OREANDA-NEWS. Vnesheconombank joined the Memorandum of Understanding of the North-East Asia Export-Import Banks Association.

The Association was established in October of 2012 by export –import banks of China, the Republic of Korea and the Mongolia Development Bank that are participants in the Extended Tumangan Initiative (ETI) Project - Great Tumen Initiative. This project is functioning with the support of the United Nations Development Programme (UNDP) with the participation of four countries: China, the Republic of Korea, Mongolia and Russia.

The Memorandum is designed to enhance financial cooperation of North-East Asia export-import banks with other financial institutions as well as to fund projects supported by ETI governments.

The Association’s members intend to develop, coordinate and jointly implement trans-border regional projects, share information on regional trade and top-priority investment projects.

The parties believe that the Memorandum’s implementation would assist in creating a favorable investment climate, sustainable economic and social development of the region as well as its integration in the world economy.

The Extended Tumangan Initiative approved by the United Nations Development Programme (UNDP)in 1991 and is a continuation of a project to render assistance to North-East Asia countries (Democratic People’s Republic of Korea, China and the Republic of Korea). Russia has been a full member in the UNDP regional cooperation since 1995. ETI’s main task is to boost international investment appeal of mainland North-East Asia and enhance trade and business to attain sustainable socio-economic and ecologically safe development of this region.