The Republic of Korea (RoK), Japan and China have agreed to launch a 700-million-USD regional credit fund in a bid to help develop bond markets in Asia.
The Republic of Korea (RoK), Japan and China have agreed to launch a700-million-USD regional credit fund in a bid to help develop bond markets inAsia.
The RoK Ministry of Finance said in a statement that financeministers from the three countries had agreed on the fund at a meeting on thesidelines of the Asian Development Bank (ADB) annual meeting in Tashkent ,Uzbekistan on May 1.
The fund dubbed “Credit Guarantee and InvestmentFacility” will provide "the core infrastructure for the development of bondmarkets in Asia ," said the ministry.
Japan and China will eachcontribute 200 million USD to the fund, while RoK will offer 100 million USD, itsaid.
The rest will be made up by the ADB and the Association ofSoutheast Asian Nations (ASEAN), which will donate 130 million USD and 70million USD, respectively.
According to the ministry, the financeministers also agreed to continue their "effective" policy coordination forother international economic forums. In March, the three countries and ASEANlaunched a 120-billion-USD currency-swap agreement aimed at helping Asianeconomies better cope with a possible liquidity crisis./.
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