Korea Eximbank hosted the 16th Annual Meeting of the Asian EXIM Banks Forum from September 28 to 30 at Nurimaru APEC House in Busan.

The Asian EXIM Banks Forum, established in 1996 with an aim to expand economic cooperation within the Asian region, promotes joint financing, information sharing, and exchange of human resources among members.

The Forum consists of EXIM Banks from nine countries including Korea, China, Japan, India, and Australia, and is also participated by the ADB. Among the Forum members, six institutions are member countries of G20, a group expanding its influence amidst a changing world economic order.

※ Participating institutions: Australia, China, India, Indonesia, Japan, Korea, Malaysia, Philippines, Thailand, and the ADB (10 member institutions), Cambodia, Laos, Mongolia, Sri Lanka, Uzbekistan, and Vietnam (6 observer institutions).

For this year's Annual Meeting, member institutions discussed strategies and measures to strengthen Asia’s integration, secure new growth engines, and promote intra-regional trade and investments under the theme of “Post-crisis Challenges of Asian EXIM Banks: Facilitating Sustainable and Balanced Growth.”

As the Chair of this year's Meeting, Korea Eximbank played a key role in reaching a consensus on the Endorsement Letter of Reciprocal Risk Participation Agreement, which has long been discussed among members. The Agreement represents a significant milestone in the development of the Forum and is anticipated to greatly promote co-financing activities among members as well as facilitate regional trade and investment.

Korea Eximbank also invited countries preparing to establish an EXIM bank, such as Cambodia, Mongolia, and Sri Lanka as observers to the Meeting in an effort to share the Bank’s experience and expertise in supporting national economic development.

During the Meeting, Korea Eximbank introduced the background, basic concepts, and expected outcomes of the Korean Hidden Champion Initiative, a newly developed program fostering globally leading SMEs.

In addition, the Forum constituted the new Membership Protocol to set procedures for new member approval. It is expected that the Membership Protocol will reaffirm commonality among member institutions and lay the groundwork for expanding AEBF membership in the future.

Also during the Meeting, Korea Eximbank established an untied two-step loan agreement with Indonesia Eximbank on September 28, 2010. Through this agreement, Korea Eximbank will be able to provide needed financing within a revolving line of credit of USD 50 million through Indonesia Eximbank and support Korean companies based in Indonesia or Indonesian subcontractors of Korean companies.