Malaysia's EXIM Bank Signs MoU With UK ECGD

KUALA LUMPUR, June 22 (Bernama) -- Export-Import Bank of Malaysia Bhd (EXIM Bank) has signed a Memorandum of Understanding (MoU) with the Export Credit Guarantee Department (ECGD) of United Kingdom. The MoU is aimed at establishing a basis for the exchange of information, coinsurance, reinsurance and training between the two export credit agencies, EXIM Bank said in a statement Friday. "The MoU also provides the means for EXIM Bank and ECGD to reinsure each other, when exporters from both countries, are involved in supplying goods and services to the same buyers. "In such a situation, the export credit agency of the exporter, who has the largest share of the relevant contract, will provide export credit support for the whole contract and be reinsured by the export credit agency of their exporters," it added. EXIM Bank Managing Director and Chief Executive Officer Adissadikin Ali said the bank was looking forward to implement the MoU at the earliest opportunity by providing export credit and political risk insurance to investment projects. -- BERNAMA