

The Ebensee pumped storage power plant will act as a green battery, compensating for fluctuations in the power generation from wind and solar plants and ensuring security of supply. Financing agreements for the Ebensee project encompassing €320 million were signed at EIB headquarters in Luxembourg.

The Ebensee project is the single largest investment by Energie AG Oberösterreich to date, and is a milestone in the transformation of the energy supply in Upper Austria. An additional €80 million in financing for the Traunfall run-of-river power plant, intended to replace three hydropower plants at the end of their useful life, has also been given advance EIB approval. The relevant financing contracts are set to be signed in 2025, subject to the pending approval of the project by the Supervisory Board of Energie AG Oberösterreich.

“Rapidly expanding renewable energy is crucial for decarbonising the economy. The hydropower plants by Energie AG Oberösterreich are another important step on the road to a climate-neutral energy supply, and will help reduce Europe’s dependence on oil and gas imports,” said EIB Vice-President Thomas Östros.

“Our strategy at Energie AG Oberösterreich has set a course for maximum carbon reduction throughout the entire company. All told, we will be investing €4 billion by 2035 to expand renewable energy and grids. We are also making major investments in green hydrogen production,” said Leonhard Schitter, Chair and CEO of Energie AG Oberösterreich.

“In the coming decades, the energy sector – including Energie AG Oberösterreich – will be influenced by high investment requirements for the process of transformation needed to develop a sustainable energy system. A key success factor in this process will be providing for future financing requirements early, with optimal borrowing and framework conditions. With the EIB, we are delighted to have a strong partner on board for this challenge,” said Andreas Kolar, CFO of Energie AG Oberösterreich.

This project is part of REPowerEU, the EU plan to rapidly reduce Europe’s dependence on fossil fuels. Thanks to REPowerEU, the EIB is able to finance a higher share of the total project costs than the usual 30-50%.

The investment also furthers the objectives of Austria’s National Energy and Climate Plan, which plans to convert all electricity generation to renewables by 2030.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union. The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

In 2024, the EIB Group signed financing of €1.7 billion in Austria. This primarily promoted countercyclical investments in energy-intensive sectors like steel and renewable energy.

High-quality, up-to-date photos of our headquarters for media use are available here.

Energie AG Oberösterreich is a leader in the sustainable future of energy. As the largest energy provider in Austria’s main industrial region, it is doing everything it can to cut emissions throughout the cycle of generation, distribution and recycling – sustainably reducing the CO₂ produced by the entire organisation. The goal: to be climate neutral and energy independent by 2035, ensuring security of supply and safe disposal. By 2035, renewable energy sources like water, wind and solar should generate a total of 1.2 TWh per year. That’s the average electricity consumption of around 330 000 households – meaning more than 700 000 people. With the construction of the Ebensee pumped storage power plant, Energie AG Oberösterreich is taking yet another important step towards a sustainable energy future.
MIL OSI Europe News –
March 20, 2025
MIL-OSI: Temenos to open Innovation Hub for banking technology in Central Florida

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., March 19, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a market leader in banking technology, today announced the opening of a new Innovation Hub in Central Florida—bringing its technology development closer to US clients and accelerating the future of banking.

Expanding its US footprint, Temenos will recruit approximately 200 technology and product developers at the new hub, fueling cutting-edge research and development for US-specific banking solutions powered by transformative technologies like Generative AI (GenAI).

This modern, collaborative space is designed for hands-on co-innovation, enabling Temenos, its clients, and partners to work side by side in developing real-world banking solutions. Financial institutions visiting the hub will gain direct access to the latest technology and work alongside Temenos experts to shape the next generation of banking.

Jean-Pierre Brulard, CEO, Temenos, said: “We’re delighted to launch our Innovation Hub in Central Florida, a growing tech center that provides access to top talent. This investment is in line with our strategy and commitment to the US market, further investing in our product, expanding our go-to-market capabilities and scaling through strategic partnerships. By bringing our technology development closer to our American clients, we’re accelerating customer-centric innovation tailored for the US market.”

Barb Morgan, Chief Product & Technology Officer, Temenos, commented: “The Temenos Innovation Hub is a game-changer for Temenos and our US clients. With our relentless focus on innovation—investing around 20% of revenues in R&D—this center will be a powerhouse for building the future of banking. It’s not just about showcasing our market-leading solutions; it’s about collaborating with our clients and partners to solve real challenges and drive the next wave of banking technology with our US clients and partners.”

Temenos has engaged with the Orlando Economic Partnership (OEP) to facilitate the opening of the new Innovation Hub. This partnership will help Temenos to build stronger relationships with the tech community in Central Florida, access top talent and make the most of incentives such as training grants.

Temenos joins a number of leading high-tech firms and banks in Central Florida with easy access to the thriving tech ecosystem and the wider Florida High Tech Corridor. As the ninth-fastest growing place in the United States¹, Orlando is emerging as a major technology center with tech job growth projected at 27% by 2030².

The area benefits from the presence of The University of Central Florida (UCF), one of the US’s largest universities, and a number of STEM-focused institutions. This will give Temenos access to a large pool of top tech talent, as well as the potential for partnerships to drive future innovation.

Tim Giuliani, President and CEO of the Orlando Economic Partnership, said: “With strong infrastructure, a skilled workforce, and an expanding tech ecosystem, Central Florida is a prime location for tech companies looking to grow and innovate. We are pleased to see Temenos expanding in our region, and our team at the Orlando Economic Partnership is proud to continue supporting their expansion by connecting them to the right locations and resources. The investment in its Innovation Hub will create hundreds of high-skilled jobs and further strengthens our reputation as the destination for innovation in financial services.”

About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2x the industry average. Their IT spend on growth and innovation is also 2x the industry average.

For more information, please visit www.temenos.com.

____________________________

¹ https://realestate.usnews.com/places/rankings/fastest-growing-places
² https://www.cio.com/article/304356/10-fastest-growing-us-tech-hubs-for-it-talent.html

The MIL Network –

March 20, 2025

MIL-OSI: Liquidia Corporation Reports Full Year 2024 Financial Results and Provides Corporate Update

Source: GlobeNewswire (MIL-OSI)

Targeting final FDA approval of YUTREPIA™ after expiration of regulatory exclusivity on May 23, 2025
Advancing pipeline of inhaled treprostinil products in clinical studies
Strengthened financial position by up to $100 million via amendment to existing financing agreement with HealthCare Royalty Partners (HCRx)
Company to host webcast today at 8:30 a.m. ET

MORRISVILLE, N.C., March 19, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today reported financial results for the full year ended December 31, 2024. The company will also host a webcast at 8:30 a.m. ET on March 19, 2025 to discuss its financial results and provide a corporate update.

Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “Building on our progress this past year, Liquidia has strengthened its financial position, with up to an additional $100 million available pursuant to an amendment to its existing financing agreement with HCRx, while remaining poised for the potential approval and commercialization of YUTREPIA after the expiration on May 23, 2025 of the regulatory exclusivity that is currently preventing final approval. We continue to have our sights set on fulfilling our promise to provide physicians and patients with what we believe can be a much-needed therapeutic alternative, and potentially the prostacyclin of first choice, for patients with PAH and PH-ILD.”

Corporate Updates

Potential for final FDA approval of YUTREPIA (treprostinil) inhalation powder after expiration of regulatory exclusivity on May 23, 2025
On August 16, 2024, the United States Food and Drug Administration (FDA) granted tentative approval for YUTREPIA for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) and simultaneously determined that Tyvaso DPI® qualifies for a three-year New Clinical Investigation (NCI) exclusivity for the chronic use of dry powder formulations of treprostinil for the approved indications. The NCI exclusivity will expire on May 23, 2025, after which the FDA may grant final approval of YUTREPIA.

Continuing to advance the pipeline of inhaled treprostinil in the clinic
The open-label ASCENT study evaluating the tolerability and titratability of YUTREPIA in patients with PH-ILD is nearing enrollment completion. Observations to date have demonstrated tolerability and titratability of YUTREPIA in PH-ILD patients that is consistent with observations from the prior INSPIRE study in PAH patients.

Liquidia continues to progress clinical studies of L606 (liposomal treprostinil) inhalation suspension, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The U.S. open-label safety study of 28 patients with PAH and PH-ILD remains ongoing. To date, participants have safely titrated to the study’s maximum dose twice daily, which is comparable to 26-28 breaths of Tyvaso® administered four times per day. The FDA has confirmed that a single, placebo-controlled, global pivotal study in PH-ILD patients would support seeking approval to treat both PAH and PH-ILD patients.

Strengthened financial position by amending HCRx agreement to incrementally add up to $100 million
In March 2025, Liquidia entered into an amendment to its agreement with HCRx (HCR Agreement) to provide for up to an additional $100 million of financing in three tranches. Under the terms of the agreement, Liquidia received $25.0 million at closing with the potential to receive two additional tranches of funding: $50.0 million upon the first commercial sale of YUTREPIA following receipt of final FDA approval for the treatment of PAH and PH-ILD, so long as no injunction has been issued prohibiting Liquidia from commercializing YUTREPIA for either or both of PAH and PH-ILD, and $25.0 million upon the mutual agreement of the parties after achieving aggregate net sales of YUTREPIA in excess of $100 million any time on or prior to June 30, 2026.

Full Year 2024 Financial Results

Cash and cash equivalents totaled $176.5 million as of December 31, 2024, compared to $83.7 million as of December 31, 2023.

Revenue was $14.0 million for the year ended December 31, 2024, compared to $17.5 million for the year ended December 31, 2023. Revenue related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits from the sale of Treprostinil Injection in the United States (Promotion Agreement). The decrease of $3.5 million was primarily due to lower sales quantities, driven by limitations on the availability of pumps used to administer Treprostinil Injection subcutaneously. Sales quantities will continue to be impacted until alternative pumps are available.

Cost of revenue was $5.9 million for the year ended December 31, 2024, compared to $2.9 million for the year ended December 31, 2023. Cost of revenue related to the Promotion Agreement as noted above. The increase from the prior year was primarily due to our sales force expansion during the fourth quarter of 2023.

Research and development expenses were $47.8 million for the year ended December 31, 2024, compared to $43.2 million for the year ended December 31, 2023. The increase of $4.6 million or 11% was primarily due to (i) a $6.1 million increase in expenses related to our L606 program, (ii) a $5.3 million increase in expenses related to YUTREPIA research and development activities, including the ASCENT trial, (iii) a $5.1 million increase in personnel expenses (including stock-based compensation) related to increased headcount, and (iv) a $3.5 million upfront license fee due to Pharmosa for the exclusive license in Europe to develop and commercialize L606 recorded during the year ended December 31, 2024, offset by (i) $5.1 million lower commercial manufacturing expenses reflecting the impact of expensing YUTREPIA inventory costs in the prior year and (ii) a $10.0 million upfront license fee due to Pharmosa for the exclusive license in North America to develop and commercialize L606 recorded during the year ended December 31, 2023.

General and administrative expenses were $81.6 million for the year ended December 31, 2024, compared to $44.7 million for the year ended December 31, 2023. The increase of $36.9 million or 82% was primarily due to (i) a $19.7 million increase in personnel expenses (including stock-based compensation) driven by higher headcount and expansion of our sales force in the fourth quarter of 2023, (ii) a $7.9 million increase in legal fees related to our ongoing YUTREPIA-related litigation, and (iii) a $6.8 million increase in commercial expenses in preparation for the potential commercialization of YUTREPIA.

Total other expense, net was $9.1 million for the year ended December 31, 2024, compared to $5.1 million for the year ended December 31, 2023. The increase of $4.0 million was primarily driven by a $2.0 million increase in the net loss on extinguishment of debt resulting from the Fourth and Fifth Amendments to the HCR Agreement, which were executed in January 2024 and September 2024, respectively. Additionally, there was a $6.2 million increase in interest expense attributable to the higher borrowings under the HCR Agreement compared to the prior year and a $4.2 million increase in interest income attributable to higher money market balances.

Net loss for the year ended December 31, 2024, was $130.4 million or $1.66 per basic and diluted share, compared to a net loss of $78.5 million, or $1.21 per basic and diluted share, for the year ended December 31, 2023.

About YUTREPIA™ (treprostinil) Inhalation Powder
YUTREPIA is an investigational, inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. In August 2024, the FDA issued tentative approval of YUTREPIA for the PAH and PH-ILD indications. YUTREPIA was designed using Liquidia’s PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. Liquidia has completed INSPIRE, or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial, an Open-Label Prospective Multicenter Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in Pulmonary Hypertension, to evaluate the safety and tolerability of YUTREPIA in PH-ILD patients. YUTREPIA was previously referred to as LIQ861 in investigational studies.

About L606 (liposomal treprostinil) Inhalation Suspension
L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses Pharmosa Biopharm’s proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) with a planned global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.

About Treprostinil Injection
Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin^® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

About Pulmonary Arterial Hypertension (PAH)
Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.

About Liquidia Corporation
Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT^® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

Remodulin® and Tyvaso® are registered trademarks of United Therapeutics Corporation.

Cautionary Statements Regarding Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation instituted by United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The favorable decisions of courts or other tribunals are not determinative of the outcome of the appeals or rehearings of the decisions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

Investors:
Jason Adair
Chief Business Officer
919.328.4350
Jason.adair@liquidia.com

Media:
Patrick Wallace
Director, Corporate Communications
919.328.4383
patrick.wallace@liquidia.com

Liquidia Corporation Select Condensed Consolidated Balance Sheet Data (unaudited) (in thousands)
	December 31,			December 31,
	2024			2023
Cash and cash equivalents	$	176,479		$	83,679
Total assets	$	230,313		$	118,332
Total liabilities	$	153,038		$	71,039
Accumulated deficit	$	(559,492	)	$	(429,098)
Total stockholders’ equity	$	77,275		$	47,293

Liquidia Corporation Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) (in thousands, except share and per share amounts)
	Full Year Ended December 31,
	2024			2023
Revenue	$	13,996		$	17,488
Costs and expenses:
Cost of revenue	$	5,879		$	2,888
Research and development	$	47,842		$	43,242
General and administrative	$	81,569		$	44,742
Total costs and expenses	$	135,290		$	90,872
Loss from operations	$	(121,294	)	$	(73,384	)
Other income (expense):
Interest income	$	7,654		$	3,466
Interest expense	$	(12,486	)	$	(6,273	)
Gain (loss) on extinguishment of debt	$	(4,268	)	$	(2,311	)
Total other expense, net	$	(9,100	)	$	(5,118	)
Net loss and comprehensive loss	$	(130,394	)	$	(78,502	)
Net loss per common share, basic and diluted	$	(1.66	)	$	(1.21	)
Weighted average common shares outstanding, basic and diluted	$	78,707,503		$	64,993,476

The MIL Network –

March 20, 2025

MIL-OSI Russia: Government meeting (2025, No. 9)

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

1. On the draft federal law “On Amending Articles 14 and 15 of the Federal Law “On Amending Certain Legislative Acts of the Russian Federation, Suspending Certain Provisions of Legislative Acts of the Russian Federation, Recognizing Certain Provisions of Legislative Acts of the Russian Federation as Invalid and Establishing Specifics for the Execution of Budgets of the Budget System of the Russian Federation in 2025”

The implementation of the bill will allow for the prompt allocation of budgetary allocations to financial support for the implementation of priority activities, including those aimed at achieving the national development goals of the Russian Federation, and will also increase the efficiency of providing subsidies for the development of economic sectors.

2. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of the Russian Federation for the Development of the Far East and the Arctic)

The draft resolution was developed in order to update the regulatory framework in the area of preferential regimes for carrying out economic activities.

3. On the allocation by the Ministry for the Development of the Russian Far East of budgetary allocations reserved in the federal budget for the provision of subsidies to the budgets of the constituent entities of the Russian Federation for the implementation of measures of the social development plans of the economic growth centers of the constituent entities of the Russian Federation that are part of the Far Eastern Federal District

The draft order is aimed at ensuring the implementation in 2025–2027 of the activities of the social development plans for the economic growth centers of the constituent entities of the Russian Federation that are part of the Far Eastern Federal District.

4. On the draft federal law “On Amendments to Article 65 of the Water Code of the Russian Federation”

The bill is aimed at ensuring the possibility of using motor vehicles in water protection zones without building permanent roads during the period of creation of recreational facilities in order to ensure construction and installation work, delivery of necessary equipment and inventory.

5. On the draft federal law “On Amendments to the Federal Law “On the Safety of Hydraulic Structures””

The bill is aimed at clarifying the powers of federal executive bodies that exercise functions in developing and implementing state policy and legal regulation in the field of safety of hydraulic structures, established by Federal Law No. 117-FZ of July 21, 1997 “On the Safety of Hydraulic Structures”.

6. On the allocation to the Ministry of Construction of Russia in 2025 from the reserve fund of the Government of the Russian Federation of budgetary appropriations for the provision of one-time financial assistance in the form of a subsidy from the federal budget to the budget of the Republic of Crimea for the purpose of co-financing the expenditure obligations of the said subject of the Russian Federation arising from the implementation of measures to restore coastal protection structures

The development of the draft order was dictated by the need to carry out urgent repair work on coastal protection structures.

7. On amendments to the order of the Government of the Russian Federation of January 17, 2025 No. 31-r (in terms of increasing the volume of budgetary allocations to the Ministry of Construction of Russia in 2025 due to the redistribution of funds reserved as part of the approved budgetary allocations of the federal budget for the provision of subsidies to support measures to ensure the balance of the budgets of the Donetsk People’s Republic, the Lugansk People’s Republic and the Zaporizhia region

The draft order is aimed at financial support for expenses related to pension provision for citizens living in the territories of the Donetsk People’s Republic, the Lugansk People’s Republic and the Zaporizhia region.

Moscow, March 18, 2025

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

March 20, 2025
MIL-OSI Africa: Surf therapy for children with disabilities: how it’s changing lives in South Africa

Source: The Conversation – Africa – By Roxy Davis, Doctor of philosophy, University of Cape Town

Children with disabilities face significant challenges in South Africa. Firstly there are delayed diagnoses which can lead to complications. The high cost of healthcare and little financial support for their families can limit their access to healthcare services altogether.

There is also little access to rehabilitation services. Inadequate facilities and a shortage of trained personnel are just some of the obstacles.

I started thinking about ways to get over these obstacles when I noticed that people with disabilities weren’t well represented in my sport.

As a competitive surfer and instructor, I had always celebrated the ocean’s ability to inspire confidence and resilience.

Every day, the beach was alive with activity – surfers, families and ocean lovers. Yet among them, I rarely saw people with disabilities in the water.

I began to notice that the beachfront itself, the infrastructure, the culture, and even my own surf school, weren’t actively creating space for inclusivity.

This would eventually become the cornerstone of the Roxy Davis Foundation, established in 2019, and later my doctoral research focusing on ocean-based therapy for children with disabilities.

I found surf therapy enhanced the mental, emotional, and physical well-being of these children.

New therapy

Surf therapy teaches people with disabilities to surf to promote psychological, physical and psychosocial well-being.

The first peer reviewed publication on surf therapy appeared in 2010 and focused on Aboriginal children in Australia. It was about mitigating the inter-generational trauma suffered as a result of the government-sanctioned removal of Aboriginal children from their families, a policy that only ended in the 1970s.

In 2020 a review of a 10-year period included 29 studies into war veterans and young adult cancer survivors, among others.

One such study focused on children with autism spectrum disorder. The study took place in the north-west of Ireland. Children said they felt happier and free, while their parents said they were more relaxed and confident.

A South African study with children with autism spectrum disorder explored the feasibility and unique benefits of an existing surf therapy programme and reported largely positive results.

My own research involved an adapted surf therapy programme for children with a range of disabilities.

Five children aged between 12 and 16 were enrolled. Altogether there were 35 participants including parents, counsellors, volunteers, physiotherapists and surf instructors.

Four of the five children were from under-resourced communities in South Africa’s Western Cape province and all had either a physical, sensory, intellectual or cognitive impairment.

None of the children had taken part in ocean sports before.

Getting into the water

For six weeks the children took part in a three-hour surf therapy session on a Friday afternoon.

The first goal was to get the kids in the water. We used mobility mats, surfboards with handles and amphibious beach wheelchairs to help.

Each child was taught now to surf according to their pace of learning and ability.

There was also a “surfers’ circle” with a discussion topic for each session.

After six weeks we conducted follow-up interviews to see what changes the children had experienced, and if these had any influence on their lives outside surfing.

We also asked parents and counsellors to identify the most significant changes in the children.

‘I felt free and confident’

Final interviews were completed one year later.

Charlie, aged 12, with cerebral palsy: “If my brothers want to go surfing I don’t have to stay behind and just watch them, I can go surf with them. It is so cool to surf with my dad and my brothers.”

Charlie’s teacher: “His self-awareness level and how he sees himself in the world has really improved.”

Tala, aged 15, with cerebal palsy: “Once I started surfing, I felt free and confident. Even in other spaces, when I’m not surfing, like, ‘Yeah I can surf, I can do something like surfing that I didn’t know that I could do before.’ ”

Tala’s school psychologist: “She went into this feeling very insecure, nervous and anxious. She said she will always remember who she was and how she felt before she went to the programme and how she came out of it … to be able to use that feeling and apply it to a different situation, that’s huge for her.”

Princess, aged 15, with spina bifida: was determined to “wean” herself off using nappies after gaining confidence through surf therapy.

Princess’s guardian described her experience as similar to “winning a gold medal … She was more confident in herself than ever. She is off that nappy completely now.”

Thabo, aged 14, a leg amputee: “Before session one, I was feeling nervous and excited, but as soon as I got in the sea, the nerves disappeared. You look and realise you can actually do that. I feel like I belong in the ocean.”

After the final session he said: “I can relax, I can be in control of my urges and my temper. I’m now not always thinking about what people think about me. I can be myself in many ways.”

Rowan, aged 15, a quadruple amputee: “Before I started surfing, I was thinking I can’t do it until I tried it and just being there was like beyond being able to speak in my wildest dreams. I couldn’t believe I could surf in the ocean riding some waves.

“On my first session, I was like ‘If I can do it, I can do it for the rest of my life’.”

In his second interview he said: “My goal is to become a national champion and to become a Paralympic champion.”

One year after the surf therapy programme he entered a provincial parasurfing competition, which he won. He was then selected to participate in the South African Para Surfing Championships in 2022, where he came second. Later that year he was selected to represent South Africa at the World Para Surfing Championships in California. Nineteen months after starting surfing, in December, on his 16th birthday, he competed in the World Championships and was placed 17th.

Surf therapy demonstrates what’s possible when we focus on ability rather than limitation.

– Surf therapy for children with disabilities: how it’s changing lives in South Africa
– https://theconversation.com/surf-therapy-for-children-with-disabilities-how-its-changing-lives-in-south-africa-245290

MIL OSI Africa –

March 19, 2025
MIL-OSI Africa: Ethiopia’s war may have ended, but the Tigray crisis hasn’t

Source: The Conversation – Africa – By Assefa Leake Gebru, Assistant Professor of Political Science and Strategic Studies , Mekelle University

For over 20 years, Ethiopia was led by the Ethiopian People’s Revolutionary Democratic Front, a coalition of four ethnic-based political parties representing Tigray, Amhara, Oromo, and Southern nations, nationalities and peoples. The Tigray People’s Liberation Front was the most influential party within the coalition. However, in 2018, when the Prosperity Party came into power, the front lost its important role in government.

On 4 November 2020, the federal government launched an attack on Tigray, terming it a military offensive against political aggression from the Tigrayan front. This sparked a war that lasted two years, and caused severe damage to people and resources. The African Union’s lead mediator in the crisis, Olusegun Obasanjo, estimated about 600,000 civilians were killed. This makes it one of the most destructive conflicts of the 21st century.

On 2 November 2022, the Ethiopian government and the Tigray People’s Liberation Front signed a peace deal in South Africa, the Pretoria agreement. More than two years later, however, Tigray still faces immense political and humanitarian challenges. Assefa Leake Gebru, who has studied post-war Tigray, explains what’s happening.

What’s the current situation in Tigray?

The 2022-2022 war and its lingering effects have thrown the Tigray region into chaos. People are grappling to get basics like food, water and medicine. The regional economy was devastated by the war. There have been no rehabilitation and reconstruction efforts so far. Humanitarian aid is limited. Imagine if your local grocery store ran out of everything and couldn’t restock – that’s the situation I have witnessed and studied in Tigray, which is affecting millions of residents.

Additionally, the leaders of the Tigray People’s Liberation Front are now fighting among themselves for power. The division is mainly between two factions: one led by former regional president Debretsion Gebremichael and the other by Getachew Reda, who heads the interim administration.

In January 2025, leaders of Tigray’s military forces supported calls from the Debretsion faction for new regional leadership. The interim administration opposed this, calling it a soft coup. The federal government considers the political faction led by Debretsion illegitimate. The military leaders’ decision also sparked public protests, with Tigrayans calling for a separation between the military and politics.

This internal division has weakened the interim administration, which was installed as part of the Pretoria agreement in March 2023.

Given this situation, the interim administration remains fragile amid serious humanitarian concerns and security threats facing the region. The interim government and dysfunctional law enforcement institutions aren’t strong enough to fix things.

Read more: What is federalism? Why Ethiopia uses this system of government and why it’s not perfect

Economically, jobs remain scarce. A 2024 survey found a youth unemployment rate of 81%. This situation has been created by economic collapse, asset plunder during the war and the absence of a functioning government.

Socially, people are stressed and hurting, like a community still reeling from a major fallout. It’s a pile-up of problems that are making life incredibly tough.

What, exactly, is the Pretoria agreement?

The Pretoria agreement is an important peace deal between Tigray’s political leaders and the federal government. It was signed in Pretoria, South Africa, on 2 November 2022. The African Union facilitated the peace talks hosted by South Africa.

The goal of the agreement? End the violence that began in 2020, keep people safe by calling for an immediate cessation of hostilities, allow aid like food trucks to roll in, disarm Tigray fighters and set up an interim government to restore order.

It also aimed to re-establish the Ethiopian government’s control over federal installations in Tigray.

What has been implemented and what hasn’t?

There has been some positive progress. The Pretoria agreement established the interim government. Some everyday services are back, like banks reopening and planes flying again. A few Tigray fighters have put down their weapons.

But here’s where it gets messy. Soldiers from Eritrea – which supported the Ethiopian army in the Tigray war – and militias from another Ethiopian region, Amhara, are still hanging around Tigray, raising security threats. They’re preventing internally displaced persons from going back home.

The plan to fully disarm Tigrayan fighters hasn’t been completed either. This threatens regional stability, undermines peace efforts and increases the risk of renewed violence.

What are the implications of not fully executing the Pretoria agreement?

First, the region’s humanitarian crisis could worsen. An estimated one million displaced people are grappling with high levels of food insecurity, and thousands of schools remain closed. A weak interim government and the continued occupation of parts of Tigray by armed groups has hindered the restoration of services and stifled economic progress.

Second, the division within the Tigray People’s Liberation Front makes it hard to lead the region under an interim administration. A lack of consensus on power-sharing has hindered effective governance, undermining the intended transitional authority.

Third, a weak interim government can’t keep civilians safe, which was a pillar of the Pretoria agreement. Economically, the lack of jobs and skyrocketing prices are hitting Tigrayans hard. Socially, everyone’s on edge.

Finally, there’s a risk of igniting further conflict in the region along the political fault lines between Debretsion and Getachew. There is a high chance of this situation being manipulated by Eritrean forces, who weren’t involved in the negotiations that led to the Pretoria agreement. The fractures in the interim government provide an opportunity for neighbouring Eritrea to support one faction against the other, which could escalate into war between Ethiopia and Eritrea. The Tigray People’s Liberation Front has been one of Eritrea’s bitterest enemies. The antagonism between the two led to the 1998-2000 war between Ethiopia and Eritrea.

If these tensions keep up, Tigray will remain stuck in an awful cycle. The African Union and international community must address these issues to prevent a spiral into further chaos.

– Ethiopia’s war may have ended, but the Tigray crisis hasn’t
– https://theconversation.com/ethiopias-war-may-have-ended-but-the-tigray-crisis-hasnt-251846

MIL OSI Africa –

March 19, 2025

MIL-OSI Banking: Governor, Reserve Bank of India meets Chairmen and MD & CEOs of select Urban Cooperative Banks at Mumbai on March 19, 2025

Source: Reserve Bank of India

The Governor, Reserve Bank of India today held a meeting with the Chairmen, Managing Director & Chief Executive Officers of select Urban Cooperative Banks (UCBs) across all Tiers operating in different parts of the country. The representatives from industry bodies viz., National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and National Federation of Urban Co-operative Banks & Credit Societies Limited (NAFCUB) also participated in the meeting. The meeting was a part of the Reserve Bank’s series of engagement with its Regulated Entities.

The meeting was also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with Executive Directors-in-Charge of Regulation and Supervision.

The Governor, in his opening remarks, acknowledged the important role of Urban Cooperative Banks in serving the people at the grassroots level and deepening financial inclusion. He stated that Reserve Bank will continue to support the sector in its growth ambitions but emphasised that UCBs also need to be mindful of their responsibilities, particularly in view of the trust reposed on them by the depositors. He stressed the importance of maintaining high standards of customer service to build and retain trust. UCBs were also advised to ensure that they remain operationally resilient including against IT and cyber-related risks.

The participants shared their feedback and gave various suggestions during the interactive session of the meeting.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2415

MIL OSI Global Banks –

March 19, 2025

MIL-OSI Banking: Danish economy well-balanced despite uncertain times

Source: Danmarks Nationalbank

19 March 2025

The Danish economy is fundamentally balanced and there are prospects for good growth, continued high employment and low, stable inflation in the coming years.

Growth in the Danish economy is expected to be fuelled by developments in the domestic economy to a greater extent than in recent years. Further progress in the activities abroad of large, global Danish companies, which are recognised in Danish value added, will also contribute to growth.

“The relatively high growth in the projection of 3.6 per cent this year includes the development of Danish production abroad and the reopening of the Tyra field. Without these two factors, we estimate that the Danish economy will grow more moderately at 1.4 per cent this year,” says Christian Kettel Thomsen, Governor of Danmarks Nationalbank.

“Behind the positive picture of the Danish economy, there are factors that can paint a less attractive picture. The Danish economy has adapted to new challenges in the past, most recently during the pandemic, and this will be needed again if trade conflicts and increased defence spending become commonplace,” says Thomsen.

If global trade conflicts or the implementation of tariff barriers escalate, it could have a major impact on world trade.

“Our analyses indicate that increased fragmentation of the global economy or a sharp decline in world trade could mean lower growth and higher prices domestically and globally,” says Thomsen.

Denmark and Europe are also facing a significant increase in defence spending, which could increase capacity pressure in the economy.

“If capacity pressure in Denmark increases significantly, it should be offset by fiscal measures that reduce it accordingly. This should be seen in light of the fact that Denmark is currently considered to be in a neutral economic situation,” says Thomsen.

Danmarks Nationalbank’s expectations in a new projection:

In our new projection, we expect HICP inflation in Denmark to be 2.0 per cent this year, 1.7 per cent in 2026 and 2027. We expect GDP growth to be 3.6 per cent this year, 2.3 per cent in 2026 and 2.0 per cent in 2027.

Danmarks Nationalbank’s new analyses of the Danish economy and the new annual report for 2024 can be found on the bank’s website, nationalbanken.dk.

Enquiries and registrations for the press conference can be directed to press advisor Peter Levring on 2620 1809 and pnbl@nationalbanken.dk.

MIL OSI Global Banks –

March 19, 2025
MIL-OSI Banking: ADB Sells $2 Billion 10-Year Global Benchmark Bond

Source: Asia Development Bank

MANILA, PHILIPPINES (19 March 2025) — The Asian Development Bank (ADB) yesterday priced a $2 billion 10-year global benchmark bond, proceeds of which will be part of ADB’s ordinary capital resources.

“This offering achieved the highest orderbook at more than $7.2 billion for an ADB 10-year global benchmark issue,” said ADB Treasurer Tobias Hoschka. “We are grateful for the investors’ support of ADB’s mission of achieving sustainable, inclusive, and resilient growth across Asia and the Pacific.”

The 10-year bond, with a coupon rate of 4.375% per annum payable semi-annually and a maturity date of 22 March 2035, was priced at 99.210% to yield 17.4 basis points over the 4.625% US Treasury notes due February 2035.

The transaction was lead-managed by Citigroup, Deutsche Bank, HSBC and J.P. Morgan.

The issue achieved wide primary market distribution with 55% placed in Europe, Middle East, and Africa; 25% in Asia; and 20% in the Americas. By investor type, 40% went to banks, 38% to central banks and official institutions, and 22% to fund managers and other types of investors.

ADB plans to raise about $35 billion–$36 billion from the capital markets in 2025.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

MIL OSI Global Banks –

March 19, 2025
MIL-OSI Banking: Media Advisory: Registration Open for 58th Annual Meeting of the ADB Board of Governors

Source: Asia Development Bank

MANILA, PHILIPPINES (19 March 2025) — The Asian Development Bank (ADB) will hold its 58th Annual Meeting in Milan, Italy, on 4-7 May 2025 under the theme “Sharing Experience, Building Tomorrow”.

Media are invited to cover the Annual Meeting and should email [email protected] to apply for an invitation. Media representatives include journalists, photographers, camera persons, and media technical crews.

The Annual Meeting is a unique gathering of Governors from ADB’s 69 members to consider development issues and challenges facing Asia and the Pacific. Several thousand participants, including finance ministers, central bank governors, senior government officials, members of the private sector, representatives of international organizations, civil society, and the media regularly join the meeting.

A program of seminars is open to the media featuring finance ministers, central bankers, development and industry experts, and ADB Management.

For more information, visit the Annual Meeting website and the seminars page.

Follow #ADBAnnualMeeting and #ADBMilan on Instagram, Facebook, LinkedIn, and X for regular updates.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

MIL OSI Global Banks –

March 19, 2025
MIL-OSI United Kingdom: Scottish Labour urged to stand against Westminster cruelty

Source: Scottish Greens

19 Mar 2025 Economy

Labour’s cuts will cause pain in every community.

More in Economy

Anas Sarwar and his Scottish Labour colleagues have been urged to stand against the cruel welfare cuts being made by their Westminster counterparts.

Scottish Green Co-Leader Lorna Slater has urged Mr Sarwar to live up to his promise to end austerity and reject Keir Starmer’s decision to plunge vulnerable people into poverty.

Ms Slater said:

“Anas Sarwar promised an end to austerity, but the cuts being made by his Labour colleagues are the very definition of austerity.

“Social security in the UK is among the lowest in Europe. These cuts will cause great harm to disabled people in particular who rely on this financial support as a lifeline.

“There will be a severe humanitarian cost. It will mean people going hungry or being cut-off, trapped in their homes.

“Every Scottish Labour MSP represents constituents and communities who will suffer as a direct result.

“From cutting vital Winter Fuel Payments and plunging pensioners into fuel poverty to betraying WASPI women and from keeping the cruel two child cap to punishing disabled people, this is a Labour government that has shown it cannot be trusted to stand up for the communities they represent.

“There is a choice. By taxing the super wealthy we can raise billions of pounds for the services that people rely on.

“People in Scotland waited 14 long years to get rid of the Tories only to get a Labour government that is doubling down on their most punishing policies. I urge Anas Sarwar to live up to the promises he made during the election and to oppose these devastating cuts.”

MIL OSI United Kingdom –

March 19, 2025
MIL-OSI United Kingdom: Plans for future of Grangemouth
Source: United Kingdom – Executive Government & Departments

Press release

Plans for future of Grangemouth

Feasibility study published today sets out nine options for Grangemouth’s long term industrial future
Next steps to secure Grangemouth’s long-term future

Nine low carbon and renewable options for the site identified in an independent report published today

Plans to secure private investment and a long-term partnership with business backed by £200 million from the UK Government, and £25 million from the Scottish Government

Plans to secure a long-term industrial future for Grangemouth have been stepped up as a feasibility study sets out nine options for its future.

The plan – which is backed by £200 million from the UK Government and £25 million from the Scottish Government – will support jobs, unlock investment and drive growth.

The £1.5 million feasibility study – published today by EY – follows the recent decision by Petroineos to decommission the oil refinery.

It has identified credible long-term industrial options for the Grangemouth site and explored how it can build on its skilled workforce, local expertise and long heritage as a fuel leader in Scotland to forge a new path in low carbon energy production.

The report provides nine proposals likely to attract private investment, including plastics recycling, hydrogen production and other projects that could create up to 800 jobs by 2040, grow the economy, and deliver on both Governments’ shared ambition to secure a long term future for Grangemouth.

To kickstart the process, Energy Minister Michael Shanks and Acting Cabinet Secretary for Net Zero and Energy Gillian Martin are co-chairing a meeting this morning (Wednesday 19 March) of the Grangemouth Future Industry Board with local industry leaders, Falkirk Council, trade bodies and unions. Scottish Enterprise and the UK Government’s Office for Investment will work with Petroineos to market the proposals set out in Project Willow and seek investor interest.

It follows the Prime Minister’s announcement last month of £200 million to help unlock Grangemouth’s full potential. First Minister John Swinney also announced £25 million to establish a Grangemouth Just Transition Fund, which will support businesses and stakeholders to bring forward investible propositions over the next 12 months for the site.

Energy Minister Michael Shanks said:

We committed to leaving no stone unturned in supporting an industrial future for Grangemouth delivering jobs and economic growth.

This report and the £200 million investment by the UK Government demonstrates that commitment.

We will build on Grangemouth’s expertise and industrial heritage to attract investors, secure a long-term clean energy future, and deliver on our Plan for Change.

Scottish Secretary, Ian Murray, said:

The publication of the Project Willow report and the options it sets out marks a significant milestone in our commitment to deliver a long-term, sustainable future for the Grangemouth site which benefits the local community and the Scottish economy.

Working alongside the Scottish Government and local partners, we remain committed to supporting the skilled workforce at Grangemouth, and are already working to attract investors for the projects outlined in this report.

The Prime Minister recently announced a £200 million investment in Grangemouth through the National Wealth Fund which followed the £100 million Falkirk and Grangemouth Growth Deal, delivered jointly with the Scottish Government. Scotland is at the centre of our Plan for Change as we become a clean energy superpower over the next few years.

First Minister John Swinney said:

We will leave no stone unturned in order to secure the future of the Grangemouth refinery site, and the Scottish Government has already committed or invested a total of £87 million to help do so.

Grangemouth is home to over a century of industrial expertise and employs thousands of highly skilled workers, placing the site at a massive competitive advantage and creating a unique opportunity for investors.

Everyone working at Grangemouth’s refinery – and in the wider industrial cluster – is a valued employee with skills that are key to Scotland’s economic and net zero future.

This report sets out a wide range of viable alternatives for the refinery site, demonstrating that a long term, new industrial future at Grangemouth is achievable. We will continue to work closely with the UK Government to realise these opportunities and Scottish Enterprise stands ready to support inward investors looking to progress any of these technologies.

Alongside launching a search for investors, both governments have also committed to review the Project Willow policy recommendations and understand how government funding can be deployed to mature proposals from the private sector.

The £25 million Grangemouth Just Transition Fund and £200 million from the National Wealth Fund for co-investment are on top of existing investments to ensure the long-term economic future of the Grangemouth area and support the workforce. These include: 

The £100 million Falkirk and Grangemouth Growth Deal package, delivered jointly by the Scottish Government and UK Government, to support the community and its workers by investing in local energy projects to create new opportunities for growth in the region.

Joined up support from the Scottish Government and DESNZ to provide tailored skills support for refinery workers, this includes a training guarantee for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported, with funding provided by the UK Government – this will help workers into new, good jobs with local employers.

Background information

The nine projects include:

Waste: hydrothermal upgrading (breaking down hard to recycle plastics), chemical plastics recycling, ABE biorefining (breaking down waste material)

Bio-feedstock: breaking down Scottish timber into bioethanol, anaerobic digestion of bioresources and digestate pyrolysis, HEFA (conversion of Scottish cover crops into sustainable aviation fuel and renewable diesel using low carbon hydrogen).

Offshore wind conduit: Replacing natural gas with hydrogen, using low carbon hydrogen to produce methanol and convert it to SAF, producing low carbon ammonia from hydrogen for shipping and chemicals.

Any National Wealth Fund investment will be subject to investible propositions and the Fund’s criteria – the proposition must deliver a positive return, drive regional and economic growth or support activity to tackle climate change, invest in key sectors, and crowd in private finance.

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Published 19 March 2025
MIL OSI United Kingdom –
March 19, 2025
MIL-OSI United Kingdom: Plan for future of Grangemouth
Source: Scottish Government

Summary of Project Willow report published

Plans to secure a long-term industrial future for Grangemouth have been stepped up as a feasibility study sets out nine options for its future.

The plan – which is backed by £25 million from the Scottish Government and £200 million from the UK Government – will support jobs, unlock investment and drive growth.

The £1.5 million feasibility study – published today by EY – follows the recent decision by Petroineos to decommission the oil refinery.

It has identified credible long-term industrial options for the Grangemouth site and explored how Grangemouth can build on its skilled workforce, local expertise and long heritage as a fuel leader in Scotland to forge a new path in low carbon energy production.

The report provides nine proposals likely to attract private investment, including plastics recycling, hydrogen production and other projects that could create up to 800 jobs by 2040.

It follows First Minister John Swinney’s announcement of £25 million to establish a Grangemouth Just Transition Fund, which will support businesses and stakeholders to bring forward investible propositions for the site over the next 12 months, and the Prime Minister’s announcement last month of £200 million to help unlock Grangemouth’s full potential.

First Minister John Swinney said:

“We will leave no stone unturned in order to secure the future of the Grangemouth refinery site, and the Scottish Government has already committed or invested a total of £87 million to help do so.

“Grangemouth is home to over a century of industrial expertise and employs thousands of highly skilled workers, placing the site at a massive competitive advantage and creating a unique opportunity for investors.

“Everyone working at Grangemouth’s refinery – and in the wider industrial cluster – is a valued employee with skills that are key to Scotland’s economic and net zero future.

“This report sets out a wide range of viable alternatives for the refinery site, demonstrating that a long term, new industrial future at Grangemouth is achievable. We will continue to work closely with the UK Government to realise these opportunities and Scottish Enterprise stands ready to support inward investors looking to progress any of these technologies.”

UK Energy Minister Michael Shanks said:

“We committed to leaving no stone unturned in supporting an industrial future for Grangemouth delivering jobs and economic growth.

“This report and the £200 million investment by the UK Government demonstrates that commitment.

“We will build on Grangemouth’s expertise and industrial heritage to attract investors, secure a long-term clean energy future, and deliver on our Plan for Change.”

To kickstart the process, Energy Minister Michael Shanks and Acting Cabinet Secretary for Net Zero and Energy Gillian Martin co-chaired a meeting this morning (Wednesday 19 March) of the Grangemouth Future Industry Board with local industry leaders, Falkirk Council, trade bodies and unions. Scottish Enterprise and the UK Government’s Office for Investment will work with Petroineos to market the proposals set out in Project Willow and seek investor interest.

Alongside launching a search for investors, both governments have also committed to review the Project Willow policy recommendations and understand how government funding can be deployed to mature proposals from the private sector.

Background

Project Willow: Grangemouth investment opportunities

The nine projects include:
- Waste: hydrothermal upgrading (breaking down hard to recycle plastics), chemical plastics recycling, ABE biorefining (breaking down waste material)
- Bio-feedstock: breaking down Scottish timber into bioethanol, anaerobic digestion of bioresources and digestate pyrolysis, HEFA (conversion of Scottish cover crops into sustainable aviation fuel and renewable diesel using low carbon hydrogen).
- Offshore wind conduit: Replacing natural gas with hydrogen, using low carbon hydrogen to produce methanol and convert it to SAF, producing low carbon ammonia from hydrogen for shipping and chemicals.
Any National Wealth Fund investment will be subject to investible propositions and the Fund’s criteria – the proposition must deliver a positive return, drive regional and economic growth or support activity to tackle climate change, invest in key sectors, and crowd in private finance.

The £25 million Grangemouth Just Transition Fund and £200 million from the National Wealth Fund for co-investment are on top of existing investments to ensure the long-term economic future of the Grangemouth area and support the workforce. These include: 

– The £100 million Falkirk and Grangemouth Growth Deal package, delivered jointly by the Scottish Government and UK Government, to support the community and its workers by investing in local energy projects to create new opportunities for growth in the region.

– Joined up support from the Scottish Government and DESNZ to provide tailored skills support for refinery workers; this includes a training guarantee for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported, with funding provided by the UK Government – this will help workers into new, good jobs with local employers.
MIL OSI United Kingdom –
March 19, 2025

Category: Economy

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Plans for future of Grangemouth

Background information

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