OREANDA-NEWS. Vnesheconombank, the Export-Import Bank of China, the Export-Import Bank of the Republic of Korea and the Development Bank of Mongolia entered into a framework agreement on basic principles of the North-East Asia Export-Import Banks Association's activity. The signing ceremony was held in the city of Yanji (China) as part of the 15th session the Extended Tumangan Initiative Consulting Commission.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman Anatoly Ballo.

VEB joined the Initiative in August of 2013.

The agreement will allow the banks to implement the developed mechanism for cooperation as well as to get down to working on joint projects under the auspices of the Extended Tumangan Initiative . In the parties' opinion the agreement would help to boost the region's investment appeal needed for its sustainable development

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.

Export-Import banks of China, the Republic of Korea and the Development Bank of Mongolia established the North-East Asia Export -Import Banks Association in October of 2012.