The export-import banks of Korea, China, Russia and Mongolia have signed a multilateral agreement to launch the Northeast Asia Exim Banks Association.

The association will seek to boost co-operation amongst the Exim banks in the region’s joint development projects, a Kexim spokesperson says to GTR.

The spokesperson adds to GTR: “The four countries are seeking co-operation on both the political and financial fronts to push several infrastructure development projects in the long term.”

Projects the association will look to establish include new container terminals at ports in Russia and China and a railway system between the two countries.

Kexim is to take the lead in promoting the projects in the region.

The Exims signed the pact on the same day as the Greater Tumen Initiative (GTI) meeting held in Yanbian, Jilin Province, China.