- Region: Asia
The Japan Bank for International Cooperation (JBIC; Governor: Tadashi Maeda), signed on November 1 a memorandum of understanding (MOU) with 10 financial institutions from each country within the ASEAN region,*1 the China Development Bank (CDB) and the Korea Development Bank (KDB) regarding the establishment of the ASEAN+3 (Japan, China and Korea) Inter-Bank Cooperation Mechanism, as part of JBIC's financial cooperation in the ASEAN region.
The purpose of this MOU is to further reinforce the cooperative relationship among those financial institutions through financial support for individual projects, including infrastructure sector, in the ASEAN region.
In response to the strong financial need, for instance in the infrastructure sector, in the ASEAN region, the MOU intends to provide financial support based on the global standards such as openness, transparency, economic viability, debt sustainability, and compliance with laws and regulations for the development of the region. Also, such financial support will benefit the country where the project is located and the origination of bankable projects, and thus lead to sound development of the entire region.
As Japan's policy-based financial institution, JBIC will continue to financially support the overseas business expansion of Japanese companies by drawing on its various financial facilities and schemes for structuring project, and performing its risk-assuming function, in collaboration with financial institutions in other countries.
PT Bank Mandiri (Persero) Tbk., Indonesia; Canadia Bank PLC., Cambodia; DBS Bank Ltd, Singapore; Kasikornbank Public Company Limited, Thailand; CIMB Group Sdn Bhd, Malaysia; Myanma Foreign Trade Bank, Myanmar; BDO Unibank, Inc., the Philippines; Bank Islam Brunei Darussalam Berhad, Brunei; Joint Stock Commercial Bank for Investment and Development of Vietnam, Vietnam; and Lao Development Bank, Laos