The United States, Japan, and South Korea announced the launch of a new framework on October 25, 2024, to enhance digital infrastructure in India through collaboration with the Indian private sector.
It was unveiled by the US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank).
The announcement has strengthened the trilateral partnership, focusing on supporting India’s digital transformation by leveraging the expertise and resources of these three nations in cooperation with local businesses.
Scott Nathan, CEO of the DFC, Nobumitsu Hayashi, Governor of JBIC, and Hee-sung Yoon, Chairman and CEO of Korea Eximbank, have formally signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) to support a range of information and communications technology initiatives.
These initiatives include 5G, Open RAN, submarine cables, optical fiber networks, telecom towers, data centers, smart cities, e-commerce, artificial intelligence (AI), and quantum technology. This framework aims to enhance the digital landscape in India through a collaborative approach.
The DiGi Framework creates an efficient pathway for the DFC, JBIC, and Korea Eximbank to collaborate with the Indian private sector in tackling critical digital infrastructure requirements. Additionally, this initiative will promote essential policy dialogues with both the Indian government and private enterprises, aiming to stimulate greater private sector investment in digital infrastructure projects.
Scott Nathan highlighted that through collaboration with JBIC, Korea Eximbank, and Indian local enterprises, the DFC can strategically utilize private funding to meet the increasing demand for superior digital infrastructure. He remarked that this framework signifies real advancement toward sustainable development and economic prosperity in the Indo-Pacific region.
JBIC Governor Nobumitsu Hayashi stated that the DiGi Framework is timely and aligns with the policies of both the Indian and Japanese governments. He emphasized that it has shown the agreements reached during the high-level trilateral meeting among DFC, Korea Eximbank, and JBIC in March 2024, under a memorandum of understanding signed in August 2023.
The framework is designed to support cooperation among the United States, Japan, and South Korea, working in partnership with India to promote shared goals. DFC, JBIC, and Korea Eximbank are dedicated to leveraging private sector resources to facilitate high-quality investments in India’s digital infrastructure. This approach meets the growing demand for advanced technologies and connectivity solutions.
Hee-sung Yoon, Chairman and CEO of Korea Eximbank, highlighted that the framework strengthens Korea’s development finance capabilities in alignment with its economic and diplomatic priorities. He noted that this initiative, created in partnership with the three institutions, lays a solid foundation to address the pressing needs for digital infrastructure in India, further advancing its collective objectives.
