The Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding (MOU) on official development assistance (ODA) operations with South Korea’s Economic Development Cooperation Fund (EDCF) – a bilateral ODA loan implementing entity under Export-Import Bank of Korea (Kexim).

The partnership will strengthen international efforts to assist economic and social development in Asian and other developing countries.

Under the MOU, JBIC and Kexim will share information on development-related operations, hold joint seminars and produce joint project evaluations.

South Korea joined the Organisation for Economic Cooperation and Development (OECD) in 1996 and has expressed its intention to increase its ODA in recent years.