The Japan Bank for International Co-operation (JBIC) and Bancolombia have signed a memorandum of understanding (MOU) for future collaboration in financing.

With the MOU, the two banks hope to support Japanese exports of machinery and equipment to Colombia and to exchange information on potential projects.

“With Colombia’s strong demand for infrastructure development based on its steady economic growth, in recent years, there have been growing expectations on the expansion of Japanese exports to Colombia through collaboration between Japanese and Colombian companies, and also on the major role JBIC should play therein.

“Under these circumstances, this MOU is expected to contribute to the expansion of Japanese companies’ business opportunities in Colombia, by strengthening co-operative and collaborative relationship between JBIC and Bancolombia,” JBIC says in a statement.