North Korea's state-run news agency says a top Pyongyang body has unveiled plans to set up a national development bank that would manage the nation’s investment transactions.

The Korean Central News Agency said Wednesday that North Korea’s National Defense Commission has made the announcement official, adding that the envisioned bank will be equipped with new financial regulations and the modern systems needed for transactions with international financial institutions and commercial banks.

The report added that the Korea Taepung International Investment Group was selected to act as the envisioned bank’s overseas economic cooperation body that will be based in Pyongyang. The group will be charged with providing funding for the bank.

According to the report, the investment group’s board of directors will be headed by Kim Yang-gon of North Korea’s United Front Department. Pak Chol-su, an ethnic Korean in China, will serve as the permanent deputy director-general.