LONDON - Two of the global financial hubs the City of London and Hong Kong will be working closely together to provide financing, and legal and insurance expertize for the China-proposed Belt and Road Initiative, a leading City of London executive has said.

"The Belt and Road Initiative (BRI) is enormous, ambitious," and has been called by the Chinese leader as "the project of the century," Sherry Madera, City of London Corporation (CLC) special adviser for Asia told Xinhua in an exclusive interview on Tuesday.

Madera had just returned from Hong Kong where the CLC had officially joined Hong Kong's Infrastructure Financing Facilitation Office (IFFO) on Monday, a body run by the Hong Kong Monetary Authority (HKMA) to facilitate infrastructure investment and financing for the BRI.

Madera said the IFFO, founded last year, now had 80 entities taking part and aimed to be a knowledge-sharing platform, for discussions about infrastructure financing for the BRI and how that can be done efficiently.

"London is the only international city that has joined the IFFO," said Madera.

Vincent Lee, left, executive director (external) of the Hong Kong Monetary Authority (HKMA) shakes hand with Sherry Madera, special adviser for Asia of the City of London, Dec 18, 2017, as the HKMA welcomed the joining of the City of London as a partner of its Infrastructure Financing Facilitation Office (IFFO). (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)

According to City of London Economic Research (CLER), London played a dominant role in global foreign exchange with daily turnover of US$2.7 trillion accounting for 41 percent of global share.

CLER figures for 2014 also showed that London dealt with 71 percent of international bond trading, that 20 percent of the global foreign equity market was listed there, and 18 percent of global cross-border lending was arranged in the city more than any other global center.

London sees the BRI as a project where it can profit by offering its special expertise, said Madera, and a joint approach with Hong Kong, itself a global financial center with a very particular role to play in Asia, would be a win-win for all parties.

"The City of London has a real strategic partner role in the IFFO, as defined by the Hong Kong Monetary Authority (HKMA) -- it is important for us to walk the walk," said Madera.

"This is a really good example of where London and Hong Kong are not competitors -- the pie on this is so big, and by being able to work together it is going to grow," she said.

The BRI is a project which has seen dozens of countries, regions and international organizations sign cooperation agreements with China.