The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank”) announced on September 18 that the bank signed a Framework Agreement to launch the Northeast Asia EXIM Banks Association during the 15th Consultative Commission meeting of the Greater Tumen Initiative (GTI).

* GTI (Greater Tumen Initiative) is a regional cooperation program supported by the UNDP, involving 4 countries (Korea, China, Russia and Mongolia) and aimed at promoting regional development and economic cooperation in Northeast Asia.

* The Northeast Asia EXIM Banks Association is to be a consultative organization of the export credit agencies of GTI member nations to promote financial cooperation on regional cooperation projects in Northeast Asia. It will comprise Korea Eximbank, the Export-Import Bank of China, Bank for Development and Foreign Economic Affairs (Vnesheconombank), and Development Bank of Mongolia.

The Framework Agreement, signed by the export credit agencies of the four GTI member countries, commits the signatories to share information and work together toward identifying and co-financing projects in Northeast Asia that may be suitable for bilateral or multilateral cooperation.

"I hope the signing of this Framework Agreement will provide an impetus for the Northeast Asia EXIM Banks Association to play a critical role in boosting economic cooperation among GTI member countries and promoting shared prosperity in Northeast Asia," said Korea Eximbank Chairman Lee Duk-hoon at the signing ceremony.

The Korean government and Korea Eximbank, as the chairs respectively of GTI and the EXIM Banks Association, are to lead GTI's activities including preparations for the 16th Consultative Commission meeting to be held in Seoul next year.

Korea Eximbank is seeking to encourage timely information sharing on prospective projects by holding regular high-level and working-level meetings of the Association, and to help develop project proposals by GTI into financially viable multilateral cooperation projects through the provision of related services such as project evaluation, financial advice, and financial arrangement.

Korea Eximbank has recently strengthened its organization covering Northeast Asia and Eurasia and signed agreements with institutes such as China's Yanbian University and Germany's Freie Universität Berlin to conduct joint research on Northeast Asian development projects.