JBIC Holds High-Level Meeting with U.S. International Development Finance Corporation and Export-Import Bank of Korea
Reaffirming Cooperation to Contribute toward Growth of Digital Infrastructure in India

Roundtable discussion Participants from the government institutions of Japan, Korea, and the U.S.

On March 6, 2024, the Japan Bank for International Cooperation (JBIC) held a high-level meeting under the trilateral Memorandum of Understandings (MoU)^*1 with the U.S. International Development Finance Corporation (DFC) and the Export-Import Bank of Korea (KEXIM) on the sidelines of the first Raisina Roundtable @ Tokyo^*2 and reaffirmed the shared values and strong willingness to consider and deepen cooperation to contribute to the growth of digital infrastructure in India.

The DFC, a U.S. government development finance institution, was established to mobilize and facilitate the investment of private capital for the economic and social development of emerging market countries by offering financing, political risk insurance, and other financial tools for development projects. KEXIM is a policy-based financial institution wholly owned by the Government of Korea that extends credit in such forms as export loans and guarantees to promote international trade, overseas investment, etc. of Korean companies. Under the MOU signed by the three institutions, JBIC has already held several working-level meetings to discuss the opportunities of the trilateral cooperation in areas such as the development of quality infrastructure, energy transitions toward decarbonization, and enhancing the resilience of global supply chains, especially in the Indo-Pacific region.

Digital infrastructure is the major economic driver as global internet traffic in 2030 is expected to be 30 times larger than in 2021. In India, the ICT sector contributes to more than 13 percent to its GDP, and it has improved its digital infrastructure nationwide with the aim of growing the ICT sector to USD1 trillion by 2025. In the high-level meetings, the three institutions reaffirmed they will continue to discuss supporting digital infrastructure projects by making full use of the financial tools under the MoU.

As Japan’s policy-based financial institution, JBIC will continue to contribute toward the further development of economic relations with related countries to tackle global issues, such as digital transitions, by collaborating closely with such overseas governments and policy-based financial institutions.

See the joint statement by DFC, KEXIM, and JBIC here.