South Korea, China and Japan have agreed to establish a Northeast Asian financial consultative body for closer cooperation in financial development.

The Korea Development Bank, the China Development Bank and Japan's Mizuho Bank signed a memorandum of understanding on the matter Sunday on the sidelines of the Asian Development Bank's annual meeting.

Korea Development Bank President Yoo Ji-chang said that the Northeast Asia Development Finance Council will focus on seeking joint venture projects, ways to support the financial sector and establishing advanced financial infrastructure.

He said that the consultative body will become the milestone of regional cooperation among the three countries.