The Japan Bank for International Co-operation (JBIC) and the International Finance Corporation (IFC) have signed a memorandum of understanding aimed at enhancing co-operation between the two organizations on projects in the environmental and infrastructure sectors of developing countries or frontier markets in Africa, south Asia and Vietnam’s Mekong region.

JBIC, as Japan's policy-based financial institution, has a strategy of supporting the overseas business expansion of Japanese companies in the fields of environment and quality infrastructure through its financing facilities, including its growth investment facility launched in January 2020.

One of JBIC's action plans specified in its third medium-term business plan includes supporting Japanese companies expanding into these developing regions by enhancing their risk-taking capabilities and collaboration with international organizations.

IFC, which is part of the World Bank group, has identified climate change measures and infrastructure development – particularly in the areas of electricity, transportation and water systems – in developing countries as key areas of focus where it hopes to encourage private sector investment.