Asia EXIM banks agree to boost intra-Asia trade
(24 November 2017 – Asia) Eleven Asian Export-Import banks have jointly signed a co-financing agreement to promote the export of goods or services and investment among the member countries.
This agreement was revealed following the 23rd Annual Meeting of Asian EXIM Banks Forum (AEBF) in Sydney, Australia.
Under such cooperation, the participating state-sponsored financial institutions would be able to support entrepreneurs’ export of goods and services to a greater extent through various credit facilities, such as buyers’ credit, credit for relocation of production base and investment overseas, as well as export credit and investment insurance.
This would help expand and strengthen partnerships among fellow EXIM Banks with common missions to promote international trade and investment towards Asian economic growth as a whole.
During the AEBF Annual Meeting, EXIM Thailand signed an agreement with China EXIM Bank for Panda Bond issuance in the Chinese market, for which China EXIM Bank would act as the lead arranger, in order to raise funds for EXIM Thailand’s business operation.
Also, an MOU on business cooperation was signed with Turkey EXIM Bank on provision of financial facilities to foster Thai-Turkish investment and joint venture in Thai-Turkish projects in third countries, export credit insurance, exchange of trade, industrial and economic data, and joint activities between the two institutions in accordance with their missions.
The 11 AEBF members are EXIM Banks of China, India, Korea, Indonesia, Malaysia, the Philippines, Turkey and Thailand, Japan Bank for International Cooperation (JBIC), Export Finance & Insurance Corporation (EFIC) of Australia, and Vietnam Development Bank, with Asian Development Bank (ADB) as the permanent observer.
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