Embed Size (px)
Citation preview
Japan International Cooperation Agency
September 2019
Capital Ratio**: 77.14% as of March 2019
Credit Ratings: S&P: A+ Positive
Guarantee:
USD-denominated bonds with explicit
guarantee by the Government of
Japan
What is JICA?
Name: Japan International Cooperation Agency (JICA)
Capital: 100% owned by the Government of Japan
Date of establishment:
October 1, 2003
Successor organization of multiple organizations including Overseas Economic
Cooperation Fund established in 1961
Legal foundation:Act of the Incorporated Administrative Agency - Japan International Cooperation
Agency (“JICA Act”)
Objectives:
“JICA aims to contribute to the promotion of international cooperation as well as the
sound development of Japanese and global economy by supporting the
socioeconomic development, recovery or economic stability of developing
regions.” (Article 3 of JICA Act)
Mission:JICA, in accordance with the Development Cooperation Charter*, will work on human
security and quality growth
Offices: Headquarters, Domestic (14), and Overseas (96)
*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.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
1
JICA’s Bonds
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
principle, and the results are published on website
summarized and published in an impact report
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
Japan, and with the Sustainable Development Goals (SDGs) adopted at the UN
Summit 2015
Management of Proceeds
The proceeds are:
allocated and managed under the Finance and Investment Account, which is
audited by the Board of Audit of Japan and an independent auditor
Photos: Shinichi Kuno/JICA
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
approval by the Japanese government
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
2
JICA’s Japanese Government-guaranteed bonds* denominated in USD follows the below framework:
*JICA also issues non government-guaranteed bonds. See Financial Statement and Funding Plan – Track Record – Bond Issuance for detail.
JICA has set three pillars below as the key development issues, and strives to address these agendas
through its development assistance.
Source: JICA website:
https://www.jica.go.jp/english/news/press/2017/170508_02.html
https://www.jica.go.jp/english/news/press/2017/180222_03.html
https://www.jica.go.jp/english/news/press/2016/161116_01.html
https://www.jica.go.jp/english/low/news/press/2016/160629_01.html
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
3
Commitment in Addressing the SDGs
Building a sustainable and
resilient community through
efforts to address global
challenges
Quality growth, and poverty
eradication through such
growth
Sharing universal values
and realizing a peaceful and
secure society
Project Case: Disaster Risk
Management Enhancement Project
Country: Bangladesh
Amount: USD 170mn (JPY 17bn)
Agreement Date: June 2016
Contributes to SDG Target 11.5.1:
Number of deaths, missing persons
and persons affected by disaster
per 100,000 people
Project Case: Egypt-Japan
Education Partnership: Human
Resource Development Project
Country: Egypt
Amount: USD 102 mn (JPY
10.2bn)
Agreement Date: May 2017
Contributes to SDG Target 4.b.1:
Volume of official development
assistance flows for scholarships
by sector and type of study
Project Case: Promotion of
Universal Health Coverage
Country: Senegal
Amount: USD 84 mn (JPY 8.4bn)
Agreement Date: November 2016
Contributes to SDG Target 3.8.1:
Coverage of essential health
services
1 2 3
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
million tons in 2014]
Mathematics and Science Education
960,000 people in 60 countriesThe total number of teachers who received JICA’s training
in mathematics and science education (1994-2015)
Access to Safe Water
59 million peopleThe total number of people who gained access to water with
JICA’s aid for water supply facilities (2002-16)
Clean Energy
1,230 MWTotal installed capacity of operational geothermal power-
generation facilities that have been built with Japanese
ODA Loans (since JFY 1978)
Development of Industrial Human Resources
821 students The number of ABE Initiative* participants (JFY 2014-2016)
*African Business Education Initiative for Youth
BOSAI: Disaster Risk Reduction
1/70th
The reduction in fatalities due to cyclones in Bangladesh [a
comparison in death tolls caused by cyclones of similar scale
between the 1970s and 2007] The figures reflects the development
outputs of assistance provided by other donors also.
Advanced Technology for Environmental
Conservation
7,600 cases The annual number cases where forest change was detected in
77 countries (from Mar 2016 to Feb 2017
Japan Overseas Cooperation Volunteers
42,972 volunteersThe cumulative total number of JOCVs dispatched (JFY 1965-
2016)
As the agency implementing Japan’s Official Development Assistance (ODA), JICA strives to alleviate social
issues that many developing countries face. Here are the example of impacts JICA has made around the
world.
Maternal and Child Health Handbook
25 countries 8 million copiesThe total estimated number of copies of the Maternal and
Child health (MCH) Handbook distributed in Japan and 25
countries in one year (2016)
Source: JICA Annual Report 2017: https://www.jica.go.jp/english/publications/reports/annual/2017/c8h0vm0000bws721-att/2017_glance.pdf
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
4
Efforts toward Achieving the SDGs
Strategy toward Achieving the SDGs
JICA will play a catalytic role for cooperating with domestic and foreign development partners, mobilizing the private
sector’s technical and financial resources, developing innovations, and extending effective approaches at the global
level by focusing on the strategies below.
Source: JICA’s Position Paper “Toward Achieving Sustainable Development Goals (SDGs)”
1. Securing and expanding the impact of cooperation
2. Reaching the specific needs of the people on the field
3. Strengthening cooperation with multiple stakeholders
4. Maximizing synergy effect with SDGs actions in Japan
and overseas
Goals that JICA considers
necessary means of
implementation
Goals that JICA approaches as
core development areas
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
5
Goals to which JICA
contributes through
comprehensive response
Goals to which JICA plays a
key role
Managing Environment & Social Risks
Impact Assessment
Basic PrinciplesIf required
Application of the ESC GuidelinesCategories
A B FI* C
Mandatory
Environmental Impact Assessment
Resettlement Action Plan
Indigenous Peoples Plan
Information disclosure and consultations with stakeholders
Disclose the results of
- Environmental Impact
Assessment
- Resettlement Action
Plan
- Indigenous Peoples
Plan
before the Review
Disclose the results of
- Environmental Impact
Assessment
- Resettlement Action
Plan
- Indigenous Peoples
Plan
JICA discloses the results of the Environmental Review
During implementation, the partner countries are required to:
Monitor the ESC activities
Report the monitoring results to JICA
JICA discloses the results of Environmental Monitoring
Respect human
rights for inclusive
developmentAvoid adverse impacts
ESC Prerequisite
Society• Resettlement, migration, and urbanization
• Unfair distribution of benefits
• Impacts on vulnerable populations
• Impacts on community health & safety
• Impacts on or caused by labor environment
• Impacts on social structures, social infra and
social services
• Impacts on cultural heritage
Environment• Pollution
• Biota & Ecosystems
• Trans-boundary or global impacts
ESC disclosure to public
Standards and References
Pla
nnin
gJIC
A’s
revie
wIm
ple
me
nta
tio
n
Implementation Agreement
• Host country’s laws, standards, policies & plans
• World Bank’s safeguard policies
• Internationally accepted standards
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.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Comprehensive Approach to Environmental and Social Considerations (ESC)
6
* As of mid-December 2017
Succeeding debt
obligation
(after completion
of the project)
Government of Nigeria
Gates Foundation
ODA Loan
Polio Eradication Project
Country: Nigeria
Agreement Date: May 2014
Loan Agreement Amount: JPY 8,285 million (USD 82.9 million)
Use of the Loan• Approximately 460 million polio vaccine doses were procured with
the funds from 2015 to 2017
Project Highlight: • Aiming polio eradication in one of the only three countries in the world
where polio is endemic (Other two being Pakistan and Afghanistan)
• Collaboration with the Bill & Melinda Gates Foundation
• Gates Foundation to assume debt obligation after completion
of the project in place of the Government of Nigeria
Repayment
Recent Development• The number of cases of polio decreased, demonstrating a tangible
improvement in the country’s efforts to eradicate polio
• 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
• The Gates Foundation succeeded the debt obligation in December 2017
Year 2012 2013 2014 2015 2016 2017*
Number of Cases 122 53 6 0 4 0
(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
Case Study
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
7
Case Study
Dedicated Freight Corridor Project (Procurement of Electric Locomotives)
Country: India
Agreement Date: September 2017
Loan Agreement Amount: JPY 108.5 billion (USD 1.08 billion)
Use of the Loan
• To strengthen a transportation network by
procuring 200 electric locomotives for
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
interval connecting Delhi and Mumbai.
• Yet the current transportation capacity can
only serve approx. 50% of the freight
volume expected in 2032.
Objectives
• To introduce high-output, high speed
locomotives on the dedicated freight railway
- to increase the transportation capacity
and make the logistics network more
efficient, thereby contributing to better
connectivity between industrial centers
and strengthening industrial
competitiveness
• The project is scheduled to be completed in
2025.
Source: JICA website: https://www.jica.go.jp/english/news/press/2014/140527_01.html
JICA website: https://www.jica.go.jp/english/news/press/2017/171221_02.html
https://www.jica.go.jp/india/english/office/topics/press170915_02.html
https://www2.jica.go.jp/ja/evaluation/pdf/201z7_ID-P261_1_s.pdf (Japanese)
Between Dadri and Mumbai
Number of freight trains
(Daily, both ways)
Number of hours
required
2007
(Base year)303 59
2027
(2 year after
completion)
1,977 24
Expected Impact
In addition to locomotives, JICA also supports
related construction works currently in
progress and to be completed in 2025
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
8
Development of JICA
October 2008October 1999March 1961
Bond Issuing Account
Japan International Cooperation Agency
Japan Bank for International
Cooperation (JBIC)
Japan Finance Corporation (JFC)
Ministry of
Foreign Affairs
Established: August 1974 (1)
Established: March 1961
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.
Technical Cooperation
Grant Aid (2)
Japan Bank for International
Cooperation (JBIC)
Spin off in April 2012
Overseas Economic
Cooperation Operations
Finance and
Investment
Account
General
Account
Japan International
Cooperation Agency
(JICA)
Overseas Economic
Cooperation Fund
(OECF)
Finance and Investment
International FinancialOperations
Export-Import Bank of
Japan
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
9
1.71 trillion JPY
Three Main Arms of Operations
Delhi Mass Rapid Transport
System Project in India
ODA Loans
Sovereign-based lending with
concessional conditions (similar to
development finance provided by Multilateral Development Banks) to
finance development projects.
Private-sector Investment Finance
Lending or equity investment to private-
sector entities.
JICA supports human resources
development, R&D, technology
dissemination and the improvement of
institutional frameworks required to
advance economic and social development
in recipient countries.
JICA offers assistance in the form of
grants with no repayment obligations
to provide the goods and services
necessary for economic and social
development in developing countries.
*
Finance and Investment
Technical Cooperation
Grant Aid
Assistance in agricultural production in Uganda
Rural water supply in Ethiopia
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
10
JFY2019 Budget
82%
9%
9%
Finance and Investment: 1,395 bn JPY (13.9 bn USD)
Technical Cooperation: 151 bn JPY (1.5 bn USD)
Grant Aid: 163 bn JPY (1.6 bn USD)
Finance and Investment Activities – Schemes
(Borrower)
Government
or
Government institution with
government guarantee
Concessional Lending in JPY/USD
(Re)payments in JPY/USD
(allowed in USD for qualified borrowers)
Investment in public work projects
for development purposes
Lending or investment equity
denominated in JPY, USD or EM currencies
Private sector-oriented (or PPP-based)
investment for development purposes
Outstanding amount
as of March 2019:
12,575 bn JPY
(126 bn USD)
Outstanding amount
as of March 2019:
116 bn JPY
(1.2 bn USD)
Private sector entity
operating in
developing countries
Sovereign-based lending to developing countries with highly concessional terms
Lending denominated in JPY but some qualified borrowers allowed to choose either JPY or USD for principal/interest
(re)payment
Lending or equity investment to private-sector entities operating in developing countries
Lending or equity investment denominated in JPY, USD or EM currencies
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
ODA Loans
Private-sector Investment Finance
11
JFY 2018 Finance and Investment Activities
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Top 10 Borrower Countries (JFY 2018 new commitment amount base)
Country bn JPY bn USD
1 India 537.4 5.37
2 Philippines 247.6 2.48
3 Bangladesh 201.1 2.01
4 Indonesia 70.0 0.70
5 Sri Lanka 40.7 0.41
6 Georgia 38.7 0.39
7 Iraq 37.3 0.37
8 Jordan 33.7 0.34
9 Uganda 18.6 0.19
10 Côte d’Ivoire 16.1 0.16
JFY 2014 -18 Commitment Amount (billion JPY)
12
Distribution by Sector (JFY 2018 new commitment amount base)
Distribution by Region (JFY 2018 new commitment amount base)
1,015.9
2,260.9
1,485.8
1,888.4
1,266.1
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
JFY2014 JFY2015 JFY2016 JFY2017 JFY2018
91%
6% 3%Asia
Middle East
Africa
North and LatinAmerica
Pacific
Others
76%
10%
4% 4%
3%
3%
Transportation
Electric Power andGas
Irrigation and FloodControl
Program Loans
Social Services
Agriculture, Forestryand Fisheries
JPY ODA Loan (33 Projects), USD ODA Loan (1 Project), and Private Sector Investment Finance (4 Projects)
Southeast Asia
South Asia
Africa
Latin America
Black JPY Loan Red USD Loan
Blue Private Sector Investment Finance
Middle East
JFY 2018 New Commitments
Bangladesh
Cambodia
Uganda
Kampala Metropolitan Transmission
System Improvement Project
Sri Lanka
Phnom Penh City Transmission and Distribution System
Expansion Project (Phase 2) (II)
West Tonle Sap Irrigation and Drainage Rehabilitation and
Improvement Project(II)
Iraq
Basrah Water Supply Improvement
Project (II)
Irrigation Sector Loan (Phase 2)
Water Supply Improvement Project in
Kurdistan Region (II)
Georgia
East-West Highway Improvement Project
(Phase2 )
Brazil Amaggi Agri Supply Chain Enhancement Project
Philippines Jamuna Railway Bridge Construction Project (I)
Dhaka Mass Rapid Transit Development
Project (Line 5) (E/S)
Dhaka Mass Rapid Transit Development
Project (III)
Matarbari Port Development Project (E/S)
Matarbari Ultra Super Critical Coal-Fired Power
Project (IV)
Health Services Strengthening Project
East-West Medical College & Hospital
New Bohol Airport Construction and Sustainable Environment
Protection Project (II)
Metro Rail Transit Line 3 Rehabilitation Project
North-South Commuter Railway Extension Project ( I )
Pasig-Marikina River Channel Improvement Project (Phase IV)
Indonesia
Construction of Jakarta Mass Rapid Transit Project (Phase 2) (I)
Jordan Business Environment, Employment
and Fiscal Sustainability Reform
Development Policy Loan
Côte d’Ivoire Project for the Construction of Three
Intersections in Abidjan
Palau Palau International Airport Project
Latin America and Caribbean
Fund: MGM Sustainable Energy Fund II·II
Health and Medical Service Improvement Project
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 any country
or territory or concerning the delimitation of frontiers or boundaries. 13
India Kolkata East-West Metro Project (III)
Project for Construction of Mumbai – Ahmedabad High Speed Rail (I)
Project for Renovation and Modernization of Umiam-Umtru Stage-III Hydroelectric
Power Station
Delhi Mass Rapid Transport System Project Phase 3 (III)
Project for Sustainable Catchment Forest Management in Tripura
North East Road Network Connectivity Improvement Project (Phase 3) (I)
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
Program for Japan-India Cooperative Actions towards Sustainable Development
Goals in India
Project for the Construction of Chennai Peripheral Ring Road (Phase 1)
2017: 1.89 trillion JPY
2018: 1.27 trillion JPY
14
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Contribution to the SDGs through JFY 2017-18 New Commitments
* 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.
Bengaluru Water Supply and Sewerage Project (Phase 3) (I) (JFY 2017)
Bien Hoa City Drainage and Wastewater Treatment Systems Project (1) (JFY 2017)
Water Supply and Sewerage Development Project in the West Zone of Metro Manila (JFY 2017)
Water Supply Improvement Project in Kurdistan Region (II) (JFY 2018)
Olkaria I Units 1, 2 and 3 Geothermal Power Plant Rehabilitation
Project (JFY 2017)
Hydropower Plants Rehabilitation Project (JFY 2017)
Dhaka Underground Substation Construction Project (JFY 2017)
Phnom Penh City Transmission and Distribution System Expansion
Project (Phase 2) (II) (JFY 2018)
Mumbai Metro Line 3 Project (II) (JFY 2017)
Patimban Port Development Project (I) (JFY 2017)
Hoa Lac Science and Technology City Development Project (1) (JFY 2017)
North-South Commuter Railway Extension Project (I) (JFY 2018)
Loan for the International Development Association 18 Replenishment
(JFY 2017)
Loan for the African Development Fund Fourteenth Replenishment (JFY 2017)
Fiscal, Social and Economic Reform Development Policy Loan (JFY 2017)
Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India (JFY 2018)
Project samples from JFY 2017 - 2018
India
Viet Nam
Philippines
Iraq
Kenya
Myanmar
Bangladesh
Cambodia
India
Indonesia
Viet Nam
Philippines
IDA
ADF
Mongolia
India
Distribution by Expected
Contribution to the SDGs(Commitment amount base)**
3%
6%
6%
3%
51%
7%
3%
12%
3%
1 No Poverty 2 Zero Hunger
3 Health 4 Education
5 Gender Equality 6 Water and Sanitation
7 Energy 8 Economic Growth
9 Infractructure and Industry 10 Reduced Inequalities
11 Sustainable Cities 13 Climate Actions
14 Oceans 15 Forests and Biodiversity
16 Peace and Governance 17 Partnerships
Unable to categorize
Collaboration with Other Development Agencies
World
BankJICA
IDB
Mar 2018
Gounghin – Fada
N’Gourma Road
Improvement Project Enhancement of
regional transportation
network
Country: Burkina Faso
Amount: USD 52mn
(JPY 5.7bn)
Co-financer - AfDB
AFD
Jan 2015
Amu-Bukhara Irrigation
Rehabilitation Project Provides a stable supply of
water for irrigation to farms
and reduce the power
consumption of the
rehabilitated facilities by
replacing existing pump
stations on main irrigation
channels in the Amu-Bukhara
irrigation system
Country: Uzbekistan
Amount: USD 119mn
(JPY 11.9bn)
Co-financer - World Bank & AFD
Co-financer - ADB
Mar 2017
Laguna Colorada
Geothermal Power Plant
Construction Project
(Second Stage) Contributes to
diversification of the
energy matrix and
mitigate the impact of
climate change
Country: Bolivia
Amount: USD 570mn
(JPY 57.0bn)
Co-financer - IDB
JICA partners with bilateral and multilateral development agencies including AFD, IDB, KfW, World Bank and ADB
in order to maximize the impact of cooperation efforts
Co-financer - KfW
Mar 2010
Olkaria I Unit 4 and 5
Geothermal Power
Project Provides funds to
expand the existing
Geothermal Power
Station by installation
of power generator,
140MW in total in Rift
Valley Province of
Kenya
Country: Kenya
Amount: USD 295mn
(JPY 29.5bn)
KfW
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
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
AfDBADB
Mar 2015
Support Program to Respond to
Climate Change(V) Supports countermeasures against
climate change by the Government of
Vietnam through financial support
and policy dialogue.
Country: Vietnam
Amount: USD 125mn (JPY 12.5bn)
15
Comparison with Peer Institutions
CapitalJapanese
Government 100%French Government
100%
German Federal Government 80%
German Federal States 20%
Japan 15.6%U.S. 15.6%
PR China 6.4%and others (4)
U.S. 15.66%
Japan 7.87%
PR China 4.36%
and others (5)
U.S. 10.19%
Japan 8.34%
U.K. 6.57%
and others (6)
Approx.
Annual
Commitment
JPY 1,266.1 bn
(eq. USD 11.5 bn)
EUR 11.4bn
(eq. USD 13.2 bn)
EUR 10.6 bn
(eq. USD 12.2 bn)USD 21.6 bn USD 23.2 bn USD13.8 bn
As of March 2019 December 2018 December 2018 December 2018 June 2019 June 2019
JICA has been maintaining a high capital ratio while keeping a high level of annual commitment equivalent to
that of peer institutions
(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
(3) KfW Group:https://www.kfw.de/PDF/Download-Center/Finanzpublikationen/PDF-Dokumente-Berichte-
etc/1_Geschäftsberichte/KfW_Finanzbericht_2018-2.pdf
Annual commitment is based on activities under “Promotion of developing countries and emerging economies”
(4) ADB’s share of voting power as of December 31, 2018
(5) IBRD’s share of voting power as of August 16, 2019
(6) IDA’s share of voting power as of June 30, 2019
Note: Capital Ratio = Capital / Assets Exchange rate used: USD/JPY=110, EUR/USD=1.15Source: prepared by JICA based on the annual reports and other materials published by each organization
16
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Bilateral Aid Agencies Multilateral Aid Agencies
11.5 13.2
12.2
21.6 23.2
13.8
77.1%
16.7%6.2%
26.6%
14.9%
86.4%
0.0
5.0
10.0
15.0
20.0
25.0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
JICA AFD KfW ADB IBRD IDA
Annual Commitment(Bn USD)
Capital Ratio
JICA(1) AFD(2) KfW (3) ADB IBRD IDA
1,395.0 bn JPY
Finance and Investment Account – Funding Plan
JFY2019JFY2019
(USD)
Contribution from the government 46.8 bn 0.5 bn
Fiscal Investment and Loan Program
(FILP)549.2 bn 5.5 bn
Borrowing from FILP 485.2 bn 4.9 bn
Government-guaranteed bonds
(USD)64.0 bn 0.6 bn
FILP Agency Bonds (JPY) 80.0 bn 0.8 bn
Own funds, etc. 719.0 bn 7.2 bn
Total 1,395.0 bn 14.0 bn
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.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement
and Funding
Plan
Appendix
The scale of Finance and Investment activities is on a rise – To fulfill the funding requirement, JICA receives
contribution and borrowing from the Japanese government, and raise fund through capital market by issuing
Government-guaranteed bonds* and FILP Agency bonds**.
17
5% (64.0 bn JPY)
6% (80 bn JPY)
51% (719.0 bn JPY)35% (485.2 bn JPY)
3% (46.8 bn JPY)
Government-guaranteed bonds (USD)
FILP Agency bonds (JPY)
Own funds, etc.
Borrowing from FILP
Contribution from the government
Track Record – Bond Issuance
JICA issued its first FILP Agency bonds
in the domestic market in December
2008.
JICA is recognized as one of the major
bond issuers in the Japanese market,
its bonds serving as the benchmark for
the government agency sector. The
outstanding amount is JPY 580 billion
(eq. USD 5.8 billion) as of March 2019.
For JFY 2019, JICA plans to issue up
to JPY 80 billion.
No.Issue
DateFormat Volume
Issue
Price
MS
SpreadCoupon Tenor
1 Nov-14 Reg S USD 500mn 99.588 +17bps 1.875% 5 Years
2 Oct-16SEC-
registeredUSD 500mn 99.580 +59bps 2.125% 10 Years
3 Apr-17SEC-
registeredUSD 500mn 99.480 +61bps 2.750% 10 Years
4 Jun-18SEC-
registeredUSD 500mn 100.000 +41bps 3.375% 10 Years
No. Issue Date Volume Issue Price JGB
SpreadCoupon Tenor
43 Dec-17 JPY 20bn 100.00 +4.5bps 0.625% 20 years
44 Jun-18 JPY 15bn 100.00 +17.0bps 0.200% 10 years
45 Jun-18 JPY 20bn 100.00 +5.5bps 0.559% 20 years
46 Sep-18 JPY 20bn 100.00 +6.0bps 0.664% 20 years
47 Dec-18 JPY 15bn 100.00 +5.5bps 0.636% 20 years
48 Jun-19 JPY 10bn 100.00 +18.0bps 0.059% 10 years
49 Jun-19 JPY 10bn 100.00 +6.5bps 0.333% 20 years
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement
and Funding
Plan
Appendix
FILP Agency Bonds (JPY)
Government-guaranteed Bonds (USD)
JICA is one of the three agencies
qualified to receive Japanese
government-guarantee for offshore
issuance, along with Development
Bank of Japan (DBJ) and Japan Bank
for International Cooperation (JBIC).
JICA plans to issue USD 500 million in
JFY 2019.
18
Finance and Investment Account – Financial Statement
Totals may not correspond to the sum of each item, as numbers less than a hundred million yen have been rounded off.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement
and Funding
Plan
Appendix
Balance Sheet (as of March 31, 2019) (Unit: billions of JPY unless otherwise stated)
Statement of Income (Unit: billions of JPY unless otherwise stated)
19
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
Shares of affiliated companies 44.1 0.4 bn Others 40.7 0.4 bn
Money held in trust 40.8 0.4 bn Total liabilities 2,887.6 28.9 bn
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
Capital Ratio (net assets / assets) 77.14%
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
Reversal of provision for allowance
for loan losses and contingent losses2.6 2.5 1.3 13 mn
Others 4.5 6.2 7.3 73 mn
Total ordinary revenues 173.5 173.3 167.7 1677 mn
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
Extraordinary income and loss 0 0 0 0 mn
Total income for the current period 74.4 79.2 77.8 778 mn
What is ODA?
JBICNEXI (export insurance)
etc.
Japanese
Economic
Cooperation
ODA
Other Official Flows (OOF) (cooperation through public funding other than ODA)
Private sector, non-profit organizations (NGOs), etc.
Multilateral Assistance (Contributions to the United Nations, World Bank, etc. )
Technical Cooperation
Grant Aid
Finance and Investment
BilateralAssistance
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Japanese ODA and JICA
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
Definition 2 To promote economic development and welfare in developing countries as the main objective
Definition 3 Loan must have highly concessional financial terms
Official Development Assistance
20
Japanese Development Cooperation Charter
Contributing to peace and prosperity through cooperation for non-military purposes 1
Promoting human security2
Cooperation aimed at self-reliant development through assistance for self-help efforts as well as
dialogue and collaboration based on Japan’s experience and expertise3
“Quality growth” and poverty eradication through such growth
Taking advantage of Japan’s own experience, expertise and technology
to realize inclusive, sustainable, and resilient growth
1
Sharing universal values and realizing a peaceful and secure society
Solidifying the foundations for development by establishing the rule of law,
good governance, democracy and respect for basic human rights
including women’s rights, and also by contributing to peacebuilding,
emergency humanitarian relief, and to fight against threats to stability and
security
2
Building as sustainable and resilient international community
through efforts to address global challenges
Taking full account of the discussions regarding international development
goals including SDGs
3
Japan’s Development Cooperation Charter was approved by the Cabinet in 2015 to set the guidelines for
development cooperation activities for not only public agencies but all participants in tackling ever more diverse
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
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Priority Issues
Basic Policies
21
JPY 98.5 bn
JPY 98.5 bnJPY 190.0 bn
JPY 190.0 bn
JFY 2018 General Account Activities
Technical Cooperation Grant Aid
Note: Figures based on expenses excluding management expenses of JFY2018
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Note: Figures based on Grant Agreement of JFY2018 22
39%
27%
19%
7%
4%3%
1%Asia
Others
Africa
North and LatinAmerica
Middle East
Pacific
Europe
23%
11%
11%
8%
47%
Public Works andUtilities
Agriculture, Forestryand Fisheries
Human ResourceDevelopment
Planning andAdministration
Others
42%
36%
10%
8%4%
Asia
Africa
North and LatinAmerica
Pacific
Middle East
57%
12%
9%
9%
5%
8%
Public Works andUtilities
Human Resources
Health and MedicalServices
Agriculture, Forestryand Fisheries
Energy
Others
General Account Financial Statements
Technical Cooperation JFY 2017 JFY 2018 JFY 2019 JFY 2019 (USD)
Revenues
Revenues from management grants 150.3 149.8 150.5 1,505 mn
Other revenues 0.9 2.7 6.0 24 mn
Total 151.2 152.5 156.5 1,565 mn
Expenditures
Administrative expenses 9.3 9.6 9.1 91 mn
Operational expenses 141.3 141.9 145.3 1,453 mn
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)
Operation scale Total 163.1 160.5 163.1 1,631 mn
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
JPY USD
Total assets 286.2 bn 2,862 mn
Total liabilities 231.2 bn 2,312 mn
Total net assets 55.0 bn 550 mn
JFY 2017 JFY 2018 JFY 2017 (USD)
Ordinary revenues 227.7 238.5 2,385 mn
Ordinary expenses 238.2 247.5 2,475 mn
Others 14.8 12.3 123 mn
Total income for the current business year
4.3 3.2 32 mn
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Budget — Scale of Operations* (Unit: billions of JPY unless otherwise stated)
Balance Sheet (as of March 31, 2019) Statement of Income (Unit: billions of JPY unless otherwise stated)
23
Terms and Conditions of ODA Loans (effective from October 1, 2018)
Category GNI Per Capita (2016) TermsFixed/
VariableStandard/Option Interest Rate (%)
Repayment
Period (years)
Grace Period
(years)
Conditions for
Procurement
Least Developed
Countries
and
Low-Income
Countries
Low-Income Least
Developed Countries (1) 0.01 40 10 Untied
- US$ 1,005
STEP(2) Fixed Standard 0.10 40 12 Tied
Preferential Terms
for high
Specification(3)
Fixed Standard 0.25 30 10
UntiedPreferential
Terms(4)
Floating Standard ¥Libor+25bp 30 10
Fixed Standard 0.85 30 10
General TermsFloating Standard ¥Libor+35bp 30 10
Fixed Standard 0.95 30 10
Lower- Middle-
Income
Countries
US$ 1,006
-
US$ 3,955
STEP(2) Fixed Standard 0.10 40 12 Tied
Preferential Terms
for high
Specification(3)
Fixed Standard 0.50 30 10
UntiedPreferential
Terms(4)
Floating Standard ¥Libor+65bp 30 10
Fixed Standard 1.25 30 10
General TermsFloating Standard ¥Libor+85bp 30 10
Fixed Standard 1.45 30 10
Upper- Middle-
Income
Countries)
US$ 3,956
-
US$12,235
Preferential Terms
for high
Specification(3)
Fixed Standard 0.70 30 10
UntiedPreferential
Terms(4)
Floating Standard ¥Libor+85bp 30 10
Fixed Standard 1.45 30 10
General TermsFloating Standard ¥Libor+105bp 30 10
Fixed Standard 1.65 30 10
Consulting ServicesFor consulting services, the interest rate will be minimal (0.01%) and the repayment, grace periods and conditions for procurement will
be the same as those for main components.
Options for Program Type Japanese ODA
Loans
In case of co-financing, it is possible to apply the same repayment terms as co-financer's lending while maintaining the
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. Countr ies (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 Development5 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.
For Upper-Middle-Income Countries, Floating Term will be applied in principle, although Fixed Term could be applied.
24
Managing Risks
Since the majority of borrowers are governments of developing countries, sovereign risk constitutes a major part of the
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
of its extended tenors.
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
Services Agency, in the same manner as commercial banks in Japan are required to conduct.
Credit risk management above is reflected into write-offs and loan loss allowance in a proper manner.
JICA is enhancing its capacity to absorb interest rate risk by using capital injections from the Government of Japan, as
well as carrying out interest rate swaps. In order to control counterparty credit risk of interest rate swaps transactions, the
market value of swap transactions and credit worthiness of each counterparty are constantly assessed and collateralized
when necessary.
Currency risk is hedged through cross currency swaps.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
Risks related to ODA Loans
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
Credit Risk Management
Market Risk Management
Liquidity Risk Management
Risks Monitored Loans
March 31, 2017 March 31, 2018 March 31, 2019March 31, 2019
(USD bn)
Loans to Debtor in Legal Bankruptcy － － － －
Past Due Loans 87 87 87 0.9
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
A / B (%) 6.70% 6.14% 5.62% 5.62%
* Totals may not correspond to the sum of each item, as numbers less than a hundred million yen have been rounded off.
JICA at a
Glance
JICA’s
Sustainability
Proposition
Overview of
JICA Finance and
Investment
Financial
Statement and
Funding Plan
Appendix
The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to
the payment difficulties experienced with bilateral-based public debts (including both ODA loans and non-ODA credits).
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
In principle, rescheduling is applied to ODA Loans securing principal of their face value.
Note ♦Paris Club ♦
26
(Unit: billions of JPY unless otherwise stated)
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.
Address
TEL
URL
Nibancho Center Building 5-25,
Niban-cho, Chiyoda-ku Tokyo
102-8012 Japan
+81-3-5226-9279
http://www.jica.go.jp/english/ir/index.html
Capital Markets Division
Treasury, Finance and Accounting Department
Japan International Cooperation Agency
Contact
27
