- Region: Others
October 31, 2008
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed an agreement (the Sydney Consensus) on October 30th, pledging mutual cooperation in preparing for the financial crisis with the eight other member institutions of the Asian EXIM Banks Forum at its 14th Annual Meeting.*2
- The Forum was formed in 1996 as a forum for JBIC and other Asian export credit agencies to discuss concerted efforts and strategies to address a range of common issues facing them. The Annual Meeting is hosted by its member institutions on a rotating basis, and is attended by the leaders of the respective institutions. The 2008 Annual Meeting was held in Sydney, hosted by the Export Finance and Insurance Corporation in Australia, with 10 institutions participating, including the Asian Development Bank (ADB) as an observer.
- As the turmoil in the financial markets is now spreading globally, the member institutions agreed in the Sydney Consensus to cooperate in preparing for any difficulties that may arise in implementing projects and transactions in which they participate by providing loans and guarantees.
- In recent years, Asian countries have been increasing their economic interdependence through vigorous trade and investment, and the Japanese economy is also predicated on this interdependence. Thus, mutual cooperation between JBIC and Asian EXIM banks will contribute to sustainable growth in Asian countries as a whole by enhancing further trade and investment, promoting economic partnerships and addressing the common agenda facing the region in such areas as energy and the environment. JBIC is committed to enhancing cooperation among Asian EXIM banks through this Forum to promote economic partnerships with Asian countries, as well as to expand business opportunities for Japanese firms.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 The Export Finance and Insurance Corporation, the Export-Import Bank of China, the Export-Import Bank of India, PT. Bank Ekspor Indonesia (Persero), the Export-Import Bank of Malaysia Berhad, the Philippine Export-Import Credit Agency, the Export-Import Bank of Korea, and the Export-Import Bank of Thailand