The Financial Secretary announced in his 2009-10 Budget Speech that the HKSAR Government plans to implement a programme to issue government bonds to promote the further and sustainable development of the local bond market. The Chief Executive in Council approved on 28 April 2009 the proposal to implement the Government Bond Programme (GB Programme).
On 8 July 2009, the Legislative Council passed a Resolution under section 3 of the Loans Ordinance (Chapter 61 of the Laws of Hong Kong) authorising the HKSAR Government to borrow up to a maximum principal amount outstanding at any time of HK$100 billion or equivalent under the GB Programme and a Resolution under section 29 of the Public Finance Ordinance (Chapter 2 of the Laws of Hong Kong) authorising the HKSAR Government to set up a fund known as the Bond Fund to manage the sums raised under the GB Programme. The Resolutions were published in the Government Gazette and took effect on 10 July 2009.
Subsequently, pursuant to section 3 of the Loans Ordinance, the Legislative Council passed a Resolution on 22 May 2013 to increase the maximum amount of borrowings under the GB Programme from HK$100 billion to HK$200 billion, and a Resolution on 21 July 2021 to further increase the maximum amount of borrowings under the GB Programme from HK$200 billion to HK$300 billion. The Resolutions were published in the Government Gazette and took effect on 24 May 2013 and 23 July 2021 respectively.