South Korea's two state-run policy lenders said Friday that they agreed to help local companies win more big-ticket overseas projects by providing massive financing.

Under the memorandum of understanding (MOU), the Export-Import Bank of Korea (Eximbank) and Korea Development Bank (KDB) will cooperate to support local companies win more bids for big overseas projects, they said in a statement.

"The MOU is expected to create synergy for both policy lenders and boost local companies' overseas expansion," said Eximbank and KDB. The two state-run banks are set to hold regular meetings and exchange human resources as part of the agreement.

The move comes amid the rapid growth of the global project financing market. The market size for plant and infrastructure developments between 2011-2030 is forecast to reach $40 trillion, according to Eximbank data.

Last month, Eximbank said it aims to increase the size of its lending to 150 trillion won ($140 billion) by 2020, with a focus on long-term and green industry loans. (Yonhap News)