Japan, China, RoK enhance banking cooperation with ASEAN
Government-backed development banks of Japan, China and the Republic of Korea (RoK) have signed an agreement with public and private financial institutions in Southeast Asia to meet growing demand for infrastructure projects in the fast-growing region.
Hanoi (VNA) –Government-backed development banks of Japan, China and the Republic of Korea(RoK) have signed an agreement with public and private financial institutionsin Southeast Asia to meet growing demand for infrastructure projects in thefast-growing region.
Kyodo News cited the Japan Bank forInternational Cooperation (JBIC) as saying that JBIC, the China DevelopmentBank and the Korea Development Bank established the ASEAN-plus-Three Inter-BankCooperation Mechanism in response to the strong financial need in theAssociation of Southeast Asian Nations (ASEAN).
The scheme aims to "provide financialsupport based on the global standards such as openness, transparency, economicviability, debt sustainability, and compliance with laws and regulations forthe development of the region," the Japanese lender said.
"Such financial support will benefit thecountry where the project is located and the origination of bankable projects,and thus lead to sound development of the entire region," it said.
ASEAN participants in the project are PT BankMandiri (Persero) Tbk. of Indonesia, Canadia Bank PLC of Cambodia, DBS BankLtd. of Singapore, Kasikornbank Public Co. of Thailand, CIMB Group Sdn Bhd ofMalaysia, Myanma Foreign Trade Bank of Myanmar, BDO Unibank Inc. of thePhilippines, Bank Islam Brunei Darussalam Berhad of Brunei, Joint StockCommercial Bank for Investment and Development of Vietnam (BIDV), and LaoDevelopment Bank of Laos.
The agreement was struck on the sidelines of asummit involving leaders of Japan, China, the RoK and ASEAN in November 2019 onthe outskirts of Bangkok, Thailand.
ASEAN groups 10 memberstates, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, thePhilippines, Singapore, Thailand and Vietnam./.
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