USA, Japan and South Korea Ink Financial MOU for Indo-Pacific

On 18 August 2023 in Washington DC, the US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC) and the Export-Import Bank of South Korea (Korean EXIM Bank) signed an MOU to jointly mobilize financing for quality infrastructure projects. By quality projects, the parties intend to adopt advanced #ICT, fight #ClimateChange and promote resilient #GVC.

“Like JBIC and Korea Eximbank, DFC is committed to unleashing the power of private capital to meet the need for high-quality infrastructure projects in the Indo-Pacific region,” said DFC CEO Scott Nathan. “With this MOU, we have a blueprint for transforming our shared values into coordinated action and actual infrastructure investments that promote sustainable development and prosperity.”

The three countries share a common vision with regards the #IndoPacific which is free, open, inclusive and resilient and aims at achieving common prosperity. The MOU will give a boost to funnel private investment towards these quality projects. In particular, the MOU has identified small module reactors as a potential contributor towards #NetZero.

It is worth noting that the DFC also pays special attention to projects targeted at SME, Youth and Women Entrepreneurs in emerging markets while respecting human rights and the environment.

The strengthening of cooperation in the financial field is in line with ‘The Spirit of Camp David’, which is a Joint Statement released following a meeting among the leaders of trilateral alliance in Camp David.