JBIC Signs MOU with Asian Exim Banks to Revitalize Trade and Investment
Promoting Partnerships with Asian Exim Banks amid Increasing Economic Collaboration among Asian Countries
- The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on November 9 a memorandum of understanding (MOU) for mutual cooperation towards revitalization of trade and investment, with 10 Asian export-import (exim) banks and export credit agencies (ECAs) constituting the member institutions of the Asian EXIM Banks Forum*1, at its 22nd Annual Meeting.
- The Asian Exim Banks Forum, established in 1996, has served as a forum for JBIC and other member institutions to discuss cooperative actions and strategies to address a wide range of issues facing each of them. Its Annual Meeting, where the head of each member institution participates, is held on a rotating basis in the country of a member institution. This year, Indonesia Eximbank (IEB) hosted the Annual Meeting, where 12 institutions participated, including the Asian Development Bank (ADB) attending as an observer.
- The participating members agreed to utilize credit lines and enhance cooperation in cofinancing, as well as in local-currency loans, in order to achieve revitalization of trades and investments among the Asian countries.
- Asian economies have developed deeper interdependence helped by the recent remarkable economic development of Asian countries. In this context, a stronger cooperative framework which is being established by Asian exim banks and ECAs, including JBIC, for addressing Asia’s enormous demand for infrastructure development, as well as energy and environmental issues, will contribute to sustainable growth in the entire Asian region. JBIC, in light of the “Partnership for Quality Infrastructure” announced by the Japanese government*2, will continue to support the overseas business expansion of Japanese companies by actively applying the functions strengthened by the Act for Partial Amendment of the Japan Bank for International Cooperation Act, enacted on May 11, 2016*3. The cooperative relationship with Asian exim banks will prove to be also valuable in terms of promoting the expansion of JBIC’s local currency financing, which is part of the strengthened functions.
- As Japan's policy-based financial institution, JBIC will continue to promote the economic partnership with Asian countries and support the business expansion of Japanese companies, by strengthening the cooperative ties with Asian Exim banks through this forum.
- *1 Members of the Asian Exim Banks Forum are:
Export Finance and Insurance Corporation of Australia, The Export-Import Bank of China, Export-Import Bank of India, Indonesia Eximbank, Export-Import Bank of Malaysia Berhad, The Philippine Export-Import Credit Agency, The Export-Import Bank of Korea, The Export-Import Bank of Thailand, The Vietnam Development Bank, and Export Credit Bank of Turkey.
- *2 Please refer to the website of Ministry of Finance for details ("Announcement of the Partnership for Quality Infrastructure").
- *3 See Information on May 11, 2016, for further details.