Asian nations to set up regional credit guarantee body

Published by rudy Date posted on April 6, 2009

Seoul (ANTARA News/Asia Pulse) — Asian countries are expected to announce the details of a proposed credit guarantee body next month, aimed at bolstering regional debt markets, a high-ranking Seoul official said Sunday.

The envisioned organization called a “credit guarantee and investment mechanism” (CGIM) is intended to provide a credit guarantee for regional banks and companies to gain necessary funding through bond issuance.

“ASEAN members, plus South Korea, China and Japan will hold a finance minister’s meeting in Bali, Indonesia earlier next month and announce plans to establish the CGIM,” Deputy Finance Minster Shin Je-yoon told reporters during a briefing on the results of the G-20 summit talks in London. –Business in Asia Today – published by Asia Pulse

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