Asian Ex-Im Banks Agree to Cooperate

Heads of export-import banks in Asia sign agreement to jointly finance large projects in the region

Korea Export-Import Bank (Eximbank) hosted a meeting of all export and import banks in Asia to discuss joint financing of major projects in Asian countries in Busan on Sept. 29.
At the 16th Conference of the Heads of Asian Import and Export Banks at Nurimaru in Busan the participants signed a joint agreement providing for all member banks to jointly finance major projects in Asian countries by participating in double guarantee facilities, the bank said recently.
Under the agreement, the banks will provide loans and guarantees to exporters in their countries, while banks will back up exporters of installations in their countries and extend guarantees to banks in major exporters countries, officials at the Korea Eximbank said.
Chairman Kim Dong-soo said the agreement will be of great help to plant and other large equipment exporters, in particular nuclear power plant facilities with outstanding competitive edges over their overseas rivals.
He said the heads of the Asian export-import banks at the meeting agreed that they should do their best to provide financial support to the commercial banks for the balanced and sustainable economic growth of their countries.
President Hiroshi Watanabe of the Japan Bank for International Cooperation said the export and import banks in Asia should help the commercial banks facing problems from the global financial crisis and the Basel III accords in extending financial supports to exporters for the balanced and sustainable economic growth of their countries.
President Angus Amur of the Australian Export Financial Insurance Corp. also said that covering the financial gap that the commercial banks have been faced with due to the global financial crisis is the proper role of policy loan banks and they should try to provide tailor-made financial support to those banks in need.
The heads of Asian export and import banks in such countries as Japan, China, Korea, Malaysia, India, Indonesia, Thailand, the Philippines and Australia sent their representatives to the conference as well as six invited countries ― Laos, Mongolia, Vietnam, Sri Lanka, Uzbekistan and Cambodia ― sent representatives as observers.
Korea Eximbank is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea’s export-led economy and facilitated economic cooperation with foreign countries. Korea Eximbank’s primary services include export loans, trade finance and guarantee programs structured to meet the needs of clients in a direct effort to both complement and strengthen the clients’ competitiveness in global markets. The bank also provides overseas investment credit, natural resources development credit, import credit and information services related to business opportunities abroad.
Furthermore, the bank is responsible for the operation of two government funds: the Economic Development Cooperation Fund (EDCF), a Korean Official Development Assistance program, and the Inter-Korean Cooperation Fund (IKCF), an economic cooperation program with North Korea. The bank strives to become “Your Partner for Global Business,” as reflected in its vision, by continuously fostering innovation and development throughout its operations.
Korea Eximbank’s mission is to make contributions to the sound growth of the economy and promote international economic cooperation. Under its vision, the bank will strive to be a leader for the globalization of the Korean economy and international cooperation.
The vision also spells out the bank’s promoting of export credit to push the growth of the national economy, along with facilitating overseas investment and resources development. It also includes its mission to enhance cooperative ties with developing countries through ODA and also take responsibility as a solid trustee of the Inter-Korean Cooperative Fund, among others. nw

Chairman Kim Dong-soo of he Korea Export-Import Bank at a meeting of all export-import banks in Asia held in Busan on Sept. 29.