- Region: Asia
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) announced on November 10 a joint statement on fighting against the coronavirus disease 2019 (COVID-19) made with the other 12 member financial institutions*1 of the ASEAN+3 (Japan, China, and South Korea) Inter-Bank Cooperation Mechanism*2. JBIC participates in the ASEAN+3 Inter-Bank Cooperation Mechanism as part of its financial cooperation in the ASEAN region.
The purpose of the joint statement is to facilitate each of the member financial institutions in building even closer cooperative relationships in fields such as the stabilization of financial systems and the improvement of liquidity in the global market in order to restore economic growth in the ASEAN region, which is affected by the spread of COVID-19.
In the ASEAN region, many Japanese companies are entering the market, and some of these companies and their projects are affected by the spread of COVID-19, increasing the needs for urgent financial support. In order to respond to such needs, the joint statement is intended to aim at revitalizing economic activities in the ASEAN region through the ASEAN+3 (Japan, China, and South Korea) Inter-Bank Cooperation Mechanism.
As Japan’s policy-based financial institution, JBIC will continue to support the overseas business expansion of Japanese companies in cooperation and collaboration with financial institutions overseas.
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; Lao Development Bank, Laos; China Development Bank, China; Korea Development Bank, Korea
The ASEAN+3 (Japan, China, and South Korea) Inter-Bank Cooperation Mechanism was established in November 2019. See Press Release on November 6, 2019.