Japan International Cooperation Agency

September 2019
 What is JICA?
 JICA at a Name: Japan International Cooperation Agency (JICA)
Glance
Capital: 100% owned by the Government of Japan

October 1, 2003
Date of establishment: Successor organization of multiple organizations including Overseas Economic
 JICA’s Cooperation Fund established in 1961
Sustainability
Act of the Incorporated Administrative Agency - Japan International Cooperation
Proposition Legal foundation:
Agency (“JICA Act”)
“JICA aims to contribute to the promotion of international cooperation as well as the
sound development of Japanese and global economy by supporting the
Objectives:
socioeconomic development, recovery or economic stability of developing
 Overview of regions.” (Article 3 of JICA Act)
JICA JICA, in accordance with the Development Cooperation Charter*, will work on human
 Finance and Mission:
security and quality growth
Investment
Offices: Headquarters, Domestic (14), and Overseas (96)

 Financial Capital Ratio**: 77.14% as of March 2019

Statement and
Funding Plan Credit Ratings: S&P: A+ Positive

USD-denominated bonds with explicit

Guarantee: guarantee by the Government of
Japan
 Appendix *Development Cooperation Charter: development cooperation activities guidelines approved by
the Cabinet in 2015. See Appendix—Japanese Development Cooperation Charter for detail.
**Capital ratio = net assets / assets
Note: In this material, exchange rate is USD/JPY = 100 unless otherwise stated
References in this document to Japanese fiscal years (“JFYs”) are to 12-month periods commencing in each case on April 1 of the year indicated and ending
on March 31 of the following year. 1
 JICA’s Bonds
 JICA at a JICA’s Japanese Government-guaranteed bonds* denominated in USD follows the below framework:
Glance
Use of Proceeds
The proceeds from issuing JICA bonds are:
 used to establish basic infrastructure, social services and others in
developing countries through sovereign loans and private sector investment
 used for projects that are in line with the Development Cooperation Charter of
 JICA’s
Japan, and with the Sustainable Development Goals (SDGs) adopted at the UN
Sustainability Summit 2015
Proposition
Project Selection
The project selection is conducted through a rigid process that involves:
 evaluation based on OECD-DAC Criteria for Evaluating Development Assistance
 review by external experts
 Overview of  approval by the Japanese government
JICA
 Finance and
Investment Management of Proceeds
The proceeds are:
 allocated and managed under the Finance and Investment Account, which is

 Financial audited by the Board of Audit of Japan and an independent auditor

Statement and
Funding Plan Project Evaluation & Reporting
The funded projects are:
 monitored on site by 96 offices abroad, receiving progress reports from loan
recipients
 evaluated as part of JICA’s ex-post evaluation process upon completion in
 Appendix principle, and the results are published on website
 summarized and published in an impact report

*JICA also issues non government-guaranteed bonds. See Financial Statement and Funding Plan – Track Record – Bond Issuance for detail. Photos: Shinichi Kuno/JICA 2
 Commitment in Addressing the SDGs
 JICA at a JICA has set three pillars below as the key development issues, and strives to address these agendas
Glance through its development assistance.

Quality growth, and poverty Sharing universal values Building a sustainable and
eradication through such and realizing a peaceful and resilient community through
1 growth 2 secure society 3 efforts to address global
 JICA’s
challenges
Sustainability
Proposition
 Project Case: Egypt-Japan  Project Case: Promotion of  Project Case: Disaster Risk
Education Partnership: Human Universal Health Coverage Management Enhancement Project
Resource Development Project
 Country: Senegal  Country: Bangladesh
 Country: Egypt
 Amount: USD 84 mn (JPY 8.4bn)  Amount: USD 170mn (JPY 17bn)
 Amount: USD 102 mn (JPY
 Overview of  Agreement Date: November 2016  Agreement Date: June 2016
10.2bn)
JICA  Contributes to SDG Target 3.8.1:  Contributes to SDG Target 11.5.1:
 Finance and  Agreement Date: May 2017
Coverage of essential health Number of deaths, missing persons
Investment  Contributes to SDG Target 4.b.1: services and persons affected by disaster
Volume of official development per 100,000 people
assistance flows for scholarships
 Financial by sector and type of study
Statement and
Funding Plan

 Appendix

Source: JICA website:

https://www.jica.go.jp/english/news/press/2017/170508_02.html https://www.jica.go.jp/english/news/press/2016/161116_01.html 3
https://www.jica.go.jp/english/news/press/2017/180222_03.html https://www.jica.go.jp/english/low/news/press/2016/160629_01.html
 Efforts toward Achieving the SDGs
As the agency implementing Japan’s Official Development Assistance (ODA), JICA strives to alleviate social
 JICA at a
issues that many developing countries face. Here are the example of impacts JICA has made around the
Glance
world.
Expanded Food Production
An 80% increase
The rate of increase in rice production in Sub-Saharan
Africa [From 14 million tons in the baseline year to 25.16
Development of Industrial Human Resources
 JICA’s million tons in 2014]
821 students
Sustainability The number of ABE Initiative* participants (JFY 2014-2016)
Proposition Maternal and Child Health Handbook
*African Business Education Initiative for Youth

25 countries 8 million copies

The total estimated number of copies of the Maternal and
Child health (MCH) Handbook distributed in Japan and 25 BOSAI: Disaster Risk Reduction
countries in one year (2016)
1/70th
The reduction in fatalities due to cyclones in Bangladesh [a
 Overview of comparison in death tolls caused by cyclones of similar scale
Mathematics and Science Education between the 1970s and 2007] The figures reflects the development
JICA outputs of assistance provided by other donors also.
 Finance and 960,000 people in 60 countries
The total number of teachers who received JICA’s training
Investment in mathematics and science education (1994-2015) Advanced Technology for Environmental
Conservation
7,600 cases
 Financial The annual number cases where forest change was detected in
Access to Safe Water 77 countries (from Mar 2016 to Feb 2017
Statement and
59 million people
Funding Plan The total number of people who gained access to water with
JICA’s aid for water supply facilities (2002-16)
Japan Overseas Cooperation Volunteers
42,972 volunteers
The cumulative total number of JOCVs dispatched (JFY 1965-
2016)
Clean Energy
 Appendix 1,230 MW
Total installed capacity of operational geothermal power-
generation facilities that have been built with Japanese
ODA Loans (since JFY 1978)
Source: JICA Annual Report 2017: https://www.jica.go.jp/english/publications/reports/annual/2017/c8h0vm0000bws721-att/2017_glance.pdf
4
 Strategy toward Achieving the SDGs
JICA will play a catalytic role for cooperating with domestic and foreign development partners, mobilizing the private
 JICA at a sector’s technical and financial resources, developing innovations, and extending effective approaches at the global
Glance level by focusing on the strategies below.

1. Securing and expanding the impact of cooperation

2. Reaching the specific needs of the people on the field

 JICA’s
Sustainability 3. Strengthening cooperation with multiple stakeholders
Proposition
4. Maximizing synergy effect with SDGs actions in Japan
and overseas

Goals to which JICA

contributes through
 Overview of comprehensive response
JICA
 Finance and
Investment Goals that JICA approaches as
core development areas

 Financial
Statement and Goals to which JICA plays a
Funding Plan key role

Goals that JICA considers

necessary means of
implementation
 Appendix

Source: JICA’s Position Paper “Toward Achieving Sustainable Development Goals (SDGs)”
5
 Managing Environment & Social Risks
Comprehensive Approach to Environmental and Social Considerations (ESC)
 JICA at a Categories
Application of the ESC Guidelines
Glance
A B FI* C
Basic Principles
Mandatory If required
ESC Prerequisite Respect human

Planning
rights for inclusive  Environmental Impact Assessment
Avoid adverse impacts
 JICA’s development  Resettlement Action Plan
 Indigenous Peoples Plan
Sustainability  Information disclosure and consultations with stakeholders
Proposition Standards and References
• Host country’s laws, standards, policies & plans
• World Bank’s safeguard policies Disclose the results of Disclose the results of
• Internationally accepted standards - Environmental Impact - Environmental Impact
Assessment Assessment

JICA’s review
- Resettlement Action - Resettlement Action
Plan
 Overview of Impact Assessment Plan
- Indigenous Peoples
- Indigenous Peoples
JICA Plan Plan
 Finance and Environment before the Review
• Pollution
Investment • Biota & Ecosystems
• Trans-boundary or global impacts
Implementation Agreement

 Financial Society
• Resettlement, migration, and urbanization JICA discloses the results of the Environmental Review
Statement and • Unfair distribution of benefits

Implementation
Funding Plan • Impacts on vulnerable populations During implementation, the partner countries are required to:
• Impacts on community health & safety  Monitor the ESC activities
• Impacts on or caused by labor environment  Report the monitoring results to JICA
• Impacts on social structures, social infra and
social services
• Impacts on cultural heritage
JICA discloses the results of Environmental Monitoring
 Appendix ESC disclosure to public

Source: JICA Website https://www.jica.go.jp/english/our_work/social_environmental/guideline/pdf/guideline100326.pdf https://www.jica.go.jp/english/our_work/climate_change/index.html

*FI=Financial Intermediary, which in turn implements sub-projects that may have adverse impacts on the environment or society, but these impacts cannot be identified in detail prior to JICA’s approval.
6
 Case Study
 JICA at a Polio Eradication Project
Glance
Country: Nigeria
Agreement Date: May 2014
Loan Agreement Amount: JPY 8,285 million (USD 82.9 million)

 JICA’s Use of the Loan

Sustainability • Approximately 460 million polio vaccine doses were procured with
the funds from 2015 to 2017
Proposition Government of
ODA Loan
Nigeria
Project Highlight:
• Aiming polio eradication in one of the only three countries in the world Succeeding debt
where polio is endemic (Other two being Pakistan and Afghanistan) obligation
• Collaboration with the Bill & Melinda Gates Foundation Repayment (after completion
of the project)
 Overview of • Gates Foundation to assume debt obligation after completion
JICA of the project in place of the Government of Nigeria
 Finance and Gates
Investment Recent Development Foundation
• The number of cases of polio decreased, demonstrating a tangible
improvement in the country’s efforts to eradicate polio

 Financial Year 2012 2013 2014 2015 2016 2017*

Statement and Number of Cases 122 53 6 0 4 0
Funding Plan * As of mid-December 2017
• In addition to providing the loan, JICA has sent experts specialized in public
health sector support to Nigeria in 2015 who proposed policy implementation of
regular vaccination services in the country
• JICA has also coordinated training sessions in Japan for Nigerian polio
researchers to provide a comprehensive support to achieve polio eradication
 Appendix • The Gates Foundation succeeded the debt obligation in December 2017
(photo: UNICEF)

Source: JICA website: https://www.jica.go.jp/english/news/press/2014/140527_01.html https://www.jica.go.jp/english/news/press/2017/171221_02.html 7

 Case Study
 JICA at a Dedicated Freight Corridor Project (Procurement of Electric Locomotives)
Glance
Country: India
Agreement Date: September 2017
Loan Agreement Amount: JPY 108.5 billion (USD 1.08 billion)
Use of the Loan
 JICA’s • To strengthen a transportation network by
Sustainability procuring 200 electric locomotives for
Proposition freight corridor that connects Delhi and Mumbai

Background
• A large increase in the transportation volume of
container freight, agricultural products and
mineral resources is expected along the
 Overview of interval connecting Delhi and Mumbai.
JICA • Yet the current transportation capacity can
 Finance and only serve approx. 50% of the freight
Investment volume expected in 2032. In addition to locomotives, JICA also supports
related construction works currently in
Objectives progress and to be completed in 2025
 Financial • To introduce high-output, high speed Expected Impact
Statement and locomotives on the dedicated freight railway
Between Dadri and Mumbai
Funding Plan - to increase the transportation capacity
Number of freight trains Number of hours
and make the logistics network more
(Daily, both ways) required
efficient, thereby contributing to better
connectivity between industrial centers 2007 303 59
and strengthening industrial (Base year)
competitiveness 2027
 Appendix (2 year after 1,977 24
• The project is scheduled to be completed in
2025. completion)
Source: JICA website: https://www.jica.go.jp/english/news/press/2014/140527_01.html https://www.jica.go.jp/india/english/office/topics/press170915_02.html
JICA website: https://www.jica.go.jp/english/news/press/2017/171221_02.html https://www2.jica.go.jp/ja/evaluation/pdf/201z7_ID-P261_1_s.pdf (Japanese)
8
 Development of JICA
 JICA at a
Glance
March 1961 October 1999 October 2008
Spin off in April 2012
Japan Bank for International
Japan Bank for International Cooperation (JBIC)
Cooperation (JBIC)
 JICA’s
Sustainability Export-Import Bank of International Financial
Japan Finance Corporation (JFC)
Proposition Japan Operations

Bond Issuing Account

 Overview of Overseas Economic

Overseas Economic Finance and
Cooperation Fund Finance and Investment Investment
JICA (OECF)
Cooperation Operations
Account
 Finance and
Investment Established: March 1961

 Financial Japan International

Statement and Cooperation Agency Technical Cooperation
(JICA) General
Funding Plan
Established: August 1974 (1) Account
Ministry of
Foreign Affairs Grant Aid (2)

 Appendix Japan International Cooperation Agency

Note (1) JICA was reorganized into an Incorporated Administrative Agency in October 2003.
Note (2) The Ministry of Foreign Affairs continues to directly implement a part of Grant Aid needed for diplomatic policy. 9
 Three Main Arms of Operations
 JICA at a
Glance Finance and Investment

 ODA Loans
JFY2019 Budget Sovereign-based lending with
concessional conditions (similar to
development finance provided by
Multilateral Development Banks) to
 JICA’s
9% finance development projects.
Sustainability
 Private-sector Investment Finance
Proposition 9% Lending or equity investment to private- Delhi Mass Rapid Transport
sector entities. * System Project in India

Technical Cooperation
1.71 trillion JPY
 Overview of  JICA supports human resources
JICA development, R&D, technology
 Finance and dissemination and the improvement of
Investment institutional frameworks required to
82%
advance economic and social development
in recipient countries.
 Financial Assistance in agricultural production in Uganda

Statement and
Funding Plan Grant Aid
Finance and Investment: 1,395 bn JPY (13.9 bn USD)
 JICA offers assistance in the form of
grants with no repayment obligations
Technical Cooperation: 151 bn JPY (1.5 bn USD) to provide the goods and services
necessary for economic and social
 Appendix Grant Aid: 163 bn JPY (1.6 bn USD)
development in developing countries.

Rural water supply in Ethiopia

10
 Finance and Investment Activities – Schemes
ODA Loans
 JICA at a
 Sovereign-based lending to developing countries with highly concessional terms
Glance  Lending denominated in JPY but some qualified borrowers allowed to choose either JPY or USD for principal/interest
(re)payment
Concessional Lending in JPY/USD
(Borrower)
Government
 JICA’s or
Sustainability Government institution with
Proposition government guarantee
(Re)payments in JPY/USD
(allowed in USD for qualified borrowers)
Outstanding amount
Investment in public work projects
as of March 2019:
for development purposes
12,575 bn JPY
 Overview of (126 bn USD)
JICA
 Finance and Private-sector Investment Finance
Investment
 Lending or equity investment to private-sector entities operating in developing countries
 Lending or equity investment denominated in JPY, USD or EM currencies

 Financial
Statement and Private sector entity
Lending or investment equity
Funding Plan operating in denominated in JPY, USD or EM currencies
developing countries

Outstanding amount
 Appendix Private sector-oriented (or PPP-based) as of March 2019:
investment for development purposes 116 bn JPY
(1.2 bn USD)
11
 JFY 2018 Finance and Investment Activities
JFY 2014 -18 Commitment Amount (billion JPY) Distribution by Sector (JFY 2018 new commitment amount base)
 JICA at a
Glance
3% Transportation
2,500.0
2,260.9
4% 3%
4%
1,888.4 Electric Power and
2,000.0 Gas

1,485.8 10% Irrigation and Flood

 JICA’s 1,500.0
1,266.1 Control
Sustainability 1,015.9 Program Loans
Proposition 1,000.0

Social Services
500.0 76%
Agriculture, Forestry
0.0 and Fisheries
 Overview of JFY2014 JFY2015 JFY2016 JFY2017 JFY2018

JICA
Distribution by Region (JFY 2018 new commitment amount base) Top 10 Borrower Countries (JFY 2018 new commitment amount base)
 Finance and
Investment
6% 3% Country bn JPY bn USD
Asia 1 India 537.4 5.37
 Financial 2 Philippines 247.6 2.48
Middle East
Statement and 3 Bangladesh 201.1 2.01
Funding Plan Africa 4 Indonesia 70.0 0.70
5 Sri Lanka 40.7 0.41
North and Latin 6 Georgia 38.7 0.39
America
7 Iraq 37.3 0.37
Pacific
8 Jordan 33.7 0.34
 Appendix
91% Others 9 Uganda 18.6 0.19
10 Côte d’Ivoire 16.1 0.16
12
 JFY 2018 New Commitments
JPY ODA Loan (33 Projects), USD ODA Loan (1 Project), and Private Sector Investment Finance (4 Projects)

Cambodia
 Phnom Penh City Transmission and Distribution System
Iraq Georgia
Expansion Project (Phase 2) (II)
 Basrah Water Supply Improvement  East-West Highway Improvement Project  West Tonle Sap Irrigation and Drainage Rehabilitation and
Project (II) (Phase2 ) Improvement Project(II)
 Irrigation Sector Loan (Phase 2)
 Water Supply Improvement Project in Bangladesh Philippines
Kurdistan Region (II)  Jamuna Railway Bridge Construction Project (I)  New Bohol Airport Construction and Sustainable Environment
 Dhaka Mass Rapid Transit Development Protection Project (II)
Project (Line 5) (E/S)  Metro Rail Transit Line 3 Rehabilitation Project
 Dhaka Mass Rapid Transit Development  North-South Commuter Railway Extension Project ( I )
Project (III)  Pasig-Marikina River Channel Improvement Project (Phase IV)
 Matarbari Port Development Project (E/S)
Jordan  Matarbari Ultra Super Critical Coal-Fired Power
 BusinessEnvironment, Employment Indonesia
Project (IV)
and Fiscal Sustainability Reform  Construction
 Health Services Strengthening Project of Jakarta Mass Rapid Transit Project (Phase 2) (I)
Development Policy Loan
 East-West Medical College & Hospital
Latin America and Caribbean
Palau  Fund: MGM Sustainable Energy Fund II·II
 Palau International Airport Project

Uganda India
 KampalaMetropolitan Transmission  Kolkata East-West Metro Project (III)
System Improvement Project  Project for Construction of Mumbai – Ahmedabad High Speed Rail (I)
 Project for Renovation and Modernization of Umiam-Umtru Stage-III Hydroelectric
Power Station
Côte d’Ivoire  Delhi Mass Rapid Transport System Project Phase 3 (III)

 Projectfor the Construction of Three  Project for Sustainable Catchment Forest Management in Tripura Brazil
Intersections in Abidjan  North East Road Network Connectivity Improvement Project (Phase 3) (I)  Amaggi Agri Supply Chain Enhancement Project
 Project for Construction of Mumbai – Ahmedabad High Speed Rail (II)
 Project for the Construction of Turga Pumped Storage (I)
 Chennai Metro Project (Phase 2) (I)
 Project for the Dairy Development Southeast Asia Africa
 Program for Japan-India Cooperative Actions towards Sustainable Development
Goals in India South Asia Latin America
 Project for the Construction of Chennai Peripheral Ring Road (Phase 1)
Middle East
Sri Lanka
Black JPY Loan Red USD Loan
 Health and Medical Service Improvement Project
Blue Private Sector Investment Finance
 Project for Establishment of Light Rail Transit System in Colombo (I)

Disclaimer: Country borders or names do not necessarily reflect official endorsement or acceptance by JICA. This map is only for illustrative purposes and does not imply the expression of any opinion on the part of JICA, concerning the legal status of an y country 13
or territory or concerning the delimitation of frontiers or boundaries.
 Contribution to the SDGs through JFY 2017-18 New Commitments
 JICA at a
Glance Project samples from JFY 2017 - 2018
Distribution by Expected
Bengaluru Water Supply and Sewerage Project (Phase 3) (I) (JFY
Contribution to the SDGs India
2017)
(Commitment amount base)** Viet Nam Bien Hoa City Drainage and Wastewater Treatment Systems Project
(1) (JFY 2017)

3% Philippines Water Supply and Sewerage Development Project in the West Zone of
3% Metro Manila (JFY 2017)
 JICA’s
6% Iraq Water Supply Improvement Project in Kurdistan Region (II) (JFY 2018)
Sustainability 12%

Proposition 6%
3%
3% Kenya Olkaria I Units 1, 2 and 3 Geothermal Power Plant Rehabilitation
Project (JFY 2017)

Myanmar Hydropower Plants Rehabilitation Project (JFY 2017)

7% 2017: 1.89 trillion JPY
2018: 1.27 trillion JPY Bangladesh Dhaka Underground Substation Construction Project (JFY 2017)

 Overview of Cambodia Phnom Penh City Transmission and Distribution System Expansion
Project (Phase 2) (II) (JFY 2018)
JICA
 Finance and 51% India Mumbai Metro Line 3 Project (II) (JFY 2017)
Investment
Indonesia Patimban Port Development Project (I) (JFY 2017)

Viet Nam Hoa Lac Science and Technology City Development Project (1) (JFY 2017)
 Financial
Philippines North-South Commuter Railway Extension Project (I) (JFY 2018)
Statement and
Funding Plan 1 No Poverty 2 Zero Hunger
3 Health 4 Education Loan for the International Development Association 18 Replenishment
IDA
5 Gender Equality 6 Water and Sanitation (JFY 2017)
7 Energy 8 Economic Growth
ADF Loan for the African Development Fund Fourteenth Replenishment
9 Infractructure and Industry 10 Reduced Inequalities (JFY 2017)
11 Sustainable Cities 13 Climate Actions
Mongolia Fiscal, Social and Economic Reform Development Policy Loan (JFY
14 Oceans 15 Forests and Biodiversity 2017)
 Appendix 16 Peace and Governance 17 Partnerships
Program for Japan-India Cooperative Actions towards Sustainable
Unable to categorize India
Development Goals in India (JFY 2018)

* Expected contribution to the SDGs is identified through ex-ante evaluation conducted by JICA.
** For projects identified as contributive to more than one SDGs, commitment amount is divided
equally across the identified SDGs by the number of Goals. 14
 Collaboration with Other Development Agencies
JICA partners with bilateral and multilateral development agencies including AFD, IDB, KfW, World Bank and ADB
 JICA at a in order to maximize the impact of cooperation efforts
Glance Co-financer - World Bank & AFD

Mar 2015
AFD  Support Program to Respond to
Climate Change(V)
World  Supports countermeasures against
 JICA’s Bank climate change by the Government of
JICA Vietnam through financial support
Sustainability KfW and policy dialogue.
Proposition IDB  Country: Vietnam
 Amount: USD 125mn (JPY 12.5bn)

ADB
AfDB

 Overview of
JICA
 Finance and Co-financer - AfDB Co-financer - KfW Co-financer - ADB Co-financer - IDB
Investment
Mar 2018 Mar 2010 Jan 2015 Mar 2017
 Gounghin – Fada  Olkaria I Unit 4 and 5  Amu-Bukhara Irrigation  Laguna Colorada
N’Gourma Road Geothermal Power Rehabilitation Project Geothermal Power Plant
 Financial Improvement Project  Provides a stable supply of Construction Project
Project
Statement and  Enhancement of  Provides funds to water for irrigation to farms (Second Stage)
regional transportation and reduce the power 
Funding Plan expand the existing
consumption of the
Contributes to
network Geothermal Power diversification of the
 Country: Burkina Faso Station by installation rehabilitated facilities by energy matrix and
replacing existing pump mitigate the impact of
 Amount: USD 52mn of power generator,
140MW in total in Rift stations on main irrigation climate change
(JPY 5.7bn) channels in the Amu-Bukhara
Valley Province of  Country: Bolivia
Kenya irrigation system
 Amount: USD 570mn
 Country: Uzbekistan
 Appendix  Country: Kenya
 Amount: USD 119mn
(JPY 57.0bn)
 Amount: USD 295mn
(JPY 29.5bn) (JPY 11.9bn)
Source: https://www.jica.go.jp/english/news/press/2015/150817_01.html https://www.jica.go.jp/english/news/press/2017/180316_01.html
https://www.jica.go.jp/english/news/press/2014/150127_01.html https://www.jica.go.jp/english/news/press/2014/150326_01.html
15
 Comparison with Peer Institutions
JICA has been maintaining a high capital ratio while keeping a high level of annual commitment equivalent to
 JICA at a that of peer institutions
Glance
Bilateral Aid Agencies Multilateral Aid Agencies

100% 23.2 25.0

90% Annual Commitment(Bn USD) 21.6
86.4%
 JICA’s 80% Capital Ratio 20.0
77.1%
Sustainability 70%
Proposition 60% 13.8 15.0
13.2
11.5 12.2
50%
40% 10.0
30% 26.6%

20% 16.7% 5.0

 Overview of 6.2% 14.9%
10%
JICA
 Finance and 0% 0.0
JICA
JICA(1) AFD
AFD(2) KfW
KfW(3) ADB
ADB IBRD
IBRD IDA
IDA
Investment
German Federal Japan 15.6% U.S. 15.66% U.S. 10.19%
Japanese French Government Government 80% U.S. 15.6% Japan 7.87% Japan 8.34%
Capital Government 100% 100% PR China 6.4% PR China 4.36% U.K. 6.57%
German Federal
 Financial States 20% and others (4) and others (5) and others (6)
Statement and
Approx.
Funding Plan Annual
JPY 1,266.1 bn EUR 11.4bn EUR 10.6 bn
USD 21.6 bn USD 23.2 bn USD13.8 bn
(eq. USD 11.5 bn) (eq. USD 13.2 bn) (eq. USD 12.2 bn)
Commitment

As of March 2019 December 2018 December 2018 December 2018 June 2019 June 2019

Note: Capital Ratio = Capital / Assets Exchange rate used: USD/JPY=110, EUR/USD=1.15
 Appendix Source: prepared by JICA based on the annual reports and other materials published by each organization
(1) For Finance and Investment Account
(2) AFD and Proparco: https://www.afd.fr/sites/afd/files/2019-05-05-36-15/afd-registration-document-2018.pdf (4) ADB’s share of voting power as of December 31, 2018
(3) KfW Group:https://www.kfw.de/PDF/Download-Center/Finanzpublikationen/PDF-Dokumente-Berichte- (5) IBRD’s share of voting power as of August 16, 2019
etc/1_Geschäftsberichte/KfW_Finanzbericht_2018-2.pdf (6) IDA’s share of voting power as of June 30, 2019 16
Annual commitment is based on activities under “Promotion of developing countries and emerging economies”
 Finance and Investment Account – Funding Plan
 JICA at a The scale of Finance and Investment activities is on a rise – To fulfill the funding requirement, JICA receives
Glance contribution and borrowing from the Japanese government, and raise fund through capital market by issuing
Government-guaranteed bonds* and FILP Agency bonds**.

3% (46.8 bn JPY) 5% (64.0 bn JPY) JFY2019

JFY2019
(USD)
 JICA’s
Sustainability 6% (80 bn JPY)
Contribution from the government 46.8 bn 0.5 bn
Proposition

Fiscal Investment and Loan Program

549.2 bn 5.5 bn
(FILP)
1,395.0 bn JPY
 Overview of Borrowing from FILP 485.2 bn 4.9 bn
JICA 35% (485.2 bn JPY) 51% (719.0 bn JPY)
 Finance and Government-guaranteed bonds
64.0 bn 0.6 bn
Investment (USD)

FILP Agency Bonds (JPY) 80.0 bn 0.8 bn

 Financial
Statement Own funds, etc. 719.0 bn 7.2 bn
and Funding
Plan Government-guaranteed bonds (USD)
FILP Agency bonds (JPY) Total 1,395.0 bn 14.0 bn
Own funds, etc.
Borrowing from FILP
Contribution from the government
 Appendix
Source： JICA: https://www.jica.go.jp/english/ir/financial/information_01.html Note: Numbers less than a hundred million yen have been rounded off .
*The payment of principal and interest in respect of Government-guaranteed bonds are unconditionally and irrevocably guaranteed by the Government of Japan.
**FILP Agency Bonds: bonds issued under Japanese Government’s Fiscal Investment and Loan Program (FILP), without explicit government guarantee. Selected
agencies including JICA, JBIC, DBJ, etc., issue bonds under this program.
17
 Track Record – Bond Issuance
 JICA at a Government-guaranteed Bonds (USD)
Glance
 JICA is one of the three agencies
Issue Issue MS
qualified to receive Japanese No. Format Volume Coupon Tenor
Date Price Spread
government-guarantee for offshore
issuance, along with Development
Bank of Japan (DBJ) and Japan Bank 1 Nov-14 Reg S USD 500mn 99.588 +17bps 1.875% 5 Years
 JICA’s
for International Cooperation (JBIC).
Sustainability SEC-
2 Oct-16 USD 500mn 99.580 +59bps 2.125% 10 Years
Proposition  JICA plans to issue USD 500 million in registered
JFY 2019. SEC-
3 Apr-17 USD 500mn 99.480 +61bps 2.750% 10 Years
registered

SEC-
4 Jun-18 USD 500mn 100.000 +41bps 3.375% 10 Years
registered
 Overview of
JICA
 Finance and FILP Agency Bonds (JPY)
Investment  JICA issued its first FILP Agency bonds JGB
No. Issue Date Volume Issue Price Coupon Tenor
in the domestic market in December Spread
2008. 43 Dec-17 JPY 20bn 100.00 +4.5bps 0.625% 20 years
 Financial
Statement  JICA is recognized as one of the major 44 Jun-18 JPY 15bn 100.00 +17.0bps 0.200% 10 years
and Funding bond issuers in the Japanese market,
its bonds serving as the benchmark for 45 Jun-18 JPY 20bn 100.00 +5.5bps 0.559% 20 years
Plan
the government agency sector. The 46 Sep-18 JPY 20bn 100.00 +6.0bps 0.664% 20 years
outstanding amount is JPY 580 billion
(eq. USD 5.8 billion) as of March 2019. 47 Dec-18 JPY 15bn 100.00 +5.5bps 0.636% 20 years

 For JFY 2019, JICA plans to issue up 48 Jun-19 JPY 10bn 100.00 +18.0bps 0.059% 10 years
 Appendix to JPY 80 billion.
49 Jun-19 JPY 10bn 100.00 +6.5bps 0.333% 20 years
18
 Finance and Investment Account – Financial Statement
 JICA at a Balance Sheet (as of March 31, 2019) (Unit: billions of JPY unless otherwise stated)
Glance
JPY USD JPY USD
Loans 12,300.4 123.1 bn Borrowings from FILP 2,037.4 20.4 bn
Allowance for loan losses -165.8 -1.7 bn Bonds 800.2 8.0 bn
Investment securities 6.0 0.1 bn Provision for contingent losses 9.3 0.1 bn
 JICA’s Shares of affiliated companies 44.1 0.4 bn Others 40.7 0.4 bn
Sustainability Money held in trust 40.8 0.4 bn Total liabilities 2,887.6 28.9 bn
Proposition Claims probable in bankruptcy, rehabilitation, and others 87.1 0.9 bn Government investment 8,083.4 80.9 bn
Allowance for loan losses -83.2 -0.9 bn Reserve fund 1,626.1 16.3 bn
Others 401.7 4.1 bn Others 33.8 0.3 bn
Total assets 12,630.9 126.4 bn Total net assets 9,743.30 97.4 bn

 Overview of Capital Ratio (net assets / assets) 77.14%

JICA
Statement of Income (Unit: billions of JPY unless otherwise stated)
 Finance and
Investment JFY2016 JFY2017 JFY2018 JFY2018 (USD)
Ordinary revenues
Interest on loans 152.8 145.3 138.2 1382 mn
Dividends on investments 13.6 19.3 20.9 209 mn
 Financial Reversal of provision for allowance
2.6 2.5 1.3 13 mn
Statement for loan losses and contingent losses
Others 4.5 6.2 7.3 73 mn
and Funding
Total ordinary revenues 173.5 173.3 167.7 1677 mn
Plan Ordinary expenses
Interest on borrowings 18.6 17.1 16.5 165 mn
Interest on bonds and notes 6.1 7.3 9.3 93 mn
Provision for allowance for loan losses 22 8.2 1.8 18 mn
Others 52.4 61.3 62.3 623 mn
Total ordinary expenses 99.1 94.0 89.9 899 mn
 Appendix Extraordinary income and loss 0 0 0 0 mn
Total income for the current period 74.4 79.2 77.8 778 mn

Totals may not correspond to the sum of each item, as numbers less than a hundred million yen have been rounded off.
19
 What is ODA?
 JICA at a Official Development Assistance
Glance
Definition of ODA is provided by the Development Assistance Committee (DAC) of the Organization for
Economic Co-operation and Development (OECD).

Definition 1 To be undertaken by governments or government agencies

 JICA’s
Sustainability Definition 2 To promote economic development and welfare in developing countries as the main objective
Proposition
Definition 3 Loan must have highly concessional financial terms

Japanese ODA and JICA

 Overview of
JICA Japanese
Finance and Investment
 Finance and Economic
Investment Cooperation Bilateral
Assistance Technical Cooperation

 Financial ODA
Grant Aid
Statement and
Funding Plan

Multilateral Assistance (Contributions to the United Nations, World Bank, etc. )

JBIC
 Appendix Other Official Flows (OOF) (cooperation through public funding other than ODA) NEXI (export insurance)
etc.
Private sector, non-profit organizations (NGOs), etc.
20
 Japanese Development Cooperation Charter
 Japan’s Development Cooperation Charter was approved by the Cabinet in 2015 to set the guidelines for
 JICA at a development cooperation activities for not only public agencies but all participants in tackling ever more diverse
Glance and complex development challenges
 The proceeds from JICA bonds are entirely applied to Japan’s development cooperation based on the Basic
Policies and Priorities as set out below
Basic Policies

 JICA’s 1 Contributing to peace and prosperity through cooperation for non-military purposes
Sustainability
Proposition 2 Promoting human security

Cooperation aimed at self-reliant development through assistance for self-help efforts as well as
3
dialogue and collaboration based on Japan’s experience and expertise

 Overview of
JICA Priority Issues
 Finance and
Investment “Quality growth” and poverty eradication through such growth
1 Taking advantage of Japan’s own experience, expertise and technology
to realize inclusive, sustainable, and resilient growth
 Financial
Sharing universal values and realizing a peaceful and secure society
Statement and Solidifying the foundations for development by establishing the rule of law,
Funding Plan good governance, democracy and respect for basic human rights
2
including women’s rights, and also by contributing to peacebuilding,
emergency humanitarian relief, and to fight against threats to stability and
security

 Appendix Building as sustainable and resilient international community

through efforts to address global challenges
3
Taking full account of the discussions regarding international development
goals including SDGs 21
 JFY 2018 General Account Activities
 JICA at a
Glance Technical Cooperation Grant Aid

Asia
1% Asia
3%
4% Others 4%
7% 8%
 JICA’s Africa
Africa
Sustainability 39% 10%
42%
Proposition North and Latin
19% JPY 190.0 bn America JPY 98.5 bn North and Latin
America
Middle East

Pacific
Pacific
27% 36%
 Overview of Europe Middle East
JICA
 Finance and
Investment
Public Works and Public Works and
Utilities 8% Utilities
23%
 Financial 5%
Human Resources
Agriculture, Forestry
Statement and and Fisheries 9%
Funding Plan 47%
Health and Medical
Services
JPY 190.0 bn Human Resource
11%
Development
9%
JPY 98.5 bn
Agriculture, Forestry
57% and Fisheries
Planning and
Administration Energy
11% 12%

 Appendix 8% Others Others

Note: Figures based on expenses excluding management expenses of JFY2018 Note: Figures based on Grant Agreement of JFY2018 22
 General Account Financial Statements
 JICA at a Budget — Scale of Operations* (Unit: billions of JPY unless otherwise stated)
Glance
Technical Cooperation JFY 2017 JFY 2018 JFY 2019 JFY 2019 (USD)
Revenues from management grants 150.3 149.8 150.5 1,505 mn
Revenues Other revenues 0.9 2.7 6.0 24 mn
Total 151.2 152.5 156.5 1,565 mn
 JICA’s Administrative expenses 9.3 9.6 9.1 91 mn
Sustainability
Operational expenses 141.3 141.9 145.3 1,453 mn
Proposition Expenditures
Other expenses 0.7 1.0 2.1 21 mn
Total 151.2 152.5 156.5 1,565 mn

Grant Aid** JFY 2017 JFY 2018 JFY 2019 JFY 2018 (USD)
 Overview of Operation scale Total 163.1 160.5 163.1 1,631 mn
JICA
 Finance and
Investment
Balance Sheet (as of March 31, 2019) Statement of Income (Unit: billions of JPY unless otherwise stated)

 Financial JPY USD JFY 2017 JFY 2018 JFY 2017 (USD)
Statement and Total assets 286.2 bn 2,862 mn Ordinary revenues 227.7 238.5 2,385 mn
Funding Plan Total liabilities 231.2 bn 2,312 mn
Ordinary expenses 238.2 247.5 2,475 mn
Total net assets 55.0 bn 550 mn
Others 14.8 12.3 123 mn

Total income for the 4.3 3.2 32 mn

 Appendix current business year

Totals may not correspond to the sum of each item, as numbers less than a hundred million yen have been rounded off.
* All figures are based on budget for the fiscal year.
** Inclusive of budget for operations implemented by the Ministry of Foreign Affairs
23
 Terms and Conditions of ODA Loans (effective from October 1, 2018)

Fixed/ Repayment Grace Period Conditions for

Category GNI Per Capita (2016) Terms Standard/Option Interest Rate (%)
Variable Period (years) (years) Procurement
Low-Income Least
0.01 40 10 Untied
Developed Countries (1)
STEP(2) Fixed Standard 0.10 40 12 Tied
Least Developed
Preferential Terms
Countries
for high Fixed Standard 0.25 30 10
and Specification(3)
Low-Income - US$ 1,005 Floating Standard ¥Libor+25bp 30 10
Preferential Untied
Countries Terms(4) Fixed Standard 0.85 30 10
Floating Standard ¥Libor+35bp 30 10
General Terms
Fixed Standard 0.95 30 10
STEP(2) Fixed Standard 0.10 40 12 Tied
Preferential Terms
for high Fixed Standard 0.50 30 10
Lower- Middle- US$ 1,006 Specification(3)
Income -
Preferential Floating Standard ¥Libor+65bp 30 10 Untied
Countries US$ 3,955
Terms(4) Fixed Standard 1.25 30 10
Floating Standard ¥Libor+85bp 30 10
General Terms
Fixed Standard 1.45 30 10
Preferential Terms
for high Fixed Standard 0.70 30 10
Upper- Middle- US$ 3,956 Specification(3)
Income - Preferential Floating Standard ¥Libor+85bp 30 10 Untied
Countries) US$12,235 Terms(4) Fixed Standard 1.45 30 10
Floating Standard ¥Libor+105bp 30 10
General Terms
Fixed Standard 1.65 30 10
For consulting services, the interest rate will be minimal (0.01%) and the repayment, grace periods and conditions for procurement will
Consulting Services
be the same as those for main components.
Options for Program Type Japanese ODA In case of co-financing, it is possible to apply the same repayment terms as co-financer's lending while maintaining the
Loans concessionality of Yen loans.
1 For Low-Income LDCs, the term and condition of 0.01% interest rate and 40-year repayment period including 10-year grace period are applied, irrespective of sectors and fields. Three-year transition period will be granted to recipient countries that will move from the category of Low Income LDCs, and, during the period, the terms and
conditions for Low-Income LDCs will be applied to the projects of the countries.
2 Special Terms for Economic Partnership (STEP) is extended to the projects for which Japanese technologies and know-how are substantially utilized, based on the recipient countries' request to utilize and transfer excellent technologies of Japan. Countries (except LDCs), which are eligible for tied aid under Arrangement on Officially

Supported Export Credits issued by OECD, are eligible for STEP terms.
3 Preferential Terms for High Specification will be applicable to projects promoting quality infrastructure.The applicability of the terms will be decided on a case-by-case basis.
4 Preferential Terms are applied to the following sectors and fields: (i) Issues on Global Environmental and Climate Change, (ii) Health and Medical Care and Services, (iii) Disaster Prevention and Reduction, and (iv) Human Resource Development
5 The base rate of Floating Loan is the value of the 6-month Japanese Yen LIBOR, and the fixed spread remains constant over the life of the loan. If the base rate plus fixed spread is lower than 0.1%, the interest shall be 0.1%.
6 Irrespective of the income category, the term and condition of 0.01% interest rate and 40-year repayment period including 10-year grace period are applied to projects assisting recoveries from disasters, including Stand-by Emergency Credit for Urgent Recovery (SECURE). For Stand-by Emergency Credit for Urgent Recovery (SECURE), the

term and condition of 20-year repayment period including 6-year grace period, or 15-year repayment period including 5-year grace period are also available, in order to apply Currency Conversion Option.

Notes
For countries complying with ongoing IMF-supported programs or receiving grants from IDA, it is possible to modify the terms and conditions of the ODA Loans so as to meet the IMF's concessionality criteria.
For General terms and Preferential terms, fixed interest rate for all countries (except Low-Income LDCs) will be revised on a regular basis so that its concessionality will be equal to that of Floating interest rate. 24
For Upper-Middle-Income Countries, Floating Term will be applied in principle, although Fixed Term could be applied.
 Managing Risks
Risks related to ODA Loans
 JICA at a
 Since the majority of borrowers are governments of developing countries, sovereign risk constitutes a major part of the
Glance
credit risk for JICA’s Finance and Investment operations.
 As ODA Loans are provided based on the request from borrowers and in accordance with Japan’s foreign policy, JICA’s
exposure can concentrate in a limited number of countries, causing difficulty of portfolio management.
 ODA Loan portfolio is highly vulnerable to political and economic changes of borrowing countries especially because
 JICA’s of its extended tenors.
Sustainability
Proposition Credit Risk Management
 By utilizing an internal credit rating system, JICA continuously reviews borrowers’ credits and reflects changes in its risk
profile.
 JICA self-assesses its asset portfolio in accordance with the Financial Inspection Manual prepared by Japan’s Financial
 Overview of Services Agency, in the same manner as commercial banks in Japan are required to conduct.
JICA  Credit risk management above is reflected into write-offs and loan loss allowance in a proper manner.
 Finance and
Investment
Market Risk Management
 JICA is enhancing its capacity to absorb interest rate risk by using capital injections from the Government of Japan, as
 Financial
well as carrying out interest rate swaps. In order to control counterparty credit risk of interest rate swaps transactions, the
Statement and market value of swap transactions and credit worthiness of each counterparty are constantly assessed and collateralized
Funding Plan when necessary.
 Currency risk is hedged through cross currency swaps.

Liquidity Risk Management

 Appendix
 JICA uses many measures to avoid liquidity risk through management of its cash flows. This includes efforts to secure
multiple sources of funds such as Agency Bonds and borrowing under Fiscal Investment and Loan Program.

25
 Risks Monitored Loans
 JICA at a
Glance (Unit: billions of JPY unless otherwise stated)
March 31, 2019
March 31, 2017 March 31, 2018 March 31, 2019
(USD bn)

Loans to Debtor in Legal Bankruptcy － － － －

 JICA’s Past Due Loans 87 87 87 0.9

Sustainability
Proposition Loans in Arrears by 3 Months or more － － － －

Restructured Loans 701 655 609 6.1

Total (A)
788 742 696 7.0

Balance of Loans Receivable (B)

11,749 12,092 12,387 123.9
 Overview of
JICA A / B (%) 6.70% 6.14% 5.62% 5.62%
 Finance and
Investment

Note ♦Paris Club ♦

 Financial  The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to
Statement and the payment difficulties experienced with bilateral-based public debts (including both ODA loans and non-ODA credits).
Funding Plan As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situations, usually
through IMF-supported programs, Paris Club creditors provide appropriate debt treatments to debtor countries in the
form of:
 Rescheduling (i.e., debt relief by postponement); or
 Reduction in debt service obligations
 Appendix  In principle, rescheduling is applied to ODA Loans securing principal of their face value.

* Totals may not correspond to the sum of each item, as numbers less than a hundred million yen have been rounded off. 26
 Contact

Capital Markets Division

Treasury, Finance and Accounting Department
Japan International Cooperation Agency

Nibancho Center Building 5-25,

Address Niban-cho, Chiyoda-ku Tokyo
102-8012 Japan

TEL +81-3-5226-9279

E-mail fatcm@jica.go.jp

URL http://www.jica.go.jp/english/ir/index.html

These materials were prepared solely for the purpose of providing information to investors, and they are not intended to solicit
subscriptions to or encourage purchases of bonds. Investors are advised to consider bond purchases only after a careful
study of the details of the bond issue as described in the relevant explanatory documents provided by the issuer and in any
other relevant and current materials they can obtain. A decision to purchase bonds is solely the responsibility of the investor.
27