South Korea has agreed to invest an additional 90 million U.S. dollars in a trust fund in the World Bank Group over the next three years through 2018.

An agreement was signed at a ceremony Thursday held at the World Bank headquarters in Washington attended by Finance Minister Yoo Il-ho and World Bank President Jim Yong Kim.

The South Korea-World Bank trust fund solely receives contributions from the Seoul government.

South Korea has contributed 30 million dollars annually to the fund since 2013 to support the economic development and transfer of knowledge to developing nations.