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Form 18-K Japan International Coop For: Mar 31

September 27, 2021 11:22 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 18-K

 

 

For Foreign Governments and Political Subdivisions Thereof

ANNUAL REPORT

of

JAPAN INTERNATIONAL COOPERATION AGENCY

(Name of registrant)

 

 

Date of end of last fiscal year: March 31, 2021

 

 

SECURITIES REGISTERED

(As of the close of the fiscal year)*

 

 

 

Titles of Issue

        

Amounts as to Which

Registration is Effective

 

    

 

Names of Exchanges on

Which Registered

N/A

    N/A     N/A

Names and addresses of persons authorized to receive notices

and communications from the Securities and Exchange Commission:

SHIMOKAWA Takao

Chief Representative

JICA USA Office

1776 I Street, N.W., Suite 895

Washington, D.C. 20006

Copies to:

HOSOKAWA Kenji

Morrison & Foerster LLP

Shin-Marunouchi Building 29th Floor

5-1, Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6529

Japan

 

 

 

 

*

The registrant is filing this annual report on a voluntary basis.

 

 

 


EXPLANATORY NOTE

This annual report on Form 18-K for the fiscal year ended March 31, 2021 is filed by Japan International Cooperation Agency (“JICA”), an incorporated administrative agency of Japan established in October 2003 pursuant to the Act on General Rules for Incorporated Administrative Agencies and the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency. JICA’s main objective is to contribute to the promotion of international cooperation as well as the sound development of the Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions. This annual report on Form 18-K, as subsequently amended, is intended to be incorporated by reference into any future prospectus filed by JICA with the U.S. Securities and Exchange Commission to the extent such prospectus indicates that it intends this report to be incorporated by reference.

 

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Form 18-K

The information set forth below is to be furnished:

 

1.

In respect of each issue of securities of JICA registered, a brief statement as to:

 

  (a)

The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.

Not applicable.1

 

  (b)

The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.

Not applicable.1

 

  (c)

The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.

Not applicable.1

 

2.

A statement as of the close of the last fiscal year of JICA giving the total outstanding of:

 

  (a)

Internal funded debt of JICA. (Total to be stated in the currency of JICA. If any internal funded debt is payable in a foreign currency, it should not be included under this paragraph (a), but under paragraph (b) of this item.)

Reference is made to pages F-64 to F-66 of Exhibit 2 hereto.

 

  (b)

External funded debt of JICA. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)

Reference is made to pages F-64 to F-66 of Exhibit 2 hereto.

 

3.

A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of JICA outstanding as of the close of the last fiscal year of JICA.

Reference is made to pages F-64 to F-66 of Exhibit 2 hereto.

 

4.

(a)

As to each issue of securities of JICA which is registered, there should be furnished a breakdown of the total amount outstanding, as shown in Item 3, into the following:

 

  (1)

Total amount held by or for the account of JICA.

Not applicable.1

 

  (2)

Total estimated amount held by Japan; this estimate need be furnished only if it is practicable to do so.

Not applicable.1

 

  (3)

Total amount otherwise outstanding.

Not applicable.1

 

  (b)

If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by JICA to reacquire such securities.

Not applicable.1

 

1 

No securities of the registrant are registered under the Securities Exchange Act of 1934, as amended.

 

3


5.

A statement as of the close of the last fiscal year of JICA giving the estimated total of:

 

  (a)

Internal floating indebtedness of JICA. (Total to be stated in the currency of JICA.)

None.

 

  (b)

External floating indebtedness of JICA. (Total to be stated in the respective currencies in which payable.)

None.

 

6.

Statement of the receipts, classified by source, and of the expenditures, classified by purpose, of JICA for each fiscal year of JICA ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

Reference is made to pages F-8 and F-46 of Exhibit 2 hereto.

 

7.

(a)

If any foreign exchange control, not previously reported, has been established by Japan, briefly describe such foreign exchange control.

None.

 

  (b)

If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.

Not applicable.

This annual report comprises:

 

  (a)

The cover page and pages numbered 2 to 6 consecutively.

 

  (b)

The following exhibits:

 

  (1)

Description of Japan International Cooperation Agency dated September 27, 2021.

 

  (2)

Audited financial statements of Japan International Cooperation Agency for the fiscal year ended March 31, 2021 prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan.

 

  (3)

Consents of Ernst & Young ShinNihon LLC.

 

  (4)

Excerpt of General Rules of the National Budget, which relates to Japan International Cooperation Agency for the fiscal year ending March 31, 2022 (in Japanese only).2

This Annual Report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

 

2 

Filed under cover of Form SE on September 27, 2021.

 

4


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, at Tokyo, Japan on the 27th day of September, 2021.

 

JAPAN INTERNATIONAL COOPERATION AGENCY
By:  

/s/ HIRATA Hitoshi

  HIRATA Hitoshi,
  Director General, Treasury, Finance and
  Accounting Department

 

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EXHIBIT INDEX

 

Exhibit
Number

  

Description

1.    Description of Japan International Cooperation Agency dated September 27, 2021.
2.    Audited financial statements of Japan International Cooperation Agency for the fiscal year ended March 31, 2021 prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan.
3.    Consents of Ernst & Young ShinNihon LLC.
4.    Excerpt of General Rules of the National Budget, which relates to Japan International Cooperation Agency for the fiscal year ending March 31, 2022 (in Japanese only).3

 

3 

Filed under cover of Form SE on September 27, 2021.

 

6

Table of Contents

Exhibit 1

Japan International Cooperation Agency

This description of Japan International Cooperation Agency is dated September 27, 2021 and appears as Exhibit 1 to its Annual Report on Form 18-K filed with the U.S. Securities and Exchange Commission.


Table of Contents

THE DELIVERY OF THIS DOCUMENT AT ANY TIME DOES NOT IMPLY THAT THE INFORMATION IS CORRECT AS OF ANY TIME SUBSEQUENT TO ITS DATE. THIS DOCUMENT (OTHERWISE THAN AS PART OF A PROSPECTUS CONTAINED IN A REGISTRATION STATEMENT FILED UNDER THE U.S. SECURITIES ACT OF 1933) DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF JAPAN INTERNATIONAL COOPERATION AGENCY.

 

 

TABLE OF CONTENTS

 

FURTHER INFORMATION

     2  

PRESENTATION OF FINANCIAL INFORMATION

     3  

JAPAN INTERNATIONAL COOPERATION AGENCY

     4  

Overview

     4  

History

     4  

Mission and Vision

     4  

Strategy

     4  

Recent Developments

     5  

BUSINESS

     6  

Operations

     6  

Budget

     13  

Funding

     13  

Guidelines for Environmental and Social Considerations

     14  

Risk Management

     14  

Employees

     17  

FURTHER INFORMATION

This document appears as an exhibit to the Annual Report of Japan International Cooperation Agency (“JICA”) filed with the U.S. Securities and Exchange Commission (the “Commission”) on Form 18-K. Additional information with respect to JICA is available in such Annual Report, in the other exhibits to such Annual Report and in amendments thereto. Such Annual Report, exhibits and other amendments may be inspected and copied at the public reference room maintained by the Commission at: 100 F Street, N.E., Washington, D.C. 20549. Information regarding the operations of the public reference room can be obtained by calling the Commission at 1-800-SEC-0330. You may also request a copy of such Annual Report, exhibits and amendments thereto and other information mentioned above by writing or calling JICA. Written requests for such documents should be directed to Japan International Cooperation Agency, Nibancho Center Building 5-25, Niban-cho, Chiyoda-ku, Tokyo 102-8012, Japan, Attention: Capital Markets Division, Treasury, Finance and Accounting Department, JICA, Japan. JICA’s telephone number is 81-3-5226-9279. Such Annual Report, exhibits and other amendments are also available through the Commission’s Internet website at http://www.sec.gov.

In this document, all amounts are expressed in Japanese Yen (“¥” or “yen”), except as otherwise specified. The spot buying rate quoted on the Tokyo Foreign Exchange Market on September 17, 2021 as reported by the Bank of Japan at 5:00 p.m., Tokyo time, was 109.95 = $1.00, and the noon buying rate on September 17, 2021 for cable transfers in New York City payable in yen, as reported by the Federal Reserve Bank of New York, was 109.94 = $1.00.

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. References to years not specified as being JFYs are to calendar years.

References in this document to “JICA” are to “Japan International Cooperation Agency”.

 

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PRESENTATION OF FINANCIAL INFORMATION

The fiscal year end of JICA is March 31. JICA’s financial statements have been prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan, which may differ in certain respects from accounting principles for business enterprises generally accepted in Japan.

JICA’s operations are separated into two categories for accounting purposes pursuant to Article 17 of the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency (the “JICA Act”): (a) a General Account, which is largely funded by management grants from the Japanese government, and (b) a Finance and Investment Account, which is funded through capital contributions and borrowings from the Japanese government, bonds issued to investors and interest and revenues generated by JICA from loans disbursed.

The following financial statements are contained in the Annual Report on Form 18-K filed with the Commission of which this document is a part: (i) the annual audited balance sheet as of March 31, 2021, the related audited statements of administrative service operation cost, income, changes in net assets and cash flows for the fiscal year ended March 31, 2021, and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the General Account of JICA and (ii) the annual audited balance sheet as of March 31, 2021, the related audited statements of administrative service operation cost, income, changes in net assets and cash flows for the fiscal year ended March 31, 2021, and the significant accounting policies, notes and detailed statements relating thereto, all in respect of the Finance and Investment Account of JICA.

JICA’s general policy is to consider engaging a new auditor every five years, and JICA has engaged Ernst & Young ShinNihon LLC to audit its financial statements since the fiscal year ended March 31, 2018. Ernst & Young was selected after a competitive bidding process involving multiple auditor candidates, including JICA’s immediately prior auditor.

 

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JAPAN INTERNATIONAL COOPERATION AGENCY

Overview

JICA is an incorporated administrative agency established in October 2003 pursuant to the Act on General Rules for Incorporated Administrative Agencies and the JICA Act. JICA’s main objective is to contribute to the promotion of international cooperation as well as the sound development of the Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions. Following an overhaul in October 2008 (see “—History”), JICA is currently the sole implementing agency for all major Japanese Official Development Assistance (“ODA”) schemes, which are separated into three categories—Technical Cooperation, Grant Aid and Finance and Investment (see “—Operations”).

JICA is entirely owned by the Japanese government and is subject to control and supervision by the Minister for Foreign Affairs of Japan and the Minister of Finance of Japan. As of March 31, 2021, government investment by Japan contributed to ¥8,202 billion of net assets on the balance sheet of JICA’s Finance and Investment Account and the capital ratio, calculated as total net assets divided by total assets, was 73.74%.

History

JICA’s origins can be traced back to January 1954, with the establishment of the Federation of Japan Overseas Associations. In subsequent years, the Society for Economic Cooperation in Asia, Japan Emigration Promotion, Co., Ltd., Overseas Technical Cooperation Agency, Japan Emigration Service and Japan Overseas Cooperation Volunteers were established, each with the objective of fostering international cooperation. JICA was originally established in May 1974 as a special public institution (“Former JICA”) with the promulgation of the Act of Japan International Cooperation Agency. In December 2001, a reorganization and rationalization plan for special public institutions was announced by the Japanese government. Included in this reform plan was a measure transforming JICA into an incorporated administrative agency. This was put into effect by the JICA Act, and Former JICA was re-established as an incorporated administrative agency in October 2003.

Separately, in December 1960, the Overseas Economic Cooperation Fund Law was promulgated, pursuant to which the Overseas Economic Cooperation Fund was established to take over management of the Southeast Asia Development Cooperation Fund from the Export-Import Bank of Japan (“JEXIM”). In April 1999, the Japan Bank for International Cooperation Law was promulgated, and the Japan Bank for International Cooperation (“JBIC”) was established, which succeeded the operations of the Overseas Economic Cooperation Fund and JEXIM.

JICA, in its current form, was established in October 2008 following the enactment in November 2006 of the Act for Partial Amendments to the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency. Pursuant to such Act, the operations of Former JICA, Finance and Investment previously managed by JBIC and a portion of Grant Aid provided by the Ministry of Foreign Affairs of Japan (“MOFA”) were succeeded by JICA. MOFA remains responsible for directly providing Grant Aid in conjunction with the execution of diplomatic policies.

Mission and Vision

JICA announced its current mission (“JICA, in accordance with the Development Cooperation Charter, will work on human security and quality growth”) and vision (“Leading the world with trust”) in July 2017, in light of the changing international relations. JICA will seek to achieve its mission and vision by committing itself to achieving them with pride and passion, immersing itself in the relevant site (gemba) and working together with people on-site, planning and acting strategically with broad and long-term perspective, bringing together diverse wisdom and resources, and thinking innovatively to bring about unprecedented impact. JICA, with its partners, will seek to take the lead in forging bonds of trust across the world, aspiring for a free, peaceful and prosperous world where people can hope for a better future and explore their diverse potential.

Strategy

Mid-Term Objectives and Plan

In accordance with Article 30, Paragraph 1 of the Act on General Rules for Incorporated Administrative Agencies, JICA has established a mid-term plan for achieving its mid-term objectives during a period commencing from the fiscal year ending March 31, 2018. JICA’s mid-term objectives include, among others:

 

   

addressing key development issues, such as achieving high-quality growth and the elimination of poverty, sharing of universal values and establishing a peaceful and safe society, and creating a sustainable and resilient community through addressing global issues; and

 

   

strengthening cooperation with the private sector and other organizations such as local governments, non-governmental organizations, universities and research institutes.

 

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Recent Developments

Response to COVID-19

The rapid spread of COVID-19 has threatened the health and livelihoods of people across the world. The pandemic has damaged global economies, pushed millions of additional people into extreme poverty and negatively impacted future generations by disrupting their opportunities to receive education. Under JICA’s mission to achieve “human security”, JICA has long contributed to efforts for improving healthcare systems in developing countries including measures to combat infectious diseases. For example, in the early twentieth century, Dr. NOGUCHI Hideyo, a Japanese scientist, worked hard to find the major causes of disease transmission. In his name, Ghana established the Noguchi Memorial Institute for Medical Research with Japan’s cooperation, including JICA’s technical support since 1986. This institute has not only conducted 80% of Ghana’s PCR testing to diagnose COVID-19 at the peak of its pandemic, but is also training laboratory technicians in West Africa.

JICA has been responding to the urgent needs of developing countries under the unprecedented global crisis caused by the COVID-19 pandemic by fully utilizing its human resources and organizational networks, which have been developed over the years of its operations. JICA’s initiatives include supporting local production of safe PPE (personal protective equipment) for health workers, provision of water treatment chemicals, raising community awareness for hygiene and sanitation and capacity enhancement for testing and diagnosis. In addition, graduates of JICA’s training program are addressing the COVID-19 pandemic in their assigned countries.

As of March 31, 2021, JICA has had extended COVID-19 Crisis Response Emergency Support Loan to 12 countries totaling around 328 billion yen, pursuant to which it aims to mitigate the negative social and economic impact of the COVID-19 pandemic by providing budgetary support.

Aligning with Prime Minister SUGA Yoshihide’s statement at the UN General Assembly on September 25, 2020, JICA has launched “JICA’s Initiative for Global Health and Medicine” to strengthen its work in protecting people’s lives while supporting Japan’s development policy and international efforts to achieve the pledge of “leaving no one’s health behind.” Under this initiative, JICA will take a holistic approach by focusing on prevention, precaution and treatment, and plans to provide support for infrastructural development by leveraging Japan’s experiences.

Measures to Address Climate Change

In line with the Japanese government’s commitment to reduce greenhouse gas emissions to net-zero by 2050, JICA supports countries’ efforts to achieve low/zero carbon, from both financial and technical perspectives. In addition, to realize climate-resilient society, JICA promotes cooperation in climate change adaptation measures in developing countries, such as disaster risk reduction, irrigation and selective breeding of crops.

In December 2020, the Japanese government tightened its criteria on financing overseas coal-fired power plants and in principle will not provide support for new coal-fired power projects. Going forward, the Japanese government will consider support of ultra-supercritical power plants utilizing coal only when certain conditions are met.

In this context, JICA seeks to provide not only support for single power generation projects but also comprehensive support for developing countries’ transition efforts by strengthening engagement in energy and climate change policies.

Funding

Funding Track Record

See the table described in “Business—Funding” below for the information on funding track record.

 

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Table of Contents

BUSINESS

Operations

Since its launch as a renewed organization in October 2008, JICA has become the sole implementing agency for all major Japanese ODA schemes: Technical Cooperation, Grant Aid and Finance and Investment.

Background to ODA in Japan

Various organizations and groups, including governments, international organizations, non-governmental organizations (“NGOs”) and private companies, carry out economic cooperation to support socioeconomic development in developing countries. The financial and technical assistance that governments provide to developing countries as part of this economic cooperation are called ODA.

ODA is broadly classified into two types: bilateral aid and multilateral aid. Multilateral aid consists of financing and financial contributions to international organizations, while bilateral aid is provided in three forms: Technical Cooperation, Grant Aid and Finance and Investment. In addition, other schemes of bilateral aid include the dispatch of volunteers.

In recent years, developed countries in Europe and North America have expanded ODA as a means of strengthening the efforts to address global issues such as climate change and poverty reduction. Furthermore, new donor countries including the People’s Republic of China and the Republic of Korea have emerged. Japan, conversely, has decreased its ODA budget as a result of its severe financial circumstances.

In view of this international situation as well as the flow of domestic administrative reforms, the Japanese government has undertaken reforms that strategize ODA policies and strengthen implementation systems with the objective of further raising the quality of its ODA. With the aim of integrating ODA implementation organizations as part of these reforms, Overseas Economic Cooperation Operations of JBIC and Grant Aid Operations of MOFA (excluding those which MOFA continues to directly implement for the necessity of diplomatic policy) were transferred to JICA as of October 1, 2008, thereby creating a “New JICA”. See “—History”. Through this integration, the three schemes of assistance have become organically linked under a single organization, which better enables JICA to provide effective and efficient assistance.

 

 

LOGO

 

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JICA’s ODA

The principal schemes of ODA carried on by JICA are outlined below. JICA’s operations are separated into two categories for accounting purposes pursuant to Article 17 of the JICA Act: (a) a General Account, which is largely funded by management grants from the Japanese government, and (b) a Finance and Investment Account, which is funded through capital contributions and borrowings from the Japanese government, bonds issued to investors and interest and revenues generated by JICA. JICA’s Technical Cooperation and Grant Aid activities are carried on through its General Account. JICA’s Finance and Investment activities are carried on through its Finance and Investment Account.

Technical Cooperation

Technical Cooperation draws on Japan’s technology, knowhow and experience to nurture the human resources who will promote socioeconomic development in developing countries. Moreover, through collaboration with partner countries in jointly planning a cooperation plan suited to local situations, Technical Cooperation supports the development and improvement of technologies that are appropriate for the actual circumstances of these countries, while also contributing to raising their overall technology levels and setting up new institutional frameworks and organizations. These enable partner countries to develop problem-solving capacities and achieve economic growth.

Total Technical Cooperation expenditures (excluding management expenses and including expenses of technical assistance related to ODA Loans under Finance and Investment budget) for the fiscal year ended March 31, 2021 were ¥131.6 billion.

The following table provides breakdowns of JICA’s Technical Cooperation operations in terms of expenditures (excluding management expenses) by geographical region and sector for JFY 2020:

Technical Cooperation

 

     JFY 2020  
     (%)  

Distribution by Region

  

Asia

     32.1  

Africa

     17.3  

North and Latin America

     5.6  

Middle East

     2.8  

Pacific

     2.2  

Europe

     0.8  

Others

     39.2  
  

 

 

 

Total

     100.0  
  

 

 

 

Distribution by Sector

  

Public Works and Utilities

     19.7  

Human Resources

     10.3  

Agriculture, Forestry and Fisheries

     9.7  

Planning and Administration

     6.4  

Health and Medical Care

     5.9  

Business and Tourism

     3.2  

Mining and Industry

     1.4  

Energy

     2.0  

Social Welfare

     1.2  

Others

     40.3  
  

 

 

 

Total

     100.0  
  

 

 

 

Technical Cooperation includes acceptance of training participants, dispatch of experts, provision of equipment and implementation of studies aimed at supporting policymaking and planning of public works projects.

 

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Grant Aid

Grant Aid, which is an assistance method that provides necessary funds to promote socioeconomic development, is financial cooperation with developing countries with no obligation for repayment. Particularly in developing countries with low income levels, Grant Aid is broadly implemented for building hospitals, bridges and other socioeconomic infrastructure, as well as for promoting education, HIV/AIDS programs, children’s healthcare and environmental activities, which directly support the improvement of living standards.

Assistance is given to development projects that are essential in developing countries’ nation building, including: construction of hospitals or schools and increasing access to safe water supply to satisfy basic human needs; improvement of irrigation systems to promote development of communities and agricultural productivity; construction of roads and bridges to build socio-economic foundations; building facilities to promote environmental conservation; and developing human resources. In recent years, assistance has also been provided for peacebuilding, developing business environments, disaster prevention and reconstruction after disasters, and measures to cope with climate change. Where necessary, technical guidance for operation and maintenance (soft components) is also provided, so that the facilities and other systems financed by Grant Aid are sustainably managed.

New agreements under JICA’s Grant Aid operations for the fiscal year ended March 31, 2021 totaled ¥83.9 billion.

The following table provides breakdowns of JICA’s Grant Aid operations in terms of total agreement amount by geographical region and sector for JFY 2020:

Grant Aid

 

     JFY 2020  
     (%)  

Distribution by Region

  

Asia

     46.4  

Africa

     44.9  

Pacific

     3.4  

North and Latin America

     3.3  

Middle East

     1.9  

Europe

     0.1  
  

 

 

 

Total

     100.0  
  

 

 

 

Distribution by Sector

  

Public Works and Utilities

     48.0  

Health and Medical Care

     21.1  

Human Resources

     15.7  

Agriculture, Forestry and Fisheries

     8.2  

Energy

     3.5  

Business and Tourism

     1.1  

Others

     2.4  
  

 

 

 

Total

     100.0  
  

 

 

 

Finance and Investment

Finance and Investment supports the efforts of developing countries to advance by providing these nations with the capital necessary for development under long-term and substantially lower interest rates than commercial rates. The primary types of Finance and Investment are ODA Loans and Private Sector Investment Finance (“PSIF”):

 

   

ODA Loans promote efficient use of the borrowed funds and appropriate supervision of the relevant projects, bolstering the developing countries’ ownership in the development process. ODA Loans are divided into Project-type Loans (including Project Loans, which account for the largest portion of ODA Loans, and finance projects such as roads, power plants, irrigation, water supply and sewerage facilities) and Non-Project Loans (including Program Loans, which support the implementation of national strategies and poverty reduction strategies and Commodity Loans, which provide settlement funds for urgent and essential imports of materials). In addition, JICA developed sovereign-based lending denominated in U.S. dollars to developing countries beginning in JFY 2016. As of March 31, 2021, the total amount of ODA Loans outstanding was ¥13,545 billion as measured by aggregate loans receivable from all borrowing countries and organizations.

 

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Private Sector Investment Finance aims to stimulate economic activity and improve the living standards of people in developing countries through equity investments and loans for projects undertaken in developing countries by the private sector. As of March 31, 2021, the total amount of Private Sector Investment Finance outstanding was ¥213 billion as measured by aggregate loans receivable from all borrowing countries and organizations.

ODA Loans in particular enable the provision of finance in larger amounts compared with Technical Cooperation or Grant Aid. Thus, this form of aid has been well utilized for building large-scale basic infrastructure in developing countries.

JICA applies preferential terms for certain sectors and fields, namely: global environmental problems and climate change, health and medical care and services, disaster prevention and reduction, and human resource development.

Unlike Technical Cooperation or Grant Aid, Finance and Investment requires full repayment by the recipient country, which encourages the beneficiary country to focus closely on the importance and priority of projects and to make efforts to allocate and utilize the funds as efficiently as possible. In addition, as an ODA Loan is financial assistance with a repayment obligation, this method of assistance places a relatively small fiscal burden on the Japanese government and represents a sustainable instrument for ODA.

New Finance and Investment commitments for the fiscal year ended March 31, 2021 totaled ¥1,567 billion.

The following table provides breakdowns of JICA’s Finance and Investment operations in terms of commitment amount by geographical region and sector for JFY 2020:

Finance and Investment

(ODA Loans and PSIF)

 

     JFY 2020  
     (%)  

Distribution by Region

  

Asia

     83.0  

Middle East

     4.4  

Africa

     2.9  

Pacific

     2.7  

North and Latin America

     1.6  

Europe

     0.1  

Others

     5.4  
  

 

 

 

Total

     100.0  
  

 

 

 

Distribution by Sector

  

Transportation

     45.6  

Program Loans

     39.3  

Social Services

     8.4  

Agriculture, Forestry and Fisheries

     2.4  

Mining and Industry

     1.0  

Electric Power and Gas

     0.6  

Irrigation, Water Control and Land Reclamation

     0.5  

Others

     2.3  
  

 

 

 

Total

     100.0  
  

 

 

 

Scale of Japan’s and JICA’s ODA Programs in Recent Years

In the year ended December 31, 2020, Japan’s total ODA disbursements amounted to U.S.$20,309.92 million (¥2,168.34 billion) (provisional amount). Of this total, Grant Aid accounted for U.S.$3,066.54 million (¥327.39 billion), Technical Cooperation U.S.$2,408.27 million (¥257.11 billion), Finance and Investment U.S.$11,491.94 million (¥1,219.22 billion) and Contributions and Subscriptions to International Organizations U.S.$3,417.85 million (¥364.90 billion, net disbursement basis).

With respect to JICA’s operations in the fiscal year ended March 31, 2021, Technical Cooperation implemented by JICA amounted to ¥131.6 billion, a decrease of 24.8 % from the previous fiscal year. With respect to Grant Aid, which JICA began implementing from October 2008, JICA implemented 155 projects amounting to ¥83.9 billion (grant agreement amount). Within Finance and Investment, ODA Loans were provided through 43 projects amounting to ¥1,493.2 billion (commitment basis), while the Private-Sector Investment Finance amount totaled ¥73.4 billion (commitment basis) for 10 projects.

 

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The table below sets forth trends in the scale of JICA’s programs for Technical Cooperation, Finance and Investment Commitments and Grant Aid for the past ten years:

 

    JFY
2011
    JFY
2012
    JFY
2013
    JFY
2014
    JFY
2015
    JFY
2016
    JFY
2017
    JFY
2018
    JFY
2019
    JFY
2020
 
                                                             
    (in billions of yen)  

Technical Cooperation Disbursements for the Past Ten Years

  ¥ 188.9     ¥ 167.8     ¥ 177.3     ¥ 176.4     ¥ 191.7     ¥ 207.7     ¥ 192.3     ¥ 190.1     ¥ 175.1     ¥ 131.6  

Finance and Investment Commitment Amounts for the Past Ten Years

    949.4       1,226.7       985.8       1,015.9       2,260.9       1,485.8       1,888.4       1,266.1       1,523.2       1,566.6  

Grant Aid for the Past Ten Years

    111.0 (1)      141.6       115.8       111.2       111.7       98.0       115.1       98.5       85.6       83.9  

 

Note:

(1)

Includes ¥3.6 billion provided under Exchange of Notes concluded by the Japanese government (the portion for which JICA was responsible for the promotion of Grant Aid).

JICA’s Path for Development Activities

JICA will develop and implement specific programs and projects based upon the Development Cooperation Charter, which was endorsed by the Japanese government in February 2015. Specifically, JICA will focus upon: (i) quality growth and mitigating disparities; (ii) promoting peacebuilding and the sharing of universal values; (iii) strengthening its operational engagement on global issues and the international aid agenda; (iv) expanding and deepening strategic partnerships; and (v) supporting an active role for women and their empowerment in developing countries.

JICA’s Development Cooperation Achievements

In carrying out development activities in line with the Development Cooperation Charter, JICA draws on its track record of accomplishments achieved through the provision of ODA Loans. During the five-year period from JFY 2014 to JFY 2018, JICA provided ODA Loans for construction and other infrastructure projects that have contributed to the following achievements, as determined in ex-post evaluations of the relevant projects:

 

   

Access to safe water (SDGs Goal 6). Provided access to safe drinking water to approximately 49.0 million people in developing countries on an annual basis;

 

   

Access to electricity (SDGs Goal 7). Met power generation needs in developing countries through the supply of 7,900 GWh of electricity per year (equivalent to the electricity consumption needs of approximately 5.6 million people on an annual basis based on worldwide averages in 2015);

 

   

Railroad facilities (SDGs Goal 9). Met the rail transportation needs of approximately 880 million people in developing countries on an annual basis;

 

   

Airport facilities (SDGs Goal 9). Met the air transportation needs of approximately 8.3 million people in developing countries on an annual basis;

 

   

Sea Ports (SDGs Goal 9). Constructed sea port facilities in developing countries with capacity to handle approximately 8.0 million tons of freight on an annual basis;

 

   

Disaster prevention (SDGs Goal 11). Protected approximately 1.2 million people in developing countries from natural disaster risk; and

 

   

Forestation (SDGs Goal 15). Supported forestation efforts in developing countries on the scale of approximately 1.86 million ha.

Sustainable Development Goals

JICA has been working for realizing “human security” and “quality growth” in order to contribute to peace, stability, and prosperity of the international community. The Sustainable Development Goals (SDGs), adopted at the UN summit in 2015, accelerate and promote this Japan’s cooperation philosophy so that JICA will proactively contribute to achieving the SDGs through its leadership.

JICA will play a key role in achieving ten goals of the 17 SDGs making use of Japan’s own experience in socio-economic development of Japan and in development cooperation for the international community. Specifically, the ten goals are: zero hunger, health, education, water/sanitation, energy, economic growth, industry/infrastructure, sustainable cities, climate actions and forests/biodiversity.

JICA will ensure the impact of cooperation on the SDGs by utilizing Japan’s own knowledge, introducing innovations and collaborating with local and international partners in order to accelerate the achievement of the SDGs.

 

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Key Regional Initiatives

Southeast Asia and Oceania

While Southeast Asian countries have achieved high economic growth, disparities still persist within, and between, each country in the region. Given the region’s situation, JICA will address vast infrastructure needs, improve people’s connectivity through both hard and soft infrastructure, develop human resources to improve productivity and facilitate technological innovation, and work to support the formation of a peaceful and safe society. In addition, JICA will support development initiatives that are prevalent in the region, like disaster risk reduction, climate change mitigation and adaptation, and infectious disease control. Throughout its cooperation efforts, JICA will take into account its contributions to follow Japanese government policies, its commitments made at Japan-ASEAN summit meetings, as well as its partnerships with regional international organizations.

In Oceania, JICA will extend its assistance in addressing region-specific development issues in accordance with the Japanese government’s commitment at the Pacific Alliance Leaders Meeting (PALM). Priority areas will include addressing country vulnerabilities formed by natural disasters and impacts of climate change, as well as environmental issues that include waste treatment and water shortage concerns that have resulted from modernization and increasingly complex ocean issues.

South Asia

South Asia has the potential to become the center of the world’s economic growth, due to its young population and its vast consumer demands. However, the region also has the second largest impoverished population, next to Sub-Saharan Africa, and suffers from severe economic disparities, in addition to being highly vulnerable to natural disasters. Given the region’s situation, JICA will help develop foundations for the region’s economic growth, including the formation of a infrastructure, trade and investment environment; initiatives to secure the region’s peace, stability, and safety; practices to improve access to basic human needs; and methods to counter global issues like climate change and disaster risks. Throughout its cooperation efforts, JICA will take into account the needs of the region’s land-locked countries and look into ways to improve both hard and soft connectivity within the region and with other regions.

East Asia, Central Asia and the Caucasus

Since East Asia, Central Asia and the Caucasus have very strong geopolitical importance and a history of transitioning from a socialist to a market economy, it is important for JICA to help secure the region’s long-term stability and sustainable development efforts. Given the region’s situation, JICA will support initiatives to strengthen governance, industry diversification, as well as develop and strengthen infrastructure and human resource capacities. Throughout its cooperation efforts, JICA will take into account ways to improve intra- and inter-regional connectivity and resolve disparities.

Latin America and the Caribbean

While many of the countries in the region enjoy a certain extent of economic development, many of them also suffer from issues like poverty, economic and social disparities, and vulnerability to natural disasters. Given the region’s situation, JICA will support infrastructure development efforts, and initiatives like disaster risk reduction and tackling climate change, in collaboration with multinational development banks, to address global issues.

Also, JICA will continue to provide necessary support for Japanese emigrants and their decedents (Nikkei) in the region, in order to further strengthen ties between Japan and the region. Furthermore, JICA will strengthen its partnership and cooperation initiatives with Nikkei communities by providing support for Nikkei communities.

Africa

Africa is expected to form a large economy in the near future because of its rapid population growth. Therefore, continuous cooperation for Africa’s industrial development is important. However challenges persist, like the decline in commodity prices, the spread of infectious diseases, and the expansion of violent extremism. These challenges require cooperative solutions at the same time. Given the region’s situation, JICA, in collaboration with the private sector, will support regional infrastructure development like transport, water and sanitation, and access to energy, including renewable energy; as well as industrial development; business and investment climate development, including human resource development; and improving basic human needs. Throughout its cooperation efforts, JICA will also emphasize the three pillars of economy, society, and peace and stability, which have been declared as “Japan’s contributions for Africa”, pursuant to the 2019 Yokohama Declaration adopted at the Seventh Tokyo International Conference on African Development (TICAD7). Furthermore, JICA will not only promote country-specific, but also region-wide, initiatives focusing on improving regional economic communities.

Middle East and Europe

Many countries in the region still suffer from the aftermath of Arab Spring, in addition to Syrian refugees now becoming a global issue. Under such circumstances, in addition to emergency humanitarian assistance by the international community, it is necessary to extend support to communities hosting refugees and address structural problems in the mid to long-term that triggered the crisis to begin with, like poverty and unemployment. Also in Europe, the consolidation of peace and economic development are of the utmost necessity to ensure stability in the region. Given the region’s situation, JICA will provide assistance targeting efforts to reduce social and regional disparities, develop human resources and infrastructure, improve the region’s investment environment and maintain and conserve the region’s urban areas and natural habitats. Throughout its cooperation efforts, JICA will take into account its contributions to the Japanese government’s initiative called “Inclusive assistance towards the stability of the Middle East region”.

Particularly, in dealing with Syria and other refugee issues, JICA will collaborate with neighboring countries and international organizations, and it will carefully take into consideration the balance of benefits between the citizens of host countries and the refugees.

 

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Issue-specific initiatives

Promote “Free and Open Indo-Pacific”

To realize “Free and Open Indo-Pacific” advocated by the Japanese government, JICA will provide the Indo-Pacific region with both tangible and intangible support. JICA’s support will include expanding and establishing freedom of navigation and the rule of law, improving regional connectivity by developing quality infrastructure that aligns with international standards, and providing development cooperation to support capacity building for maritime security.

Strengthen the capacity of leaders in developing countries

As a main pillar of its projects, JICA will advance the JICA Development Studies Program (JICA-DSP), launched in 2018, a program that maintains and strengthens trusted relationships between Japan and developing countries over the medium and long term. Special focus will be placed on strengthening collaboration with partner universities to provide more opportunities for international students (JICA scholars) to systematically learn about Japan’s experience of development and the importance of the rule of law. JICA will also remain committed to maintaining and developing relationships with the participants after they return to their home countries so that they can play an active role in their countries as leaders.

Strengthen healthcare and public health systems in developing countries

Aligning with Prime Minister SUGA Yoshihide’s statement at the UN General Assembly on September 25, 2020, JICA has launched “JICA’s Initiative for Global Health and Medicine” to strengthen its work in protecting people’s lives while supporting Japan’s development policy and international efforts to achieve the pledge of “leaving no one’s health behind.” Under this initiative, JICA will take a holistic approach by focusing on prevention, precaution and treatment, and plans to provide support for infrastructural development by leveraging Japan’s experiences.

Establish a platform by enhancing domestic collaboration

JICA will strengthen its collaboration with diverse partners across Japan to address issues in developing countries, while also benefiting Japanese society. Special focus will be placed on establishing a platform to strengthen information-sharing, dialogues, and project collaborations regarding the Sustainable Development Goals (SDGs).

Promote innovation

To tackle development issues that are either new or unresolvable by using existing techniques, JICA will explore and adopt innovations. Special focus will be placed on making institutional arrangements for promoting innovations to overcome the limitations of conventional forms of cooperation and address challenges facing developing countries.

Improve strategy and external dissemination of projects

For important issues affecting the international community and Japan, JICA will undertake timely efforts to be able to make full promotional use of international forums. Special focus will be placed on contributing to (1) climate change measures, (2) human security and (3) collaboration with Japanese communities in Latin America and the Caribbean. By proactively highlighting these activities, JICA will enhance its presence in the international community.

 

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Budget

The following table sets forth summary budget information in terms of budgeted expenses for the three main arms of operations of JICA for JFY 2020 and JFY 2021:

Budget for Three Main Arms of Operations

 

     JFY 2020      JFY 2021  
               
     (in billions of yen)  

Finance and Investment

   ¥ 1,650.0      ¥ 1,500.0  

Technical Cooperation

     158.5        152.3  

Grant Aid

     163.2        163.2  
  

 

 

    

 

 

 

Total

   ¥ 1,971.7      ¥ 1,815.5  

 

Note:

(1)

Occasionally current year budgets get updated during the year based on various facts and circumstances. Any changes to previously filed budgeted numbers is due to an updated budget being approved subsequent to the last filing.

Funding

Finance and Investment operations are funded in accordance with the government of Japan’s ODA commitments and carried out in line with policies implemented by the Japanese Cabinet, and JICA is authorized by statute to borrow from the Japanese government on a long-term basis or issue bonds in order to fund these operations. Over the past three fiscal years, the amount of available funding for JICA’s Finance and Investment operations under JICA’s funding plan has increased, as shown in the following table:

Finance and Investment Account Funding Plan

 

     JFY 2019      JFY 2020      JFY 2021  
                      
     (in billions of yen)  

Contribution from the government

   ¥ 46.8      ¥ 51.4      ¥ 47.0  

Fiscal Investment and Loan Program (FILP)

     549.2        820.2        678.4  

Borrowing from FILP

     485.2        754.2        614.4  

Government-guaranteed bonds

     64.0        66.0        64.0  

FILP Agency Bonds(1)

     80.0        80.0        140.0  

Others

     719.0        698.4        634.6  
  

 

 

    

 

 

    

 

 

 

Total

   ¥ 1,395.0      ¥ 1,650.0      ¥ 1,500.0  
  

 

 

    

 

 

    

 

 

 

 

Note:

(1)

Refers to non-government-guaranteed domestic bonds issued pursuant to FILP.

 

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Funding Track Record

Pursuant to JICA’s authority to issue bonds to fund its Finance and Investment operations, JICA has developed a track record of issuing bonds in both domestic and international markets.

Since December 2008, JICA has issued 62 non-government-guaranteed bonds in domestic markets, totaling ¥770 billion. The following table provides JICA’s issuance record of non-government-guaranteed bonds since June 2019:

 

Bond

   Issue Date    Amount      Coupon      Term  
          (in billions of yen)      (%)      (years)  

48th

   June 20, 2019      10        0.059        10  

49th

   June 20, 2019      10        0.333        20  

50th

   September 20, 2019      12        0.055        10  

51st

   December 20, 2019      18        0.538        30  

52nd

   March 19, 2020      10        0.055        10  

53rd

   June 26, 2020      10        0.160        10  

54th

   June 26, 2020      13        0.445        20  

55th

   September 28, 2020      10        0.150        10  

56th

   September 28, 2020      12        0.459        20  

57th

   December 25, 2020      10        0.130        10  

58th

   December 25, 2020      5        0.420        20  

59th

   June 29, 2021      10        0.125        10  

60th

   June 29, 2021      10        0.457        20  

61st

   September 27, 2021      10        0.110        10  

62nd

   September 27, 2021      10        0.439        20  

Since November 2014, JICA has issued 6 government-guaranteed bonds in international markets, totaling $3,080 million. The following table provides JICA’s issuance record of government-guaranteed bonds:

 

 

Bond

   Issue Date    Amount      Coupon      Term  
          (in millions of dollars)      (%)      (years)  

1st

   November 13, 2014      500        1.875          5  

2nd

   October 20, 2016      500        2.125        10  

3rd

   April 27, 2017      500        2.750        10  

4th

   June 12, 2018      500        3.375        10  

5th

   July 22, 2020      500        1.000        10  

6th

   April 28, 2021      580        1.750        10  

Guidelines for Environmental and Social Considerations

Although JICA’s various projects aim for social and economic development, there is a risk that such initiatives may produce negative externalities on the environment as well as on the society in the form of involuntary resettlement or infringement of the rights of indigenous peoples. In order to achieve sustainable development, the impact and externalities of every project must be assessed and any means to avoid, minimize or compensate potential negative externalities must be integrated into the project. JICA refers to this internalization of environmental and social cost into the development cost as Environmental and Social Considerations (“ESC”). JICA has set out Guidelines for ESC which set forth JICA’s responsibilities and required procedures, together with obligations of partner countries and project proponents, in order to put ESC into practice.

JICA’s partners, including host countries, borrowers and project proponents bear the primary responsibility for ESC. JICA’s role is to examine ESC undertaken by project proponents in their development projects and to provide necessary support to ensure that the appropriate ESC are put into practice and that any adverse impact is avoided or minimized to an acceptable level.

Risk Management

The operations of the Finance and Investment account involve various risks, including credit risk, market risk, liquidity risk, and operational risk. As a government agency the nature as well as the volume of risks in JICA’s operations and the ways to deal with them differ from the risks and countermeasures at private financial institutions. Nonetheless, it is essential for JICA to have appropriate risk management just as at a financial institution.

In line with the global trend of an increasing focus on risk management among financial institutions and regulators, JICA is constantly improving its risk management of the Finance and Investment Account.

More specifically, risk management of the Finance and Investment Account is positioned as a managerial issue that needs to be addressed systematically by the organization in its entirety. JICA has thus adopted a risk management policy for its operations, under which JICA identifies, measures and monitors various risks. The objective of this policy is to ensure sound and effective operations and to earn returns commensurate with risks.

 

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JICA has established a Risk Management Committee for the Finance and Investment Account responsible for examining important issues related to integrated risk management.

JICA manages various risks associated with Finance and Investment operations as follows:

Credit Risk

Credit risk refers to the potential loss from difficulties or failure to recover credit assets due to the deteriorating financial condition of a debtor. The main area of Finance and Investment operations is lending. See “—Operations”. Consequently, the control of credit risk is a major part of JICA’s risk management. Sovereign risk in particular makes up a considerable part of the credit risk that accompanies ODA Loans.

JICA, as an official financer, evaluates sovereign risk by making full use of information gathered through communication with the governments and relevant authorities in the recipient countries, multilateral institutions such as the International Monetary Fund and the World Bank, other regional and bilateral donor organizations and private financial institutions in developed countries. With respect to PSIF, JICA assesses the risk associated with lending to private entities as well as country risk and currency risk.

Credit Rating System

JICA has established a credit rating system as part of the organization’s operating procedures. Credit ratings are the cornerstone of credit risk management, used for conducting individual credit appraisals and quantifying credit risks. Credit ratings are divided into two borrower specific categories: sovereign borrowers and non-sovereign borrowers, with the ratings updated where appropriate.

Self-Assessment of Asset Portfolio

When managing credit risks, it is important for JICA to make proper self-assessments of its loan portfolio and implement write-offs and loan loss provisions in a proper and timely manner. Based on the Financial Inspection Manual prepared by the Financial Services Agency of Japan, JICA has developed internal rules for such assessment. To ensure an appropriate checking function in this process, the first-stage assessment is conducted by the relevant departments in charge of lending and investment, and the second-stage assessment by the credit risk analysis department. An accurate understanding of asset quality is of paramount importance to the maintenance of JICA’s financial soundness and for disclosure.

Quantifying Credit Risk

In addition to individual credit risk management, JICA is working on quantifying credit risks with a view to evaluating the risk of its overall loan portfolio. To that end, it is important to take into account the characteristics of JICA’s loan portfolio, a significant proportion of which consists of long-term loans and sovereign loans to developing and emerging countries. Also, JICA takes into account multilateral mechanisms for securing assets such as the Paris Club, which is a unique framework for debt management by official creditor countries. By incorporating these factors into the credit risk quantification model, JICA measures credit risks and utilizes data for internal controls.

The following table shows the ratio of JICA’s risk-monitored loans, which includes loans to debtor in legal bankruptcy, past due loans, loans in arrears by three months or more and restructured loans, to total loans receivable, as of the dates indicated:

 

     As of March 31,  
     2019     2020     2021  
                    
     (in billions of yen except for ratio)  

Loans to Debtor in Legal Bankruptcy

     —         —         —    

Past Due Loans

   ¥ 87     ¥ 87     ¥ 87  

Loans in Arrears by Three Months or More

     —         —         0  

Restructured Loans

     609       473       469  
  

 

 

   

 

 

   

 

 

 

Total (A)

   ¥ 696     ¥ 561     ¥ 556  

Balance of Loans Receivable (B)

     12,387       12,702       13,429  
  

 

 

   

 

 

   

 

 

 

A / B (%)

     5.62     4.41     4.14
  

 

 

   

 

 

   

 

 

 

 

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Market Risk

Market risk refers to the potential losses incurred through changes in the value of assets and liabilities resulting from fluctuations in foreign currency exchange rates and/or interest rates. JICA bears risks arising from long-term fixed rate interest loans due to the characteristics of its lending activities. On this front, JICA is enhancing its capacity to absorb interest rate risk by using capital injections from the General Account Budget of the Japanese government.

Furthermore, interest rate swaps are carried out exclusively for the purpose of hedging interest rate risk. In order to control counterparty credit risk of interest rate swaps, the market value of transactions and credit worthiness of each counterparty are constantly assessed and collateral is secured when necessary.

With the introduction of operations such as Japanese ODA Loans with the option for borrowers to repay in currencies other than yen adopted in JFY 2012 and dollar-denominated Japanese ODA Loans started from the fiscal year ended March 31, 2017, currency risks may arise from the conversion of yen-denominated loans into foreign currency-denominated loans or from general exchange rate fluctuations. Consequently, currency risk is hedged through currency swaps. Moreover, when foreign currency-denominated investments are extended in PSIF, currency risk is assumed in connection with the valuation of investments. JICA manages this currency risk through regular and continuous monitoring of exchange rate fluctuations in the currency of the country in which the counterparty is located.

Liquidity Risk

Liquidity risk may result from a deterioration of JICA’s credit or to an unexpectedly large increase in expenditures or an unexpectedly large decrease in revenues. JICA adopts various measures to avoid liquidity risk through management of its cash flow. This includes efforts to secure multiple sources of funds such as agency bonds and borrowing under fiscal investment and loan programs established by JICA.

Operational Risk

Operational risk refers to potential losses stemming from work processes, personnel activities, improper systems or other external events. JICA manages the operational risk as part of the efforts to promote its compliance policy.

 

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Board Members

The names, current positions and previous positions of executive officers and auditors as of July 1, 2021 are as follows:

 

Title

  

Name

  

Date of
appointment

  

Previous Position

President

   KITAOKA Shinichi   

October 1, 2015

(Reappointment)

   President, the International University of Japan

Executive Senior Vice President

   YAMADA Junichi    May 23, 2020    Senior Vice President, JICA

Senior Vice President

   UESHIMA Takumi   

December 1, 2018

(Reappointment)

   Chief Secretary, Office of President, JICA

Senior Vice President

   KAYASHIMA Nobuko    October 1, 2019    Vice President, JICA/ Principal Research Fellow, JICA Research Institute

Senior Vice President

   YOKOYAMA Tadashi    October 1, 2019    Deputy Vice Minister for international affairs, Ministry of Finance

Senior Vice President

   NAKAZAWA Keiichiro    May 23, 2020    Director General, Operations Strategy Department, JICA

Senior Vice President

   SHIBATA Hironori    July 1, 2020    Deputy Director-General for International Trade Policy of the Trade Policy Bureau, Ministry of Economy, Trade and Industry of Japan

Senior Vice President

   NAKAMURA Toshiyuki    October 1, 2020    Director General, Governance and Peacebuilding Department, JICA

Senior Vice President

   YAMANAKA Shinichi    October 1, 2020    Chief Representative, Indonesia Office, JICA

Senior Vice President

   ONODERA Seiichi    July 1, 2021    Counselor for Global Strategies, Minister’s Secretariat, Ministry of Land, Infrastructure, Transport and Tourism

Auditor

   MACHII Hiromi    January 1, 2014 (Reappointment)    Compliance Officer, SG ASSETMAX CO., LTD.

Auditor

   HAYAMICHI Nobuhiro    July 1, 2017    Senior Audit Manager, Internal Audit Office, PANASONIC HEALTHCARE HOLDINGS Co., Ltd.

Auditor

   TOGAWA Masato    February 1, 2019    Director General, Personnel Department, JICA

 

Notes:

(1)

Senior vice presidents and auditors are listed in the order of their appointment.

(2)

Number of executive officers and auditors: Pursuant to Article 7 of the JICA Act, there shall be one president and three auditors, and there may be one executive senior vice president and up to eight senior vice presidents.

(3)

Terms of office of executive officers and auditors: Pursuant to Article 21 of the Act on General Rules for Incorporated Administrative Agencies, the term of office of the president is from the date of appointment until the last day of the mid-term plan currently in effect at the time of the appointment, and the term of office of each auditor is from the date of appointment until the date that the audited financial statements covering the final fiscal year of the mid-term plan for which such auditor is responsible are approved. Pursuant to Article 9 of the JICA Act, the term of office of the executive senior vice president, if any, is four years, and the term of office of the senior vice presidents, if any, is two years.

Employees

JICA employed 1,942 full-time employees across the Headquarters in Tokyo, 14 domestic offices and 96 overseas offices as of January 2021.

 

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Exhibit 2

FINANCIAL STATEMENTS OF JAPAN INTERNATIONAL COOPERATION AGENCY (“JICA”)

AND REPORTS OF THE INDEPENDENT AUDITOR

 

Index to Financial Statements

  

General Account

  

Independent Auditor’s Report

     F-2  

Balance Sheet (as of March 31, 2021)

     F-5  

Statement of Administrative Service Operation Cost (April 1, 2020—March 31, 2021)

     F-7  

Statement of Income (April 1, 2020—March 31, 2021)

     F-8  

Statement of Changes in Net Assets (April 1, 2020—March 31, 2021)

     F-9  

Statement of Cash Flows (April 1, 2020—March 31, 2021)

     F-10  

Basis of Presenting Financial Statements

     F-11  

Significant Accounting Policies

     F-11  

Notes to the Financial Statements

     F-14  

The Accompanying Supplementary Schedules

     F-19  

Finance and Investment Account

  

Independent Auditor’s Report

     F-40  

Balance Sheet (as of March 31, 2021)

     F-43  

Statement of Administrative Service Operation Cost (April 1, 2020—March 31, 2021)

     F-45  

Statement of Income (April 1, 2020—March 31, 2021)

     F-46  

Statement of Changes in Net Assets (April 1, 2020—March 31, 2021)

     F-47  

Statement of Cash Flows (April 1, 2020—March 31, 2021)

     F-48  

Basis of Presenting Financial Statements

     F-49  

Significant Accounting Policies

     F-49  

Notes to the Financial Statements

     F-53  

The Accompanying Supplementary Schedules

     F-61  

 

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Independent Auditor’s Report

Mr. Shinichi Kitaoka, President

Japan International Cooperation Agency

Opinion

We have audited the accompanying financial statements of the general account of Japan International Cooperation Agency (the Agency), which comprise the balance sheet as at March 31, 2021, and the statements of administrative service operation cost, income, changes in net assets, and cash flows for the year then ended, and a summary of significant accounting policies and notes to the financial statements, and the accompanying supplementary schedules (except for the information described based on the financial statements and business reports relating to the associated public interest corporations).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Agency’s general account as at March 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Agency in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The basis includes the fact that no such fraud or error, or illegal acts, of the president, other executive officers or staff members that would result in material misstatement in the financial statements was found, to the extent that we conducted our audit. The audit we conducted is not intended to express an opinion on whether there was any fraud or error, or illegal acts, of the president, other executive officers or staff members, which would not result in material misstatement in the financial statements.

Responsibilities of President, the Agency Auditor for the Financial Statements

President is responsible for the preparation and fair presentation of these financial statements in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan, and for such internal control as president determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, or illegal acts.

The Agency Auditor is responsible for overseeing the Agency’s financial reporting process.

 

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Table of Contents

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, or illegal acts, and to issue an auditor’s report that includes our opinion. Misstatements can arise from fraud or error, or illegal acts, and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

   

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, or illegal acts, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

   

Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Agency’s internal control.

 

   

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by president.

 

   

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

 

   

Plan and conduct audit with adequate attention being paid to the possibility that any fraud or error, or illegal acts, of the president, other executive officers or staff members may result in material misstatement in the financial statements.

We communicate with the Agency Auditor regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Agency Auditor with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Agency which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

 

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Table of Contents
Ernst & Young ShinNihon LLC
Tokyo, Japan
June 18, 2021

/s/ Motoki Nagao

Motoki Nagao
Designated Engagement Partner
Certified Public Accountant

/s/ Takuya Kodama

Takuya Kodama
Designated Engagement Partner
Certified Public Accountant

/s/ Kazuya Hosono

Kazuya Hosono
Designated Engagement Partner
Certified Public Accountant

 

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Table of Contents

Balance Sheet

(as of March  31, 2021)

General Account

 

              (Unit: Yen)  

Assets

 

  

I     Current assets

           

Cash and deposits

        291,765,077,064          

Inventories

           

Stored goods

     300,120,972                    

Payments for uncompleted contracted programs

     147,397,074                 447,518,046          
  

 

 

          

Advance payments

        21,865,355,793          

Prepaid expenses

        89,812,248          

Accrued income

        334,006          

Accounts receivable

        2,782,361,997          

Contra-accounts for provision for bonuses*

        1,211,186,648          

Short-term loans for development projects

        6,500,000          

Short-term loans for emigration projects

     371,746                    

Allowance for loan losses

     (55,948)                315,798          
  

 

 

          

Goods in transit

        33,175,976          

Suspense payments

        248,426,805          

Advance paid

        1,455,942          
     

 

 

       

Total current assets

           318,451,520,323       

II     Non-current assets

           

 1    Tangible assets

           

Buildings

     42,814,784,300                    

Accumulated depreciation

           (20,362,949,464)                22,451,834,836          

Structures

     1,591,917,010                    

Accumulated depreciation

     (1,170,639,286)                421,277,724          

Machinery and equipment

     252,950,512                    

Accumulated depreciation

     (149,450,445)                103,500,067          
  

 

 

          

Vehicles

     2,516,530,550                    

Accumulated depreciation

     (1,450,701,369)                1,065,829,181          
  

 

 

          

Tools, furniture, and fixtures

     2,217,015,785                    

Accumulated depreciation

     (1,323,914,592)                893,101,193          
  

 

 

          

Land

     14,177,935,458                    

Accumulated impairment losses

     (8,710,639)                14,169,224,819          
  

 

 

          

Construction in progress

        992,905,703          
     

 

 

       

Total tangible assets

        40,097,673,523          

 2    Intangible assets

           

Trademark rights

        659,415          

Telephone subscription rights

        1,786,900          

Software

        3,484,895,347          

Software in progress

        124,312,907          
     

 

 

       

Total intangible assets

        3,611,654,569          

 3    Investments and other assets

           

Long-term deposits

        218,000,000          

Long-term loans for development projects

        65,000,000          

Long-term loans for emigration projects

     9,433,269                    

Allowance for loan losses

     (7,940,606)                1,492,663          
  

 

 

          

Claims probable in bankruptcy, claims probable in rehabilitation, and other pertaining to loans for emigration projects

     307,896,040                    

Allowance for loan losses

     (307,896,040)                0          
  

 

 

          

Long-term prepaid expenses

        22,014,106          

Expected amount to be granted from the national budget*

        25,034,395          

Contra-accounts for provision for retirement benefits*

        13,617,585,263          

Long-term guarantee deposits

        1,635,028,260          
     

 

 

       

Total investment and other assets

                    15,584,154,687          
     

 

 

       

Total non-current assets

                   59,293,482,779       
        

 

 

    

Total assets

              377,745,003,102    
           

 

 

 

 

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Table of Contents

Balance Sheet (Continued)

(as of March 31, 2021)

 

Liabilities

        

I     Current liabilities

        

Operational grant liabilities*

     86,927,336,617         

Funds for grant aid

                196,150,196,496         

Donations received*

     366,071,349         

Accounts payable

     17,383,037,923         

Accrued expenses

     241,597,210         

Lease obligations

     97,891,884         

Advance payments received

     421,932,382         

Deposits received

     154,753,573         

Unearned revenue

     403,700         

Provision for bonuses

     1,211,186,648         
  

 

 

       

Total current liabilities

          302,954,407,782      

II     Non-current liabilities

        

Contra-accounts for assets*

     7,791,329,600         

Long-term lease obligations

     101,182,275         

Long-term deposits received

     340,247         

Provision for retirement benefits

     13,617,585,263         

Assets retirement obligations

     401,053,484         
  

 

 

       

Total non-current liabilities

         21,911,490,869      
     

 

 

    

Total liabilities

           324,865,898,651   

Net assets

        

I     Capital

        

Government investment

     62,452,442,661         
  

 

 

       

Total capital

               62,452,442,661      

II     Capital surplus

        

Capital surplus

     6,635,254,987         

Accumulated other administrative service operation costs*

        

Accumulated depreciation not included in expenses*

     (21,040,922,274)        

Accumulated impairment losses not included in expenses*

     (10,201,839)        

Accumulated interest expenses not included in expenses*

     (7,184,040)        

Accumulated disposal and sale differential not included in expenses*

     (8,740,003,351)        
  

 

 

       

Total capital surplus

        (23,163,056,517)     

III     Retained earnings

        

Reserve fund carried over from the previous Mid-term Objective period*

     1,381,863,754         

Reserve fund

     10,592,406,721         

Unappropriated income for the current fiscal year

     1,615,447,832         
  

 

 

       

[Total income for the current fiscal year]

     (1,615,447,832)        

Total retained earnings

        13,589,718,307      
     

 

 

    

Total net assets

           52,879,104,451   
        

 

 

 

Total liabilities and net assets

            377,745,003,102   
        

 

 

 

 

*

Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

 

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Table of Contents

Statement of Administrative Service Operation Cost

(April 1, 2020 – March 31, 2021)

General Account

 

             (Unit: Yen)

I

 

Expenses in the statement of income

    
 

Operating expenses

             153,726,116,039      
 

General administrative expenses

     9,184,713,111    
 

Financial expenses

     85,402,172    
 

Specific purpose expenses

     13,458,900    
 

Miscellaneous losses

     204,422    
 

Extraordinary losses

     28,915,620    
    

 

 

 

 
 

Total expenses in the statement of income

       163,038,810,264    

II

 

Other administrative service operation costs

    
 

Depreciation not included in expenses*

     1,090,579,469    
 

Impairment losses not included in expenses*

     6,667,210    
 

Interest expenses not included in expenses*

     (4,997  
 

Disposal and sale differential not included in expenses*

     109,573,337    
    

 

 

 

 
 

Total other administrative service operation costs

       1,206,815,019  
      

 

 

 

III

 

Administrative service operation cost

           164,245,625,283  
      

 

 

 

 

*

Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

 

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Table of Contents

Statement of Income

(April 1, 2020 – March 31, 2021)

General Account

 

             (Unit: Yen)

Ordinary expenses

      

Operating expenses

      

Expenses for priority sectors and regions

     49,331,972,617        

Expenses for private sector partnership

     1,890,544,753      

Expenses for domestic partnership

     8,802,604,852      

Expenses for other operations

     2,935,140,656      

Expenses for indirect operations

     36,752,401,482      

Expenses for grant aid

                   52,396,746,425      

Expenses for facilities

     63,890,207      

Expenses for contracted programs

     6,058,390      

Expenses for donation projects

     12,182,150      

Depreciation

     1,534,574,507       153,726,116,039      
  

 

 

 

   

General administrative expenses

       9,184,713,111    

Financial expenses

      

Foreign exchange losses

     85,402,172       85,402,172    
  

 

 

 

   

Specific purpose expenses

       13,458,900    

Miscellaneous losses

       204,422    
    

 

 

 

 

Total ordinary expenses

         163,009,894,644    

Ordinary revenues

      

Revenues from operational grants*

       105,703,317,116    

Revenues from grant aid

       52,396,746,425    

Revenues from contracted programs

      

Revenues from contracted programs from Japanese government and local governments

     6,058,390       6,058,390    
  

 

 

 

   

Revenues from interest on development projects

       188,752    

Revenues from emigration projects

       234,126    

Revenues from subsidy for facilities*

       38,855,812    

Revenues from expected amount to be granted from the national budget*

       25,034,395    

Donations*

       12,182,150    

Reversal of allowance for loan losses

       1,981,817    

Revenues from contra-accounts for provision for bonuses*

       1,211,186,648    

Revenues from contra-accounts for provision for retirement benefits*

       10,806,281    

Reversal of contra-accounts for assets*

       1,599,018,968    

Financial revenues

      

Interest income

     5,053,292       5,053,292    
  

 

 

 

 

 

 

 

 

Miscellaneous income

       2,631,024,449    
    

 

 

 

 

Total ordinary revenues

         163,641,688,621  
      

 

 

 

Ordinary income

         631,793,977  

Extraordinary losses

      

Loss on disposal of non-current assets

       25,679,175    

Loss on sales of non-current assets

       3,236,445       28,915,620  
    

 

 

 

 

Extraordinary income

      

Gain on sales of non-current assets

       11,166,395       11,166,395  
    

 

 

 

 

Net income

         614,044,752  
      

 

 

 

Reversal of reserve fund carried over from the previous Mid-term Objective period*

         1,001,403,080  
      

 

 

 

Total income for the current fiscal year

         1,615,447,832  
      

 

 

 

 

*    Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

 

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Table of Contents

Statement of Changes in Net Assets

(April 1, 2020-March 31, 2021)

General Account

    (Unit: Yen)

 

     I   Capital    

II   Capital surplus

    III   Retained earnings (Loss carried forward )         
     Government
investment
    Total capital     Capital
surplus
    Accumulated other administrative service operation cost     Total capital
surplus
    Reserve fund
carried over
from the
previous
Mid-term
Objective
period
    Reserve fund                  Total retained
earnings (Loss
carried
forward)
    Total net assets  
     Accumulated
depreciation not
included in
expenses
    Accumulated
impairment
losses not
included in
expenses
    Accumulated
interest
expenses not
included in
expenses
    Accumulated
disposal and
sale
differential not
included in
expenses
    Unappropriated
income for the
current fiscal
year
(Unappropriated
loss for the
current fiscal
year)
    Total income
for the current
fiscal year
(Total loss for
the current
fiscal year)
 
                             

Balance at the beginning of the fiscal year

    62,452,442,661       62,452,442,661       6,149,602,519       (21,029,534,058     (537,303,803     (7,189,037     (7,017,469,587     (22,441,893,966     2,415,736,764       7,471,586,861       3,120,819,860             13,008,143,485       53,018,692,180  
                             

Changes during the period

                                                                                                               
                             

I   Changes in capital during the
period

                                                                                                               
                             

II   Changes in capital surplus during
the period

                                                                                                               
                             

Purchase of non-current assets

                    485,652,468                                       485,652,468       (32,469,930                                     485,652,468  
                             

Sale and retirement of non-current assets

                            1,079,191,253       533,769,174               (1,722,533,764     (109,573,337                                             (109,573,337
                             

Depreciation

                            (1,090,579,469                             (1,090,579,469                                     (32,469,930     (1,123,049,399
                             

Impairment of fixed assets

                                    (6,667,210                     (6,667,210                                             (6,667,210
                             

Increase in asset retirement
obligations due to passage of
time

                                            4,997               4,997                                               4,997  
                             

III   Changes in retained earnings (loss
carried forward) during the period

                                                                                                               
                             

(1)   Appropriation of income or
loss

                                                                                                               
                             

Increase in reserve fund
derived from profit
appropriation

                                                                            3,120,819,860       (3,120,819,860                    
                             

(2)   Others

                                                                                                               
                             

Net income (Net loss)

                                                                                    614,044,752       614,044,752       614,044,752       614,044,752  
                             

Reversal of reserve fund
carried over from the
previous Mid-term
Objective period

                                                                    (1,001,403,080             1,001,403,080       1,001,403,080              
                             

Total changes during the period

                485,652,468       (11,388,216     527,101,964       4,997       (1,722,533,764     (721,162,551     (1,033,873,010     3,120,819,860       (1,505,372,028     1,615,447,832       581,574,822       (139,587,729
                             

Balance at the end of the fiscal year

    62,452,442,661       62,452,442,661       6,635,254,987       (21,040,922,274     (10,201,839     (7,184,040     (8,740,003,351     (23,163,056,517     1,381,863,754       10,592,406,721       1,615,447,832       1,615,447,832       13,589,718,307       52,879,104,451  

 

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Table of Contents

Statement of Cash Flows

(April 1, 2020 – March 31, 2021)

General Account

 

     (Unit: Yen)  

I.     Cash flows from operating activities

  

Payments of operating expenses

     (97,498,312,524)        

Payments for grant aid

     (52,353,174,894)        

Payments for contracted programs

     (65,579,402)        

Payments of personnel expenses

     (16,994,964,397)        

Payments of specific purpose expenses

     (27,897,975)        

Payments for other operations

     (296,409,654)        

Proceeds from operational grants

     156,024,774,000         

Proceeds from grant aid

     73,442,855,570         

Proceeds from contracted programs

     33,400,989         

Proceeds from interest on loans

     441,430         

Proceeds from donations

     46,344,714         

Proceeds from other operations

     3,722,611,980         
  

 

 

 

Subtotal

     66,034,089,837         

Interest income received

     5,056,819         

Payments to National Treasury

     (3,684,243,507)        
  

 

 

 

Net cash provided by operating activities

     62,354,903,149         

II.     Cash flows from investing activities

  

Payments for purchase of non-current assets

     (3,769,247,177)        

Proceeds from sales of non-current assets

     248,870,644         

Proceeds from subsidy for facilities

     833,798,472         

Proceeds from collection of loans

     20,225,535         

Payments into time deposits

     (54,000,000,000)        

Proceeds from time deposit refund

     54,000,000,000         

Payments into long-term deposits

     (2,000,000)        
  

 

 

 

Net cash used in investing activities

     (2,668,352,526)        

III.  Cash flows from financing activities

  

Repayments of lease obligations

     (99,160,145)        

Payments to National Treasury for unnecessary property

     (218,296,000)        
  

 

 

 

Net cash used in financing activities

     (317,456,145)        

IV.  Effect of exchange rate changes on funds

     (89,125,889)        

V.   Net increase (decrease) in funds

     59,279,968,589         

VI.  Funds at the beginning of the fiscal year

     226,485,108,475         
  

 

 

 

VII. Funds at the end of the fiscal year

               285,765,077,064         
  

 

 

 

 

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Table of Contents

Basis of Presenting Financial Statements

The accompanying financial statements of JICA have been prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan, which are different in many respects as to application and disclosure requirements of accounting principles for business enterprises generally accepted in Japan.

Significant Accounting Policies

General Account

Effective the year ended March 31, 2021, JICA adopted the “Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (February 16, 2000 (Revised March 26, 2020), and the “Q&A on Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (August 2000 (Last revised June 2020)).

1. Revenue recognition method of operational grants

Revenue from operational grants is recognized based on the level of operational achievement.

The revenue recognition method based on term is applied for administrative operations except the operations which have been specified as having a direct correlation between the operational achievement and operational grants.

The revenue from disaster relief operations, which are relief operations for unexpected disasters during the period, is recognized as the related expenses are incurred, since it is difficult to estimate the budget and terms, and specify a correlation between the operational achievement and operational grants.

2. Depreciation method

(1) Tangible assets (except for lease assets)

Straight-line method

The useful lives of major assets are as follows:

 

Buildings:

  1–50 years  

Structures:

  1–42 years  

Machinery and equipment:

  1–17 years  

Vehicles:

  2–6 years  

Tools, furniture, and fixtures:

  1–15 years  

The estimated depreciation costs for specific depreciable assets (Accounting Standards for Incorporated Administrative Agencies No. 87) and specific removal costs, etc., associated with asset retirement obligations (Accounting Standards for Incorporated Administrative Agencies No. 91) are indirectly deducted from capital surplus and reported as Accumulated depreciation not included in expenses.

(2) Intangible assets (except for lease assets)

Straight-line method

Software used by JICA is depreciated over its useful life (5 years).

(3) Lease assets

Lease assets are depreciated by the straight-line method over the lease term. Depreciation for lease assets is calculated with zero residual value being assigned to the asset.

 

F-11


Table of Contents

3. Provision for bonuses

The provision for bonuses is calculated and provided for based on estimated amounts of future payments attributable to the services that have been rendered by officers and employees applicable to the current fiscal year. Contra-accounts for provision for bonuses are equally accrued since the financial source is secured by operational grants.

4. Provision for retirement benefits

The provision for retirement benefits is calculated and provided for based on estimated amounts of future payments attributable to the retirement of employees, and is accrued in line with the retirement benefit obligations and estimated plan assets applicable to the fiscal year ended March 31, 2021. In calculating the retirement benefit obligations, the estimated amount of retirement benefit payments is attributed to the period based on the straight-line basis. The profit and loss appropriation method for actuarial differences and past service costs is as follows:

Actuarial differences are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

Past service costs are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

The financial source for lump-sum severance indemnities is secured by operational grants. The estimated amount of retirement benefits are reported as Provision for retirement benefits and Contra-accounts for provision for retirement benefits. Therefore an equal amount is accrued for both accounts. The financial source for defined benefit corporate pension plan insurance fees and reserve shortfall is secured by operational grants. Therefore an equal amount of Provision for retirement benefits is accrued as Contra-accounts for provision for retirement benefits.

5. Basis and standard for the accrual of allowance and loss contingencies

Allowance for loan losses

To provide for loan losses, JICA records the estimated amount of default as an allowance, taking into account the transition rate to delinquent loans for the ordinary loans. For doubtful loans, collectability is individually taken into consideration and the estimated amount of default is recorded as an allowance.

6. Standard and method for the valuation of inventories

Stored goods

Stored goods valuation is based on the lower of cost or market using the first-in, first-out (FIFO) method.

7. Translation standard for foreign currency-denominated assets and liabilities into yen

Foreign currency monetary claims and liabilities are translated into Japanese yen at the spot exchange rate at the balance sheet date. Exchange differences are recognized in profit or loss.

 

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8. Standard for expected amount to be granted from the national budget

For the expenses related to facilities for which JICA receives a subsidy, the expected amount to be granted from the national budget in the upcoming fiscal years is reported as asset and revenue according to Accounting Standards for Incorporated Administrative Agencies No.84.

9. Accounting treatment for consumption taxes

Consumption taxes and local consumption taxes are included in transaction amounts.

 

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Notes to the financial statements

General Account

(Balance Sheet)

1. Donated funds for grant aid

Grant aid is received in the form of donated funds from the government of Japan. JICA administers this grant aid based on grant agreements with the government of the recipient country. At the end of the fiscal year 2020, the outstanding balance of unexecuted grant agreements stood at ¥294,009,554,997.

2. Assets acquired through the investment from the government to Incorporated Administrative Agency

Of accumulated other administrative service operation cost, the amount of assets acquired through the investment from the government is ¥23,054,946,901.

(Statement of Administrative Service Operation Cost)

1.

Cost being borne by the public for the operation of Incorporated Administrative Agency

 

Administrative service operation cost

     ¥164,245,625,283   

Self-revenues, etc.

     ¥(2,667,889,371)  

Opportunity cost

     ¥63,950,904   

 

 

Cost being borne by the public for the operation of Incorporated
Administrative Agency

     ¥161,641,686,816   

 

2.

Method for computing opportunity cost

(1) Interest rate used to compute opportunity cost concerning government investment

0.120% with reference to the yield of 10-year fixed-rate Japanese government bonds at March 31, 2021.

(2) Method for computing opportunity cost for public officers temporarily transferred to JICA

Of the estimated increase in retirement allowance during service rendered in JICA, costs are calculated in accordance with JICA’s internal rules.

(Statement of Income)

“Expenses for indirect operations” under “Operating expenses” were presented as “Expenses for operation support” in the Statement of Income for the previous fiscal year. This change in the account title is due to changes in the names of Budget Account.

 

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(Statement of Cash Flows)

The funds shown in the statement of cash flows consist of cash, deposit accounts, and checking accounts.

1. Breakdown of balance sheet items and ending balance of funds

(as of March 31, 2021)

 

Cash and deposits

     ¥291,765,077,064   

Time deposits

     ¥(6,000,000,000)  

 

 

Ending balance of funds

     ¥285,765,077,064   

2. Description of significant non-cash transactions

(1) Assets acquired under finance leases

 

Tools, furniture, and fixtures

   ¥ 40,930,666    

Construction in progress

   ¥ 2,695,000           

(2) Additional asset retirement obligations

Additional asset retirement obligations were recorded in the current fiscal year.

As a result, the increase in assets and liabilities is as follows:

 

Buildings

   ¥ 124,932,631           

Asset retirement obligations

   ¥ 124,932,631    

(Financial Instruments)

1. Status of financial instruments

The General Account’s fund management is limited to short-term deposits and public and corporate bonds while fund-raising consists mainly of operational grants approved by the competent minister. The General Account does not borrow from the government fund for Fiscal Investment and Loan Program (FILP), nor does it borrow funds from financial institutions or issue FILP Agency Bonds.

2. Fair value of financial instruments

Balance sheet amount, fair value, and difference at the balance sheet date are as follows:

 

                  (Unit: Yen)
              Balance sheet amount                        Fair value                     Difference

(1) Cash and deposits                

   291,765,077,064      291,765,077,064      0    
       

(2) Accounts payable

   (17,383,037,923)     (17,383,037,923)     0    

*Liabilities are shown in parentheses (    ).

(Note) Calculation method for fair value of financial instruments and matters concerning accounts payable

[1] Cash and deposits

Cash and deposits are valued at book value because fair value approximates book value since these items are settled in a short period of time.

[2] Accounts payable

Accounts payable are valued at book value because fair value approximates book value since these items are settled in a short period of time.

(Retirement benefits)

1. Overview of retirement benefit plans

To provide retirement benefits for employees, JICA has a defined benefit pension plan comprised of a defined benefit corporate pension plan and a lump-sum severance indemnity plan, and a defined contribution plan comprised of a defined contribution pension plan.

 

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2. Defined benefit pension plan

(1) The changes in the retirement benefit obligation are as follows:

 

     (Unit: Yen)  

Retirement benefit obligation at the beginning of the fiscal year

     23,029,242,142  

 

 

Current service cost

     969,073,055  

Interest cost

     119,063,809  

Actuarial differences

     351,988,671  

Retirement benefit paid

     (1,335,618,886

Past service cost

     0  

Contribution by employees

     57,767,232  

 

 

Retirement benefit obligation at the end of the fiscal year

     23,191,516,023  

 

 

(2) The changes in the plan assets are as follows:

 

     (Unit: Yen)  

Plan assets at the beginning of the fiscal year

     8,047,386,231  

 

 

Expected return on plan assets

     160,947,725  

Actuarial differences

     1,268,371,529  

Contribution by the company

     388,010,084  

Retirement benefit paid

     (348,552,041

Contribution by employees

     57,767,232  

 

 

Plan assets at the end of the fiscal year

     9,573,930,760  

 

 

 

  (3)

Reconciliation of the retirement benefit obligations and plan assets and provision for retirement benefits and prepaid pension expenses in the balance sheets

 

     (Unit: Yen)  

Funded retirement benefit obligation

     10,168,830,437  

Plan assets

     (9,573,930,760

 

 

Unfunded benefit obligations of funded pension plan

     594,899,677  

Unfunded benefit obligations of unfunded pension plan

     13,022,685,586  

 

 

Subtotal

     13,617,585,263  

Unrecognized actuarial differences

     0  

Unrecognized past service cost

     0  

 

 

Net amount of assets and liabilities in the balance sheets

     13,617,585,263  

 

 

Provision for retirement benefits

     13,617,585,263  

Prepaid pension expenses

     0  

 

 

Net amount of assets and liabilities in the balance sheets

     13,617,585,263  

 

 

(4) Components of retirement benefit expenses

 

     (Unit: Yen)  

Current service cost

     969,073,055  

Interest cost

     119,063,809  

Expected return on plan assets

     (160,947,725

Realized actuarial differences

     (916,382,858

Amortization of past service cost

     0  

Extraordinary additional retirement payments

     0  

 

 

Total

     10,806,281  

 

 

(5) Major components of plan assets

Percentages of components to the total are as follows:

 

Bonds

     28

Stocks

     44

General account of life insurance company

     17

Others

     11

 

 

Total

     100

 

 

 

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(6) Method of determining the long-term expected rate of return on plan assets

The long-term expected rate of return on plan assets is determined based on components of plan assets, the actual historical returns, and market condition, etc.

(7) Assumptions used

Principal assumptions used in actuarial calculations at the end of the fiscal year

 

Discount rate

     Defined benefit corporate pension plan      0.23
     Retirement benefits      0.74

Long-term expected rate of return on plan assets

     2.00

3. Defined contribution plan

The amount of contribution required to be made to the defined contribution plan is ¥44,070,037.

(Lease transactions)

1. Future minimum lease payments related to operating lease transactions

 

Future minimum lease payments due within one year of the balance sheet date    ¥ 16,627,751  
Future minimum lease payments corresponding to periods more than one year from the balance sheet date    ¥ 8,262,000  

2. The impact of the finance lease transactions on the profit or loss in the current fiscal year was ¥(456,465). Total income for the current fiscal year after the deduction of this amount was ¥1,615,904,297.

(Asset retirement obligations)

1. Overview of asset retirement obligations

In accordance with a building lease agreement, JICA has the obligation to restore the head office building to its original state. Restoration costs are reasonably estimated and recognized as asset retirement obligations.

2. Amount and calculation method of asset retirement obligations

The estimate for the asset retirement obligations assumes a five-year lease period for the projected period of use and a discount rate between (0.048)% and 0.529%.

3. Changes in the total amount of asset retirement obligations in the current fiscal year

 

     (Unit: Yen)  

Balance at the beginning of the fiscal year

     276,125,850  

Increase related to acquisition of tangible assets

     124,932,631  

Adjustment resulting from passage of time

     (4,997

Decrease due to settlement of asset retirement obligations

     —    

Balance at the end of the fiscal year

     401,053,484  

 

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(Payments to the National Treasury for unnecessary property, etc.)

Summary of the payments to the National Treasury for unnecessary property in the current fiscal year is as follows:

Regarding the transfer of employee housing, Accounting Standards for Incorporated Administrative Agencies No.99 is applied for profit or loss arising from transfer transactions designated as “Transfer transactions whose profit or loss shall not be included in the Statement of Income” as per Article 13-2 of the Ordinance of the Ministry for the Operations, Finances, and Accounting of the Japan International Cooperation Agency (Ordinance of Ministry of Foreign Affairs No. 22 of September 30, 2003 (Last revised March 29, 2019)) . Such profit or loss is not recorded in Statement of Income and is recorded as adjustment to capital surplus.

Employee housing

Summary of type, book value, etc., of the assets that were transferred as unnecessary property

 

 

 

Type of assets

   Buildings, Structures, Land

 

 

Name of property

   Soubudai employee housing

 

 

Book value

  (1) Acquisition cost    ¥1,060,014,102
             (2) Depreciation    ¥378,771,545
        (3) Impairment loss    ¥527,508,104
        (4) Book value    ¥153,734,453

 

  Reasons for which the property became unnecessary    It was decided in the Mid-term Plan that Soubudai employee housing shall be transferred by the end of fiscal year 2020 and within the amount of income arising from the property transfer, the amount calculated in accordance with the standards established by the competent Minister is to be paid to the National Treasury.

 

  Method of payment to the National Treasury    Payments corresponding to capital gains from property transfer pursuant to Paragraph 2 of Article 46-2 of the Act on General Rules for Incorporated Administrative Agencies.

 

  Amount of capital gains from transfer of property (excluding tax)    ¥218,296,000

 

 

Amount and date

of payment to the National Treasury

  Amount of payment to the National Treasury     
   ¥218,296,000
  Date of payment    March 26, 2021

 

 

Amount of capital reduction

   ¥1,052,223,102

 

 

Note

       Capital reduction was carried out on April 9, 2021.

(Significant contractual liabilities)

N/A

(Significant subsequent events)

N/A

 

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The Accompanying Supplementary Schedules

General Account

 

(1)

Details of acquisition and disposal of non-current assets, depreciation (including depreciation not included in expenses, in accordance with “No. 87, Accounting for the Depreciation of Specific Depreciable Assets” and “No. 91, Accounting for Specific Removal Costs, etc., associated with Asset Retirement Obligations”), and accumulated impairment losses

 

(Unit: Yen)  

Type

 

    Balance at the

    beginning of the
    period

    Increase during
the period
    Decrease during
the period
    Balance at the
end of the period
   

 

Accumulated depreciation

 

   

 

  Accumulated impairment losses  

 

   

  Net assets at the

end of the

period

    Remarks  
        

Depreciation
during the

period

          

  Impairment losses  

during the

period

 
                       

Tangible assets (Depreciation included in expenses)

  Buildings     2,462,774,648       349,976,688       35,781,542       2,776,969,794       831,756,348       156,704,059       0       50,400       1,945,213,446                     
  Structures     198,349,146       16,852,883       3,322,760       211,879,269       90,624,450       15,538,987       0       355,740       121,254,819          
  Machinery and equipment     191,734,127       6,271,751       0       198,005,878       101,434,173       19,650,630       0       0       96,571,705          
  Vehicles     1,988,470,093       173,578,256       100,164,152       2,061,884,197       1,302,109,065       174,556,345       0       0       759,775,132          
  Tools, furniture, and fixtures     1,772,663,362       217,728,631       158,423,522       1,831,968,471       1,127,985,929       199,099,193       0       0       703,982,542          
  Total     6,613,991,376       764,408,209       297,691,976       7,080,707,609       3,453,909,965       565,549,214       0       406,140       3,626,797,644          
                       

Tangible assets (Depreciation not included in expenses)

  Buildings     39,738,906,488       1,895,198,387       1,596,290,369       40,037,814,506       19,531,193,116       1,000,315,294       0       450,510,779       20,506,621,390          
  Structures     1,431,994,240       0       51,956,499       1,380,037,741       1,080,014,836       25,582,840       0       10,173,847       300,022,905          
  Machinery and equipment     58,295,195       0       3,350,561       54,944,634       48,016,272       286,780       0       0       6,928,362          
  Vehicles     426,756,877       32,469,930       4,580,454       454,646,353       148,592,304       64,394,555       0       0       306,054,049          
  Tools, furniture, and fixtures     461,685,796       0       76,638,482       385,047,314       195,928,663       0       0       6,667,210       189,118,651          
  Total     42,117,638,596       1,927,668,317       1,732,816,365       42,312,490,548       21,003,745,191       1,090,579,469       0       467,351,836       21,308,745,357          
                       

Tangible assets (Non-depreciable assets)

  Land     14,398,036,458       0       220,101,000       14,177,935,458       0       0       8,710,639       66,417,338       14,169,224,819          
  Construction in progress     198,838,753       938,823,724       144,756,774       992,905,703       0       0       0       0       992,905,703          
  Total     14,596,875,211       938,823,724       364,857,774       15,170,841,161       0       0       8,710,639       66,417,338       15,162,130,522          
                       

Total tangible assets

  Buildings     42,201,681,136       2,245,175,075       1,632,071,911       42,814,784,300       20,362,949,464       1,157,019,353       0       450,561,179       22,451,834,836          
  Structures     1,630,343,386       16,852,883       55,279,259       1,591,917,010       1,170,639,286       41,121,827       0       10,529,587       421,277,724          
  Machinery and equipment     250,029,322       6,271,751       3,350,561       252,950,512       149,450,445       19,937,410       0       0       103,500,067          
  Vehicles     2,415,226,970       206,048,186       104,744,606       2,516,530,550       1,450,701,369       238,950,900       0       0       1,065,829,181          
  Tools, furniture, and fixtures     2,234,349,158       217,728,631       235,062,004       2,217,015,785       1,323,914,592       199,099,193       0       6,667,210       893,101,193          
  Land     14,398,036,458       0       220,101,000       14,177,935,458       0       0       8,710,639       66,417,338       14,169,224,819          
  Construction in progress     198,838,753       938,823,724       144,756,774       992,905,703       0       0       0       0       992,905,703          
  Total     63,328,505,183       3,630,900,250       2,395,366,115       64,564,039,318       24,457,655,156       1,656,128,683       8,710,639       534,175,314       40,097,673,523          
                       

Intangible assets (Depreciation included in expenses)

  Trademark rights     7,444,573       0       0       7,444,573       6,785,158       239,785       0       0       659,415          
  Software     4,575,005,919       632,295,612       0       5,207,301,531       1,722,406,184       968,785,508       0       0       3,484,895,347          
  Total     4,582,450,492       632,295,612       0       5,214,746,104       1,729,191,342       969,025,293       0       0       3,485,554,762          
                       
Intangible assets (Depreciation not included in expenses)   Trademark rights     1,139,550       0       0       1,139,550       1,139,550       0       0       0       0          
  Total     1,139,550       0       0       1,139,550       1,139,550       0       0       0       0          
                       

Intangible assets (Non-depreciable assets)

  Telephone subscription rights     3,278,100       0       0       3,278,100       0       0       1,491,200       0       1,786,900          
  Software in progress     248,168,895       98,456,636       222,312,624       124,312,907       0       0       0       0       124,312,907          
  Total     251,446,995       98,456,636       222,312,624       127,591,007       0       0       1,491,200       0       126,099,807          
                       

Total intangible assets

  Trademark rights     8,584,123       0       0       8,584,123       7,924,708       239,785       0       0       659,415          
  Telephone subscription rights     3,278,100       0       0       3,278,100       0       0       1,491,200       0       1,786,900          
  Software     4,575,005,919       632,295,612       0       5,207,301,531       1,722,406,184       968,785,508       0       0       3,484,895,347          
  Software in progress     248,168,895       98,456,636       222,312,624       124,312,907       0       0       0       0       124,312,907          
  Total     4,835,037,037       730,752,248       222,312,624       5,343,476,661       1,730,330,892       969,025,293       1,491,200       0       3,611,654,569          
                       

Investments and other assets

  Long-term deposits     216,000,000       2,000,000       0       218,000,000       0       0       0       0       218,000,000          
  Long-term loans for development projects     71,500,000       0       6,500,000       65,000,000       0       0       0       0       65,000,000          
  Long-term loans for emigration projects     12,494,246       1,968,376       5,029,353       9,433,269       0       0       0       0       9,433,269          
  Allowance for loan losses (non-current)     (12,231,456     (7,940,606     (12,231,456     (7,940,606     0       0       0       0       (7,940,606        
  Claims probable in bankruptcy, claims probable in rehabilitation,  and other pertaining to loans for emigration projects     305,462,858       4,782,459       2,349,277       307,896,040       0       0       0       0       307,896,040          
  Allowance for loan losses (non-current)     (305,462,858     (307,896,040     (305,462,858     (307,896,040     0       0       0       0       (307,896,040        
  Long-term prepaid expenses     5,906,653       21,173,649       5,066,196       22,014,106       0       0       0       0       22,014,106          
  Expected amount to be granted from the national budget     951,344       25,034,395       951,344       25,034,395       0       0       0       0       25,034,395          
  Long-term guarantee deposits     1,619,386,264       52,799,129       37,157,133       1,635,028,260       0       0       0       0       1,635,028,260          
  Contra-accounts for provision for retirement benefits     14,981,855,911       10,806,281       1,375,076,929       13,617,585,263       0       0       0       0       13,617,585,263          
  Total     16,895,862,962       (197,272,357     1,114,435,918       15,584,154,687       0       0       0       0       15,584,154,687          

(Note)   Contra-accounts for provision for retirement benefits is described in No. 4 of Significant Accounting Policies.

 

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General Account

(2) Details of inventories

 

                                        (Unit: Yen)  
           

 

Type

 

 

 

Balance at the beginning
of the period

 

   

 

        Increase during the period        

   

 

        Decrease during the period        

   

 

Balance at the end
of the period

 

   

 

Remarks

 

 
 

 

Purchase, manufacturing
and transfer for the
current fiscal year

 

    Others    

 

Delivery and transfer

 

   

 

Others

 

 
               

Stored goods

    362,761,806       50,764,294       0       113,405,128       0       300,120,972                     
               

Stockpile

    362,761,806       50,764,294       0       113,405,128       0       300,120,972          
               

Japan

    51,423,676       0       0       0       0       51,423,676          
               

USA

    75,472,547       12,400,510       0       55,419,190       0       32,453,867          
               

Republic of Singapore

    145,946,371       13,317,399       0       29,241,261       0       130,022,509          
               

Republic of Ghana

    2,137,520       0       0       0       0       2,137,520          
               

UAE

    76,945,852       25,046,385       0       28,744,677       0       73,247,560          
               

Republic of Palau

    5,845,334       0       0       0       0       5,845,334          
               

Republic of Marshall Islands

    4,990,506       0       0       0       0       4,990,506          
               

Payments for uncompleted contracted programs 

    126,390,594       147,397,074       0       126,390,594       0       147,397,074          
               

Total

    489,152,400       198,161,368       0       239,795,722       0       447,518,046          

 

F-20


Table of Contents

General Account

(3) Details of loans

 

                              (Unit: Yen)   
           
Classification  

Balance at the
beginning of the
period

 

    Increase during the
period
    Decrease during the period     Balance at the end
of the period
    Remarks  
  Collection     Others  
             

Other short-term loans

                                               
             

Loans for development projects

    17,500,000       6,500,000       17,500,000       0       6,500,000          
             

Loans for emigration projects

    441,671       385,058       408,782       46,201       371,746          
             

Subtotal

    17,941,671       6,885,058       17,908,782       46,201       6,871,746          
           
                                                 
             

Other long-term loans

                                               
             

Loans for development projects

    71,500,000       0       0       6,500,000       65,000,000          
             

Loans for emigration projects

    317,957,104       32,889       2,075,786       (1,415,102     317,329,309          
             

Subtotal

    389,457,104       32,889       2,075,786       5,084,898       382,329,309          
             
                                                 
             

Total

           407,398,775                   6,917,947            19,984,568         5,131,099                 389,201,055                         

 

(Note)

   “Others” shown under “Decrease during the period” is due to transfer from long-term to short-term loans, year-end translation difference, etc.

 

F-21


Table of Contents

General Account

(4) Details of provisions

(Unit: Yen)   

Classification  

 

Balance at the
beginning of the
period

 

   

Increase during the
period

    Decrease during the period    

Balance at the end
of the period

    Remarks  
  Intended use     Others  
             

Provision for bonuses

        1,197,382,912       1,211,186,648       1,197,382,912       0       1,211,186,648          
             

Total

    1,197,382,912            1,211,186,648       1,197,382,912                       0              1,211,186,648                         

 

F-22


Table of Contents

General Account

(5) Details of allowance for loan losses, etc.

 

      (Unit: Yen)
Classification  

 

Balance of loans, etc.

 

   

Balance of allowance for loan losses

 

    Remarks
  Balance at the
beginning of
the period
    Increase or
decrease
during the
period
    Balance at the
end of the
period
    Balance at the
beginning of
the period
    Increase or
decrease
during the
period
    Balance at the
end of the
period
 
               

(Development projects)

                                                                                                                                                                                            
               

Short-term loans for development projects

    17,500,000       (11,000,000     6,500,000       4,400       (4,400     0      
               

Ordinary loans

    17,500,000       (11,000,000     6,500,000       4,400       (4,400     0    

 

Breakdown of the preservation of claims for the Year-end balance of loans is as follows:

Joint and several guarantee            ¥6,500,000

 

               

Long-term loans for development projects

    71,500,000       (6,500,000     65,000,000       0       0       0      
               

Ordinary loans

    71,500,000       (6,500,000     65,000,000       0       0       0    

 

Breakdown of the preservation of claims for the Year-end balance of loans is as follows:

Joint and several guarantee          ¥65,000,000

 

               
                                            (Development projects in total)     89,000,000       (17,500,000     71,500,000       4,400       (4,400     0      
               
                                                     
               

(Emigration projects)

                                                   
               

Short-term loans for emigration projects

    441,671       (69,925     371,746       175,697       (119,749     55,948      
               

Ordinary loans

    441,671       (69,925     371,746       175,697       (119,749     55,948      
               

Long-term loans for emigration projects

    317,957,104       (627,795     317,329,309       317,694,314       (1,857,668     315,836,646      
               

Ordinary loans

    436,384       1,320,723       1,757,107       173,594       90,850       264,444      
               

Doubtful loans

    12,057,862       (4,381,700     7,676,162       12,057,862       (4,381,700     7,676,162      
               

Claims probable in bankruptcy, claims probable in rehabilitation, and other 

    305,462,858       2,433,182       307,896,040       305,462,858       2,433,182       307,896,040      
               
                                               (Emigration projects in total)     318,398,775       (697,720     317,701,055       317,870,011       (1,977,417     315,892,594      
               
Total     407,398,775       (18,197,720     389,201,055       317,874,411       (1,981,817     315,892,594      

 

(Note)

   Standard for appropriation of allowance for loan losses is described in No. 5 of Significant Accounting Policies.

 

F-23


Table of Contents

General Account

(6) Details of provision for retirement benefits

 

                                (Unit: Yen)
           
Classification  

Balance at the
beginning of the
period

 

    Increase during the
period
    
    Decrease during
the period
    
    Balance at the end
of the period
    
    Remarks

 

Total retirement benefit obligations

 

    23,029,242,142       1,497,892,767       1,335,618,886       23,191,516,023      

    

 

 

Retirement benefits

 

    12,960,108,198       1,049,644,233       987,066,845       13,022,685,586      
   

Defined benefit corporate pension plan

 

    10,069,133,944       448,248,534       348,552,041       10,168,830,437      

 

Unrecognized past service cost and unrecognized actuarial differences

 

    0       0       0       0      

 

Plan assets

 

    8,047,386,231       1,875,096,570       348,552,041       9,573,930,760                         

 

Provision for retirement benefits

 

    14,981,855,911       (377,203,803     987,066,845       13,617,585,263      

 

F-24


Table of Contents

General Account

(7) Details of asset retirement obligations

 

                                   (Unit: Yen)
           
Classification  

Balance at the
beginning of the
period

 

    Increase during the
period
    
    Decrease during
the period
    
    Balance at the end
of the period
    
    Remarks

 

 

Obligations of restoration to original state based on a building lease agreement

 

           276,125,850               124,932,631                4,997            401,053,484    

 

Specified expenses in Accounting Standards for Incorporated Administrative Agencies No. 91

 

 

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Table of Contents

General Account

(8) Details of capital surplus

 

      (Unit: Yen)
           
Classification  

Balance at the
beginning of the
period

 

   

Increase during the
period

   

Decrease during
the period

   

Balance at the end
of the period

            Remarks        

Facility expenses

      3,099,960,374       451,182,538       0       3,551,142,912    

Increase due to acquisition of non-current assets

Operational grants

    98,208,983       0       0       98,208,983      

Donations and others

    0       2,000,000       0       2,000,000    

Increase due to acquisition of non-current assets

Capital reduction

    2,771,220,202       0       0       2,771,220,202      

Specified assets in Accounting Standards for Incorporated Administrative  
Agencies  No. 87

    (122,494,000     0       0       (122,494,000    

Lease contracts

    (113,690,859     0       0       (113,690,859    

Reserve fund carried over from the previous Mid-term Objective period

    416,397,819       32,469,930       0       448,867,749    

Increase due to acquisition of non-current assets

Total     6,149,602,519            485,652,468                            0       6,635,254,987      

 

F-26


Table of Contents

General Account

(9) Details of operational grant liabilities, transfer for the current period, etc.

1. Details of changes in operational grant liabilities

 

(Unit: Yen)    

 

         
Balance at the    
beginning of the    
period    
    Operational grants for
  the current period
    Transfer for the current period       Offset by contra-
  accounts for
  provision
      Balance at the end of
  the period
 
    Revenues from
  operational grants
      Contra-accounts for
  assets funded by
   operational grants
    Capital surplus           Subtotal  
40,669,296,449     156,024,774,000       105,703,317,116       1,490,956,875     0     107,194,273,991       2,572,459,841       86,927,336,617  

2. Details of the transfer amount from operational grant liabilities and the main usage

 

(1) Details of the transfer amount to operational grant revenue and the main usage

 

   (Unit: Yen)
     

Classification

   

Revenues from

operational grants

 

 

    Main usages of operational grants
    Expenses      Main usages
Transfer based on operation achievement method                     
    Priority development cooperation issues     76,176,710,049       76,191,919,343      Personnel expenses: ¥10,916,533,460, Outsourcing expenses: ¥31,267,541,023, Fees paid to experts: ¥16,340,688,686, Other expenses: ¥17,667,156,174
  Partnerships with the private sector     2,964,630,651       2,975,138,812      Personnel expenses: ¥418,353,331, Outsourcing expenses: ¥1,610,164,212, Fees paid to experts: ¥571,412,668, Other expenses: ¥375,208,601
  Partnerships with various development partners     13,674,269,999       13,824,133,470      Personnel expenses: ¥1,947,903,668, Fees paid to experts: ¥4,124,087,778, Outsourcing expenses: ¥3,697,761,262, Other expenses: ¥4,054,380,762
  Strengthen foundations for operational implementation     3,342,711,370       3,877,132,552      Personnel expenses: ¥649,509,020, Fees paid to experts: ¥1,930,624,339, Outsourcing expenses: ¥564,134,171, Other expenses: ¥732,865,022
  Common     91,230,155       62,286,190      Personnel expenses: ¥62,286,190

Transfer based on term method

        
    Common     9,083,475,331       8,997,006,433      Personnel expenses: ¥1,858,686,546, Rents: ¥923,111,519, Other expenses: ¥6,215,208,368
Transfer based on the related expenses are incurred         
    Disaster relief activities     370,289,561       370,289,561      Outsourcing expenses: ¥126,094,055, Rents: ¥48,789,536, Other expenses: ¥195,405,970
    Total     105,703,317,116       106,297,906,361       

 

(2) Details of transfer amount to contra-accounts for assets funded by operational grants and main usages    (Unit: Yen)

Segment

    Transfer amount to contra-accounts for assets funded by operational grants
    Transfer amount      Main usages
Priority development cooperation issues     862,725,493     

Software: ¥278,478,202

Facilities attached to buildings: ¥196,725,822

Others: ¥387,521,469

Partnerships with the private sector     30,579,094     

Software: ¥10,637,907

Facilities attached to buildings: ¥7,539,106

Others: ¥12,402,081

Partnerships with various development partners     221,555,153     

Construction in progress: ¥85,396,155

Software: ¥49,531,382

Others: ¥86,627,616

Strengthen foundations for operational implementation

    167,767,414     

Tools, furniture, and fixtures: ¥73,171,722

Stored goods: ¥50,764,294

Others: ¥43,831,398

Common

    208,329,721     

Facilities attached to buildings: ¥89,258,660

Software: ¥43,541,699

Others: ¥75,529,362

Total

        1,490,956,875       

 

3. Details of offset by contra-accounts for provision

 

   (Unit: Yen)

Segment

    Offset by provision of allowance
    Offset amount      Details of offset

Priority development cooperation issues

    1,061,872,892     

Contra-accounts for provision for bonuses: ¥799,142,268

Contra-accounts for provision for retirement benefits: ¥262,730,624

Partnerships with the private sector

    40,694,059     

Contra-accounts for provision for bonuses: ¥30,625,457

Contra-accounts for provision for retirement benefits: ¥10,068,602

Partnerships with various development partners

    192,144,426     

Contra-accounts for provision for bonuses: ¥145,233,398

Contra-accounts for provision for retirement benefits: ¥46,911,028

Strengthen foundations for operational implementation

    115,688,649     

Contra-accounts for provision for bonuses: ¥88,235,317

Contra-accounts for provision for retirement benefits: ¥27,453,332

Common

    1,162,059,815     

Contra-accounts for provision for bonuses: ¥134,146,472

Contra-accounts for provision for retirement benefits: ¥1,027,913,343

Total

        2,572,459,841       

 

4. Details of the balance of operational grant liabilities       (Unit: Yen)
Balance of operational grant liabilities

 

   Reasons for the accrual of balance and revenue generation plan
Balance in relation to operations to which the revenue recognition method based on operation achievement is applied      84,330,136,022      The operation cycle of projects implemented upon requests from the governments of partnering countries in principle ranges over multiple fiscal years. However, the balance is expected to be expensed during the current Mid-term Objective period.
Balance in relation to operations to which the revenue recognition method based on term is applied                              0      The balance of operational grant liabilities is not carried forward to the next fiscal year.
Balance in relation to operations to which the revenue recognition method based on incurred expenses is applied      1,303,539,461      The balance is expected to be disbursed for disaster relief activities in the event of major unforeseen disasters during the current Mid-term Objective period.
Undistributed amount, etc.      1,293,661,134     

Amount reserved to prepare for unforeseen circumstances in corporate management: ¥750,000,000

Expenditures which exceeded the allocated amount of operational grant : ¥543,661,134

Since the expenditure exceeded can not be funded by operational grant, it will be transferred to revenue in the final fiscal year of the Mid-term in accordance with the Accounting Standards for Incorporated Administrative Agencies No.84, Paragraph 4.

Total

     86,927,336,617       

 

F-27


Table of Contents

General Account

(10) Details of facility expenses

(Unit: Yen)

 

       
Classification   Amount granted in the
current period
   

 

Breakdown of the accounting treatment mentioned on the left side

 

     Remarks

 

 
 

 

Contra-accounts for
construction in progress
funded by subsidy for
facilities

 

    Capital surplus     Revenues from
subsidy for
facilities
    Revenues from
expected amount to be
granted from the
national budget
        
             

Program to enhance disaster resilience in domestic offices

    485,567,283       0       421,677,076       38,855,812       25,034,395           
             

Total

    485,567,283       0       421,677,076       38,855,812       25,034,395           

 

(Note)    The specified expenses for which grant from the national budget is to be expected in the upcoming fiscal years are recorded according to the Accounting Standards for Incorporated Administrative Agencies No. 84 “Accounting method regarding the specific expenses for which grant from the national budget is subsequently measured”.

 

F-28


Table of Contents

General Account

(11) Details of remunerations and salaries of officers and employees

(Unit: Thousands of yen, persons)

 

     
Classification    Remunerations or salaries      Retirement benefits  
   Payment amount            Number of people            Payment amount            Number of people        
         

Officers

     187,111        13        9,177        2  
         

Employees

     15,767,014        1,960        1,040,176        133  
         

Total

     15,954,124        1,973        1,049,353        135  

 

(Notes)   

1. Payment standard of remunerations and retirement benefits to officers

 

Remunerations and retirement benefits to officers are paid based on “Rules on Remuneration for Officers” and

“Rules on Retirement Benefits for Officers” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.

  

2. Payment standard of salaries and retirement benefits to employees

 

Salaries and retirement benefits to employees are paid based on “Rules on Salaries for Employees” and “Rules on Retirement Benefits for Employees” in place for Incorporated Administrative Agency—Japan International Cooperation Agency.

  

3. Number of people

 

As for the number of people to whom remunerations or salaries are paid, the average number of JICA officers and employees during the period is used.

  

4. Others

 

There are no part-time officers or employees classified as external members.

 

F-29


Table of Contents

General Account

(12) Segment information to be disclosed

 

      (Unit: Yen)  
                     
Classification       (1) Priority    
    development    
     cooperation issues    
     (2) Partnerships with
the private sector
     (3) Partnerships with 
various development
partners
     (4) Strengthen
 foundations for 
 operational
implementation  
    (5) Grant aid      (6) Contracted 
programs
    (7) Other
operations
    Subtotal      (8) Corporate common
expenses, etc.
    Total  

I. Administrative service operation cost

                                                                               

Expenses in the statement of income

    78,139,546,390       2,994,534,814       13,942,915,997       4,649,126,059       52,396,746,425       6,058,390       12,182,150       152,141,110,225       10,897,700,039       163,038,810,264  

Other administrative service operation costs

                                                                               

Depreciation not included in expenses

                                                    1,090,579,469       1,090,579,469  

Impairment losses not included in expenses

                                                    6,667,210       6,667,210  

Interest expenses not included in expenses

                                                    (4,997     (4,997

Disposal and sale differential not included in expenses

                                                    109,573,337       109,573,337  

Total other administrative service operation costs

                                                    1,206,815,019       1,206,815,019  

Administrative service operation cost

    78,139,546,390       2,994,534,814       13,942,915,997       4,649,126,059       52,396,746,425       6,058,390       12,182,150       152,141,110,225       12,104,515,058       164,245,625,283  

II. Cost being borne by the public for the operation of Incorporated Administrative Agency

    77,880,939,033       2,994,534,814       13,928,635,354       4,649,126,059       52,396,746,425       0       0       151,849,981,685       9,791,705,131       161,641,686,816  

III. Operating expenses, revenues, and profits and losses

                                                                               

Operating expenses

    78,139,546,389       2,994,534,813       13,942,915,998       4,649,126,060       52,396,746,425       6,058,390       12,182,150       152,141,110,225       63,890,207       152,205,000,432  

Outsourcing expenses

    31,267,541,023       1,610,164,212       3,697,761,262       564,134,171       0       437,263       4,479,075       37,144,517,006       0       37,144,517,006  

Fees paid to experts

    16,340,688,686       571,412,668       4,124,087,778       1,930,624,339       0       4,919,148       2,771,700       22,974,504,319       0       22,974,504,319  

Personnel expenses

    10,916,533,460       418,353,331       1,947,903,668       649,509,020       0       0       0       13,932,299,479       0       13,932,299,479  

Rents

    2,299,305,035       88,116,060       410,279,026       136,803,443       0       0       0       2,934,503,564       0       2,934,503,564  

Fund provision

    0       0       0       0       52,396,746,425       0       0       52,396,746,425       0       52,396,746,425  

Other expenses

    17,315,478,185       306,488,542       3,762,884,264       1,368,055,087       0       701,979       4,931,375       22,758,539,432       63,890,207       22,822,429,639  

General administrative expenses

                                                    9,184,713,111       9,184,713,111  

Fees paid to experts

                                                    546,107,922       546,107,922  

Personnel expenses

                                                    1,920,972,736       1,920,972,736  

Rents

                                                                    923,111,519       923,111,519  

Other expenses

                                                                    5,794,520,934       5,794,520,934  

Depreciation

                                                    1,534,574,507       1,534,574,507  

Financial expenses

                                                    85,402,172       85,402,172  

Miscellaneous losses

    0       0       0       0       0       0       0       0       204,422       204,422  

Total

    78,139,546,389       2,994,534,813       13,942,915,998       4,649,126,060       52,396,746,425       6,058,390       12,182,150       152,141,110,225       10,868,784,419       163,009,894,644  
                                                                                 

Operating revenues

                                                                               

Revenues from operational grants

    76,176,710,049       2,964,630,651       13,674,269,999       3,713,000,931       0       0       0       96,528,611,630       9,174,705,486       105,703,317,116  

Revenues from grant aid

    0       0       0       0       52,396,746,425       0       0       52,396,746,425       0       52,396,746,425  

Revenues from contracted programs

    0       0       0       0       0       6,058,390       0       6,058,390       0       6,058,390  

Revenues from interest on development projects

    0       0       0       0       0       0       0       0       188,752       188,752  

Revenues from emigration projects

    0       0       0       0       0       0       0       0       234,126       234,126  

Donations

    0       0       0       0       0       0       12,182,150       12,182,150       0       12,182,150  

Revenue from subsidy for facilities

    0       0       0       0       0       0       0       0       38,855,812       38,855,812  

Revenues from expected amount to be granted from the national budget

    0       0       0       0       0       0       0       0       25,034,395       25,034,395  

Reversal of allowance for loan losses

    0       0       0       0       0       0       0       0       1,981,817       1,981,817  

Reversal of contra-accounts for assets

    0       0       0       113,401,926       0       0       0       113,401,926       1,485,617,042       1,599,018,968  

Revenues from contra-accounts for provision for bonuses

    0       0       0       0       0       0       0       0       1,211,186,648       1,211,186,648  

Revenues from contra-accounts for provision for retirement benefits

    0       0       0       0       0       0       0       0       10,806,281       10,806,281  

Financial revenues

    0       0       0       0       0       0       0       0       5,053,292       5,053,292  

Miscellaneous income

    258,607,357       0       14,280,643       0       0       0       0       272,888,000       2,358,136,449       2,631,024,449  

Total

    76,435,317,406       2,964,630,651       13,688,550,642       3,826,402,857       52,396,746,425       6,058,390       12,182,150       149,329,888,521       14,311,800,100       163,641,688,621  
                                                                                 

Operating income or loss

    (1,704,228,983     (29,904,162     (254,365,356     (822,723,203     0       0       0       (2,811,221,704     3,443,015,681       631,793,977  
                                                                                 

IV. Extraordinary income or losses, etc.

                                                                               

Extraordinary losses

    0       0       0       0       0       0       0       0       28,915,620       28,915,620  

Extraordinary income

    0       0       0       0       0       0       0       0       11,166,395       11,166,395  

Net income or loss

    (1,704,228,983     (29,904,162     (254,365,356     (822,723,203     0       0       0       (2,811,221,704     3,425,266,456       614,044,752  

Reversal of reserve fund carried over from the previous Mid-term Objective period

    923,631,090       22,124,857       55,647,133       0       0       0       0       1,001,403,080       0       1,001,403,080  

Total income or loss for the current year

    (780,597,893     (7,779,305     (198,718,223     (822,723,203     0       0       0       (1,809,818,624     3,425,266,456       1,615,447,832  
                                                                                 

V. Total assets

                                                                               

Cash and deposits

    0       0       0       0       198,323,770,525       292,670,159       3,291,999,028       201,908,439,712       89,856,637,352       291,765,077,064  

Advance payments

    19,595,456,625       463,392,158       1,683,676,393       122,830,617       0       0       0       21,865,355,793       0       21,865,355,793  

Buildings

    0       0       0       0       0       0       0       0       22,451,834,836       22,451,834,836  

Other assets

    390,295,816       4,610,004       27,709,997       303,992,425       168,787       155,256,272       73,370,586       955,403,887       40,707,331,522       41,662,735,409  

Total

    19,985,752,441       468,002,162       1,711,386,390       426,823,042       198,323,939,312       447,926,431       3,365,369,614       224,729,199,392       153,015,803,710       377,745,003,102  

(Note)1. Segment classification and main descriptions

Operations are classified into six segments in accordance with descriptions of the Mid-term Plan based on operations specified in Article 13 of the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency.

Operations in relation to donations and operations prescribed in Article 13 are organized as other operations.

1) Priority development cooperation issues

2) Partnerships with the private sector

3) Partnerships with various development partners

4) Strengthen foundations for operational implementation

5) Grant aid

6) Contracted programs

2. Disclosure of operating expenses

Operating expenses are classified in Operating expenses in the Statement of Income according to their nature. Items that account for less than 5% of the total amount allocated to each segment are included in Other expenses.

The relationship between Operating expenses in this list and Operating expenses in the Statement of Income is as follows:

1) Priority development cooperation issues: amount of expenses for priority sectors and region

2) Partnerships with the private sector: amount of expenses for private sector partnership

3) Partnerships with various development partners: amount of expenses for domestic partnerships

4) Strengthen foundations for operational implementation: amount of expenses for other operations

5) Grant aid: amount of expenses for grant aid

6) Contracted programs: amount of expenses for contracted programs

7) Other operations: amount of expenses for donation projects

8) Corporate common expenses, etc.: amounts of facility expenses

(2) Personnel expenses and Rents which are recorded in Administrative service operation cost and General administrative expenses that have been classified as corporate common expenses, etc. cannot be allocated to each segment due to the following reasons:

1) Personnel expenses: employees are in charge of several operations and their involvement in each operation is not uniform.

2) Rents: a wide variety of buildings are included in target property and they are used for multiple operations.

3. Assets are listed in accordance with the accounts in the balance sheet. Items that account for less than 5% of total assets are included in other assets.

4. Because Operating expenses for 1) Priority development cooperation issues and 3) Partnerships with various development partners are financed not only by operational grants but also by revenues from operations, the corresponding amounts are shown as Miscellaneous income, etc. in Operating revenues.

5. “–” is shown in the columns of items which have been allocated only to corporate common expenses, etc., because they cannot be allocated to individual segments.

 

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Table of Contents

General Account

(13) Details of grant-in-aid for scientific research

 

           

(Unit: Yen)  

 

Classification

 

 

    Amounts granted in the current period    

 

 

  Number of the projects  

 

 

Remarks

 

Grant-in-Aid for Scientific Research on Innovative Area

 

(10,000)  

3,000   

 

 

1    

 

  Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research

Grant-in-Aid for Scientific Research C

 

(1,100,000)  

990,000   

 

 

1    

 

Grant-in-Aid for Young Scientists

 

(2,900,000)  

2,460,000   

 

 

3    

 

Total

 

(4,010,000)  

3,453,000   

 

 

 

5    

 

 

   

 

(Note)

Amounts granted in the current period indicate the amounts equivalent to indirect expenses. The amounts equivalent to direct expenses are indicated in parentheses (    ).

 

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Table of Contents

General Account

(14) Details of main assets and liabilities other than those mentioned above

1. Cash and deposits

        (Unit:Yen)

Classification

 

 

Amount

 

 

Remarks

 

     

        Cash

  2,429,088     
     

        Cash in foreign currency

  101,024,140     
     

        Deposit accounts

  280,695,992,782     
     

        Checking accounts

  5,681,515     
     

        Deposit accounts in foreign currency

  267,415,836     
     

        Checking accounts in foreign currency

  4,692,533,703     
     

        Time deposits

  6,000,000,000     
     

Total

  291,765,077,064     

2. Advance payments    

 

               (Unit: Yen)

Classification

 

  

Amount          

 

   

Counterparty

 

 

Remarks

 

       

        Operating expenses

     21,865,355,793     Oriental Consultants Global Co., Ltd., and others    

Total

     21,865,355,793          

3. Funds for grant aid

 

      
               (Unit: Yen)

Classification

 

  

Amount          

 

   

Counterparty

 

 

Remarks

 

       

        Funds for grant aid

    

 

196,150,196,496

 

 

 

 

Republic of the Union of Myanmar and others

 

   

Total

     196,150,196,496          

 

4. Accounts payable

      
               (Unit: Yen)

Classification

 

  

Amount          

 

   

Counterparty

 

 

Remarks

 

       

        Operating expenses

     11,760,608,477     Kokusai Kogyo Co., Ltd., and others    
       

        General administrative expenses

     2,604,363,353     NTT Communications Corporation and others    
       

        Expenses for contracted programs

     38,782,902     PERSOL TEMPSTAFF CO., LTD., and others    
       

        Expenses for grant aid

     2,173,746,596     UNITED NATIONS CHILDREN’S FUND and others    
       

        Expenses for donation projects

     3,415,827     Regional Community Forestry Training Center for Asia and others    
       

        Subsidy for facilities

     739,975,197     NAKANO CORPORATION and others    
       

        Others

     62,145,571     Setagaya ward office and others    

Total

     17,383,037,923          

 

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Table of Contents

General Account

(15) Details of relevant public interest corporations

 

         

Corporation type and name 

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

     

Items

 

     

Japan Overseas Cooperative Association

 

     

The Association of Nikkei & Japanese Abroad

 

Outline of operations

                                                     

 

     

(1)  International cooperative activities in developing countries and activities pertaining to the promotion, promulgation, and edification of international exchange and global understanding.

(2)  Assistance for postdisaster restoration and peace-building activities.

(3)  Activities pertaining to cooperation and collaboration with international and domestic support agencies, international cooperation associations, and other institutions.

(4)  Activities pertaining to support for the development of a multicultural symbiotic society and vitalization and internationalization of societies.

(5)  Activities to support integrated community building and human resource development involving various sectors for the purpose of regional revitalization in cooperation in local communities.

1. Planning, support on coordination and implementation of project for the purpose of integrated community building including various sectors such as education, welfare service and industrial promotion

2. Category II social welfare services prescribed in article 2 of the Social Welfare Act

(a)  Based on Child Welfare Act:

-  day care services for handicapped children

-  consultation services for handicapped children

-  after-school child sound upbringing services

-  regional base services of the child care support

-  nursery center management services

(b) Based on act on Social Welfare for the Elderly

-  senior in-home care services

-  senior day-services

(c)  Based on act to comprehensively support daily and social lives of persons with disabilities

-  welfare services for persons with disabilities

-  consultation support services

-  services to support regional life

-  management of community activity support centers

3. Human resource development and training

(6)  Other activities necessary to achieve the objectives of the Association.

 

     

(1)   Support and promulgation of economic, cultural, educational, and social activities in cooperation with overseas and domestic Japan-related organizations or by itself.

(2)   Cooperation pertaining to carrying out of international cooperative activities and international exchange activities.

(3)   Collaboration with municipalities and international exchange associations

(4)   Promulgation both at home and abroad of research outcomes and knowledge regarding activities pertaining international cooperation and international exchange endeavors

(5)   Provision of information and collaboration regarding migration and overseas expansion of businesses

(6)   Establishment and operation of centers for Japanese abroad

(7)   Consultations and intermediation for and regarding Japanese abroad

(8)   Publicity of and edification regarding situations in Japan

(9)   Organizing of the convention of Nikkei and Japanese abroad

(10)  Edification regarding investment from overseas, investment overseas, and businesses

(11)  Other activities necessary for the fulfillment of public good

 

Name of officers

 

     

Number of officers: 10

 

Representative Director and President: Ryosei Oya

 

Board member: Kazuto Kitano (Former Director General of the Nihonmatsu Training Center of JICA)

 

     

Number of officers: 16

 

Representative Director and President: Kamon Iizumi

 

       

Association chart on transactions between relevant public interest corporations and JICA

                                             
           

 

  Japan Overseas Cooperative  

Association

 

                           
   

 

    JICA    

 

 

LOGO

       

 

    JICA    

 

 

LOGO

 

 

The Association of Nikkei &
Japanese Abroad

 

   
                                     
                                         
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      2,183,377,006 yen                                   165,440,565 yen            
       

Liabilities

                      948,234,205 yen                                   105,418,913 yen            
       

(Statement of changes in net assets)

                                                                       
       
Balance of net assets at the beginning of the fiscal year                       1,131,331,538 yen                                   57,595,173 yen            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

  13,000,000 yen            

- Subsidy received, etc.    

             0 yen        
       

- Other revenues

       

- Other revenues

  2,879,189,946 yen            

- Other revenues

    360,307,488 yen        
       

¡   Expenses

       

¡   Expenses

  2,860,332,683 yen            

¡   Expenses

    357,881,009 yen        
       
                                                             
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

  71,954,000 yen            

- Subsidy received, etc.

            0 yen        
       

- Other revenues

       

- Other revenues

          0 yen            

- Other revenues

            3,000,000 yen        
       

¡   Expenses

       

¡   Expenses

          0 yen            

¡   Expenses

              3,000,000 yen        
       
                                                             
       

Balance of net assets at the end of the fiscal year

 

                      1,235,142,801 yen                                   60,021,652 yen            
       
(Statement of activities)                                                                        
       
Balance of net assets at the beginning of the fiscal year                                           -                                                       -            
       
Total revenues for the current period                                           -                                                       -            
       
Total expenditures for the current period                                 -                                             -            
       
Net balance of revenues and expenditures for the current period                                 -                                             -            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

          N/A               N/A    
       

Details of receivables and payables to relevant public interest corporations

 

          Accounts payable: 314,719,938 yen, Accounts receivable: N/A               Accounts payable: 41,061,416 yen, Accounts receivable: N/A    
       

Details of debt guarantee

 

          N/A               N/A    
       

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

      Total operating revenues:   2,458,908,643 yen           Total operating revenues:   349,054,926 yen        
 

 

(Breakdown: JICA transactions

      1,425,845,742 yen   58.0           %)     

(Breakdown: JICA transactions

      190,664,776 yen   54.6           %)
 

 

Competitive contract

  (     1,000,012,972 yen   70.1           %)      Competitive contract   (     36,910,016 yen   19.4           %)
 

 

Planning competition and public selection

  (     16,407,484 yen   1.2           %)      Planning competition and public selection   (     35,116,586 yen   18.4           %)
 

 

Non-competitive negotiated contracts

  (     959,750 yen   0.1           %)      Non-competitive negotiated contracts   (     118,638,174 yen   62.2           %)
     

 

Other

  (     408,465,536 yen   28.6           %)      Other   (     0 yen   0.0           %)
       
                                                         
   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

 

F-33


Table of Contents

General Account    

 

         

Corporation type and name 

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

     

Items

      Kitakyushu International Techno-Cooperative Association       Pacific Resource Exchange Center

 

Outline of operations

                                                             

 

     

(1)   Development of necessary research studies and educational curriculums, creation and undertaking of training programs, dispatch of experts, and transfer of technologies overseas

 

(2)   Planning and undertaking of activities to promote international goodwill

 

(3)   Planning and undertaking of other activities for the purpose of fulfilling the aims of this association

 

     

(1)   Fostering human resources to contribute mainly to the growth of developing countries, etc.

 

(2)   Economic, cultural, and personal exchange activities mainly with developing countries, etc.

 

(3)   Cultivating human resources tasked with economic, cultural, and personal exchange activities mainly with developing countries.

 

(4)   Gathering information and research/study related to economic cooperation

 

(5)   Public awareness and publicity concerning the aforementioned activities

 

(6)   Other activities necessary for the achievement of objectives of this corporate body

 

 

Name of officers

 

     

Number of officers: 11

 

President: Hideki Furuno

 

     

Number of officers: 18

 

Representative Director and President: Kiyoshi Otsubo

 

                                         

Association chart on transactions between relevant public interest
corporations and JICA

                                                   
           

 

Kitakyushu International Techno-

Cooperative Association

               

 

Pacific Resource Exchange Center

   
   

 

    JICA    

 

  LOGO        

 

    JICA    

 

  LOGO    
                           
                                               
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      683,456,355 yen                                   4,631,750,161 yen            
       

Liabilities

                      32,314,048 yen                                   66,417,470 yen            
       

(Statement of changes in net assets)

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                      648,945,525 yen                                   4,649,178,733 yen            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

    32,700,000 yen          

- Subsidy received, etc.

      0 yen      
       

- Other revenues

       

- Other revenues

    180,291,817 yen          

- Other revenues

      145,994,972 yen      
       

¡   Expenses

       

¡   Expenses

    210,691,014 yen          

¡   Expenses

      229,841,014 yen      
       
                                                                
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

    0 yen          

- Subsidy received, etc.

      0 yen      
       

- Other revenues

       

- Other revenues

    0 yen          

- Other revenues

      0 yen      
       

¡   Expenses

       

¡   Expenses

    104,021 yen          

¡   Expenses

      0 yen      
       
                                                                
       

Balance of net assets at the end of the fiscal year

 

                      651,142,307 yen                                   4,565,332,691 yen            
       

(Statement of activities)

 

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                      -                                   -            
       

Total revenues for the current period

 

                      -                                   -            
       

Total expenditures for the current period

 

                      -                                   -            
       

Net balance of revenues and expenditures for the current period

 

                      -                                   -            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

          N/A              

N/A

   
       

Details of receivables and payables to relevant public interest corporations

 

          N/A              

Accounts payable: 20,584,586 yen, Accounts receivable: N/A

   
       

Details of debt guarantee

 

          N/A              

N/A

 

   
       

 

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

      Total operating revenues:   174,157,335 yen           Total operating revenues:   69,148,566 yen        
 

 

(Breakdown: JICA transactions

      125,184,130 yen       71.9       %)     

 

(Breakdown: JICA transactions

      50,891,950 yen               73.6       %)
 

 

Competitive contract

  (         0 yen   0.0       %)     

 

Competitive contract

  (         20,582,295 yen               40.4       %)
 

 

Planning competition and public
selection

  (         125,184,130 yen   100.0       %)     

 

Planning competition and public
selection

  (         29,972,749 yen           58.9       %)
 

 

Non-competitive negotiated contracts

  (         0 yen                   0.0       %)     

 

Non-competitive negotiated contracts

  (         0 yen                   0.0       %)
   

 

Other

  (         0 yen   0.0       %)     

 

Other

  (         336,906 yen               0.7       %)
       
                                                         
   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

 

F-34


Table of Contents

General Account

 

         

Corporation type and name  

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

     

Items

 

     

Overseas Agricultural Development Association

 

     

Supporting Organization of J.O.C.V.

 

 

Outline of operations

                                                     

 

     

(1)   Proposal regarding effective undertaking of overseas agricultural development cooperation

(2)   Guidance and advice for overseas agricultural development cooperation by private-sector companies

(3)   Cooperation for activities by the government and private-sector companies regarding overseas agricultural development cooperation

(4)   Research and study regarding overseas agricultural development cooperation

(5)   Gathering and providing of information regarding overseas agricultural development cooperation

(6)   Carrying out of collaborative activities with community organizations regarding rural community promotion in Japan

(7)   Capacity building and securing of personnel who engage in rural community promotion in Japan

(8)   Activities for foreign technical intern training acceptance

(9)   Establishment and operation of necessary facilities for aforementioned activities

(10)  Other activities necessary to fulfill the aims of this organization

     

(1)   Activities for the diffusion of cooperation volunteers’ activities for awareness raising and for understanding promotion

(2)   Activities for promoting participation in cooperation volunteers

(3)   Activities for assisting cooperation volunteers’ local activities

(4)   Activities for leveraging cooperation volunteers’ experience for society

(5)   Social contribution projects based on collaboration with citizen volunteers

(6)   Activities for placement and staffing

(7)   Other activities necessary to achieve the objectives of this corporation

 

Name of officers

 

     

Number of officers: 9

 

President: Hidekazu Toyohara

 

     

Number of officers: 16

 

President: Yasuhiro Yamamoto

Standing Director General: Kazuhisa Matsuoka

(Former Senior Vice President of JICA)

 

       

Association chart on transactions between relevant public interest corporations and JICA

                                             
           

 

  Overseas Agricultural

Development Association

 

                           
   

 

    JICA    

 

 

LOGO

       

 

    JICA    

 

 

LOGO

 

 

Supporting Organization of

J.O.C.V.

 

   
                                     
                                         
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      27,281,902 yen                                   50,152,662 yen            
       

Liabilities

                      26,041,879 yen                                   9,822,713 yen            
       

(Statement of changes in net assets)

                                                                       
       
Balance of net assets at the beginning of the fiscal year                       (7,459,632) yen                                   40,246,519 yen            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

          0 yen          

- Subsidy received, etc.    

  3,000,000 yen      
       

- Other revenues

       

- Other revenues

  138,989,440 yen          

- Other revenues

    114,812,429 yen      
       

¡   Expenses

       

¡   Expenses

  130,289,785 yen          

¡   Expenses

    117,728,999 yen      
       
                                                             
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

          0 yen          

- Subsidy received, etc.

            0 yen      
       

- Other revenues

       

- Other revenues

          0 yen          

- Other revenues

            0 yen      
       

¡   Expenses

       

¡   Expenses

          0 yen          

¡   Expenses

              0 yen      
       
                                                             
       

Balance of net assets at the end of the fiscal year

 

                      1,240,023 yen                                   40,329,949 yen            
       
(Statement of activities)                                                                        
       
Balance of net assets at the beginning of the fiscal year                                           -                                                       -            
       
Total revenues for the current period                                           -                                                       -            
       
Total expenditures for the current period                                 -                                             -            
       
Net balance of revenues and expenditures for the current period                                 -                                             -            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

          N/A               N/A    
       

Details of receivables and payables to relevant public interest corporations

 

          N/A               Accounts payable: 16,971,514 yen, Accounts receivable: N/A    
       

Details of debt guarantee

 

          N/A               N/A    
       

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

      Total operating revenues:   137,242,989    yen           Total operating revenues:   103,653,686 yen        
 

 

(Breakdown: JICA transactions

    103,305,510 yen   75.3           %)     

(Breakdown: JICA transactions

    92,265,294 yen   89.0           %)
 

 

Competitive contract

  (   0 yen   0.0           %)      Competitive contract   (   90,678,059 yen   98.3           %)
 

 

Planning competition and public selection

  (   103,305,510 yen   100.0           %)      Planning competition and public selection   (   0 yen   0.0           %)
 

 

Non-competitive negotiated contracts

  (   0 yen   0.0           %)      Non-competitive negotiated contracts   (   960,575 yen   1.0           %)
     

 

Other

  (   0 yen   0.0           %)      Other   (   626,660 yen   0.7           %)
       
                                                         
   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31,2020.

   

 

F-35


Table of Contents

General Account

 

         

Corporation type and name 

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

     

Items

 

     

Japan and Overseas Forestry Consultants Associate

 

     

Tokachi Regional Activation Support Organization

 

 

Outline of operations

                                                 

     

(1)  Survey regarding forest and forestry

(2)  Technical Development on Forest and Forestry

(3)  Operation on reforestation

(4)  Advice and guidance on forest and forestry

(5)  Training and seminar on forest and forestry

(6)  Collection of information on forest and forestry

(7)  Other activities necessary for the attainment of JOFCA objectives

     

(1)   Business about local problem solution

(2)   Business about activation of area

(3)   Business related to employee training, recruitment activities, and internships at local companies

(4)   Other business required to achieve the purpose of the corporation

 

Name of officers

 

     

Number of officers: 11

 

Representative Director: Fusho Ozawa

     

Number of officers: 11

 

Representative Director: Hideaki Yamamoto

       

Association chart on transactions between relevant public interest corporations and JICA

                                             
           

 

  Japan and Overseas Forestry  

Consultants Associate

 

                             
   

 

    JICA    

 

 

LOGO

       

 

    JICA    

 

 

LOGO

 

 

  Tokachi Regional Activation Support  

Organization

 

   
                                       
                                         
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      168,076,725 yen                                   7,877,360 yen            
       

Liabilities

                      129,089,704 yen                                   9,654,987 yen            
       

(Statement of changes in net assets)

                                                                       
       
Balance of net assets at the beginning of the fiscal year                       44,452,843 yen                                   (1,859,977) yen            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

         
       

- Subsidy received, etc.

       

- Subsidy received, etc.

  5,050,000 yen          

- Subsidy received, etc.

            0 yen      
       

- Other revenues

       

- Other revenues

  154,747,919 yen          

- Other revenues

  42,442,091 yen      
       

¡   Expenses

       

¡   Expenses

  165,263,741 yen          

¡   Expenses

  42,359,741 yen      
       
                                                             
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

         
       

- Subsidy received, etc.

       

- Subsidy received, etc.

            0 yen          

- Subsidy received, etc.

            0 yen      
       

- Other revenues

       

- Other revenues

            0 yen          

- Other revenues

            0 yen      
       

¡   Expenses

       

¡   Expenses

            0 yen          

¡   Expenses

            0 yen      
       
                                                             
       

Balance of net assets at the end of the fiscal year

 

                      38,987,021 yen                                   (1,777,627) yen            
       
(Statement of activities)                                                                        
       
Balance of net assets at the beginning of the fiscal year                                           -                                                       -            
       
Total revenues for the current period                                           -                                                       -            
       
Total expenditures for the current period                                 -                                             -            
       
Net balance of revenues and expenditures for the current period                                 -                                             -            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

         

N/A

             

N/A

   
       

Details of receivables and payables to relevant public interest corporations

 

         

N/A

             

N/A

   
       

Details of debt guarantee

 

         

N/A

             

N/A

   
       
Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)       Total operating revenues:   141,744,118 yen           Total operating revenues:   36,235,085 yen        
 

 

(Breakdown: JICA transactions

    126,871,818 yen   89.5           %)     

(Breakdown: JICA transactions

    28,677,978 yen   79.1           %)
 

 

Competitive contract

  (   0 yen   0.0           %)      Competitive contract   (   0 yen   0.0           %)
 

 

Planning competition and public selection

  (   126,871,818 yen   100.0           %)      Planning competition and public selection   (   23,078,686 yen   80.5           %)
 

 

Non-competitive negotiated contracts

  (   0 yen   0.0           %)      Non-competitive negotiated contracts   (   5,599,292 yen   19.5           %)
   

 

Other

  (   0 yen   0.0           %)      Other   (   0 yen   0.0           %)
       
                                                         

 

F-36


Table of Contents

General Account

 

         

Corporation type and name 

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

     

Items

 

     

Japan Forest Technology Association

 

     

Foundation for Advanced Studies on International Development

 

 

Outline of operations

                                                     

 

     

(1)   Consideration and recommendations on forest policy based on scientific technology

(2)   Development and promotion of forest technology

(3)   Training and qualification of forest engineers

(4)   Academic encouragement and organization of seminars, etc.

(5)   Information collection, survey and research

(6)   Support for the preparation of forest management plans, land survey and design

(7)   Utilization and inspection of aerial photographs and satellite data

(8)   Forest certification

(9)   International cooperation and international exchange

(10)  Publication and sale of forestry equipment and instruments

(11)  Dispatch of forest engineers

(12)  Other activities necessary to achieve the purpose of our association

 

     

(1)   Cultivation of human resources for international development

(2)   Research and surveys for international development and assistance policy

(3)   Cooperation for advanced studies regarding international development

(4)   Technical cooperation projects overseas

(5)   Cooperation for private-sector business activities contributing to international development

(6)   Dissemination of information, edification, and publicity regarding international development

(7)   Activities in Japan drawing on insights from aforementioned activities

(8)   Other activities necessary to fulfill the aims of this foundation

 

Name of officers

 

     

Number of officers: 19

 

President: Takamasa Fukuda

 

     

Number of officers: 8

 

President: Tsuneo Sugishita

 

                                         

Association chart on transactions between relevant public interest
corporations and JICA

                                                   
           

 

Japan Forest Technology

Association

 

               

 

Foundation for Advanced Studies on International Development

 

   
   

 

    JICA    

 

 

LOGO

       

 

    JICA    

 

 

LOGO

   
                           
                                               
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      2,520,742,571 yen                                   739,054,121 yen            
       

Liabilities

                      1,411,034,459 yen                                   79,017,119 yen            
       

(Statement of changes in net assets)

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                      1,085,409,673 yen                                   684,351,583 yen            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

            0 yen            

- Subsidy received, etc.    

  1,000,000 yen        
       

- Other revenues

       

- Other revenues

  2,002,069,830 yen            

- Other revenues

    397,768,800 yen        
       

¡   Expenses

       

¡   Expenses

  1,977,771,391 yen            

¡   Expenses

    423,083,381 yen        
       
                                                                
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

          0 yen            

- Subsidy received, etc.

            0 yen        
       

- Other revenues

       

- Other revenues

          0 yen            

- Other revenues

            0 yen        
       

¡   Expenses

       

¡   Expenses

          0 yen            

¡   Expenses

              0 yen        
       
                                                                
       

Balance of net assets at the end of the fiscal year

 

                      1,109,708,112 yen                                   660,037,002 yen            
       

(Statement of activities)

 

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                                          -                                                       -            
       

Total revenues for the current period

 

                                          -                                                       -            
       

Total expenditures for the current period

 

                                -                                             -            
       

Net balance of revenues and expenditures for the current period

 

                                -                                             -            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

          N/A               N/A    
       

Details of receivables and payables to relevant public interest corporations

 

          Accounts payable: 149,211,562 yen, Accounts receivable: N/A               Accounts payable: 121,732,328 yen, Accounts receivable: N/A    
       

Details of debt guarantee

 

          N/A               N/A    
       

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

      Total operating revenues:   1,830,934,662 yen           Total operating revenues:     391,712,861 yen        
 

 

(Breakdown: JICA transactions

    532,625,086 yen   29.1       %)     

(Breakdown: JICA transactions

      327,873,502 yen   83.7       %)  
 

 

Competitive contract

  (         0 yen   0.0       %)      Competitive contract   (         0 yen   0.0       %)  
 

 

Planning competition and public selection

  (         531,289,692 yen   99.7       %)      Planning competition and public selection   (     324,813,562 yen   99.1       %)  
 

 

Non-competitive negotiated contracts

  (         1,335,394 yen   0.3       %)      Non-competitive negotiated contracts   (     0 yen   0.0       %)  
 

 

Other

  (         0 yen   0.0       %)      Other   (     3,059,940 yen   0.9       %)  
       
                                                         
   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

   

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

 

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Table of Contents

General Account

 

Corporation type and name 

 

     

(Relevant public interest corporations, etc.)

 

     

(Relevant public interest corporations, etc.)

 

Items

 

 

     

The Overseas Coastal Area Development Institute of Japan

 

 

   

Asia SEED

 

 

 

Outline of operations

                                                             

 

     

(1)  Research and studies for projects

1. Research and studies on global coastal area development and international logistics

2. Cooperative projects related to coastal development and logistics overseas

(2)  International cooperation support activities

1. Transfer of Japanese technology concerning coastal development and logistics

2. Gathering and analyzing information on global coastal development and international logistics

(3)  International exchange and publicity

1. Promotion of international relations with overseas researchers and experts on coastal development and logistics

2. Organizing of study sessions and lectures and publications on global coastal development and international logistics

3. Joint research on global coastal development and international logistics with domestic and overseas institutions

(4)  Other activities necessary for fulfilling the aims of the Center

 

     

(1)   Activities for promoting social education

(2)   Activities for promoting development of communities

(3)   Activities for promoting science, culture, arts or sports

(4)   Activities for preserving the environment

(5)   Activities of international cooperation;

(6)   Activities for developing an information society

(7)   Activities for promoting science and technology

(8)   Activities for vitalizing economy

(9)   Activities for supporting the development of professional skills or the expansion of employment opportunities

(10)  Activities for doing liaison work, or for providing advice or assistance for the operations

 

Name of officers

     

Number of officers: 8

 

Chairman: Koichi Miyake

 

     

Number of officers: 15

 

Chairman: Masahiro Hamano

                                         
       

Association chart on transactions between relevant public interest corporations and JICA

                                             
           

 

  The Overseas Coastal Area Development Institute of Japan

 

                           
   

 

    JICA     

 

 

LOGO

       

 

    JICA     

 

 

LOGO

 

 

  Asia SEED

 

   
                                     
                                         
         

(Operation Consignment)

 

                         

(Operation Consignment)

 

           
       

Assets

                      1,815,168,351 yen                                   322,682,125 yen            
       

Liabilities

                      73,743,507 yen                                   62,073,455 yen            
       

(Statement of changes in net assets)

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                      1,667,642,828 yen                                                       -            
       

Changes in general net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

  0 yen            

- Subsidy received, etc.

                      -        
       

- Other revenues

       

- Other revenues

  590,517,170 yen            

- Other revenues

                        -        
       

¡   Expenses

       

¡   Expenses

  516,735,154 yen            

¡   Expenses

                        -        
       
                                                                
       

Changes in specified net assets

                                       
       

¡   Revenues

       

¡   Revenues

             

¡   Revenues

           
       

- Subsidy received, etc.

       

- Subsidy received, etc.

          0 yen            

- Subsidy received, etc.

                      -        
       

- Other revenues

       

- Other revenues

          0 yen            

- Other revenues

                      -        
       

¡   Expenses

       

¡   Expenses

          0 yen            

¡   Expenses

                        -        
       
                                                                
       

Balance of net assets at the end of the fiscal year

 

                      1,741,424,844 yen                                   260,608,670 yen            
       

(Statement of activities)

 

                                                                       
       

Balance of net assets at the beginning of the fiscal year

 

                                          -                                   248,843,692 yen            
       

Total revenues for the current period

 

                                          -                                   205,893,860 yen            
       

Total expenditures for the current period

 

                                -                                   194,128,882 yen            
       

Net balance of revenues and expenditures for the current period

 

                                -                                   11,764,978 yen            
       

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

         

N/A

             

N/A

   
       

Details of receivables and payables to relevant public interest corporations

 

          Accounts payable: 149,350,410 yen, Accounts receivable: N/A              

Accounts payable: 39,900,300 yen, Accounts receivable: N/A

   
       

Details of debt guarantee

 

         

N/A

             

N/A

   

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

      Total operating revenues:   577,897,113 yen          

Total operating revenues:

    205,857,615 yen        
 

 

(Breakdown: JICA transactions

    320,984,832 yen   55.5       %)      

(Breakdown: JICA transactions

      79,553,385 yen   38.6       %)  
 

 

Competitive contract

  (         9,447,895 yen   2.9       %)      

Competitive contract

  (         69,010,465 yen   86.7       %)  
 

 

Planning competition and public selection

  (        

274,390,459 yen

 

85.5    

 

%)  

    Planning competition and public selection  

(    

   

10,542,920 yen

 

13.3    

 

%)  

 

 

Non-competitive negotiated contracts

  (         37,146,478 yen   11.6       %)       Non-competitive negotiated contracts   (         0 yen   0.0       %)  
   

 

Other

  (         0 yen   0.0       %)       Others   (         0 yen   0.0       %)  
         
                                                     
       

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

(Note 2)  Pursuant to the “Amendment Act to Promote Specified Nonprofit Activities” (established as Act No.70 of 2011), the statement of activities is prepared.

 

F-38


Table of Contents

General Account

 

Corporation type and name  

     

(Relevant public interest corporations, etc.)

 

Items

 

 

     

International Farmers Participation Technical Net-work

 

 

Outline of operations

                                                 

     

(1)   Activities regarding international cooperation

 

1.  As support for small-scale farmers, development of appropriate technologies regarding upland crop, rice cultivation, vegetable cultivation, improvement of agricultural instruments, and irrigation

 

2.  Gathering and providing information on agricultural technology for small-scale farmers

 

3.  Survey of situations of local agriculture, and research and development for appropriate technologies

 

4.  Capacity building of local residents and technological support

 

5.  Training in Japan as well as at operation site

 

6.  Support through dispatching experts

 

(2)   Activities related to revitalization of economic activities

 

1.  Cooperation for participatory rural development through appropriate agricultural technology

 

2.  Cooperation for farmers to participate in local agricultural cooperatives, etc.

 

3.  Cooperation for training of appropriate agricultural technology for local farmers

 

(3)   Activities related to promotion of learning

 

1.  Development, research, and study of appropriate technology for local small-scale farmers

 

2.  Exchange with Japanese farmers, students and experts engaging in international cooperation

 

3.  Support and cooperation to universities and research institutions

 

 

Name of officers

 

     

Number of officers: 7

 

President: Hai Sakurai

 

Director: Kazuo Nagai

 

(Former Director General of the Tsukuba Center of JICA)

 

Director: Yoshihiko Nishimura

 

(Former Deputy Director of the Tsukuba Center of JICA)

 

Auditor: Kaoru Iwasaki

 

(Former Chief Representative of JICA Syria office)

 

                     

Association chart on transactions between relevant public interest corporations and JICA

                           
           

 

International Farmers

Participation Technical Net-work

 

   
   

 

    JICA    

 

 

LOGO

       
             
                       
         

(Operation Consignment)

 

               
     

Assets

                        27,439,607 yen            
     

Liabilities

                          11,867,715 yen            
     
(Statement of changes in net assets)                                    
     
Balance of net assets at the beginning of the fiscal year                       -            
     

Changes in general net assets

                   
     

¡   Revenues

     

¡   Revenues

         
     

- Subsidy received, etc.

     

- Subsidy received, etc.

  -        
     

- Other revenues

     

- Other revenues

  -        
     

¡   Expenses

     

¡   Expenses

  -        
     
                                
     

Changes in specified net assets

                   
     

¡   Revenues

       

¡   Revenues

             
     

- Subsidy received, etc.

     

- Subsidy received, etc.

  -        
     

- Other revenues

     

- Other revenues

  -        
     

¡   Expenses

     

¡   Expenses

  -        
     
                                
     

Balance of net assets at the end of the fiscal year

 

                     

15,571,892 yen

 

           
     

(Statement of activities)

 

                                   
     

Balance of net assets at the beginning of the fiscal year

 

                     

  17,050,068 yen

 

           
     

Total revenues for the current period

 

                      32,812,221 yen            
     

Total expenditures for the current period

 

                      34,290,397 yen            
     

Net balance of revenues and expenditures for the current period

 

                      (1,478,176) yen            
     

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

 

          N/A    
     

Details of receivables and payables to relevant public interest corporations

 

         

Accounts payable: 8,472,571 yen, Accounts receivable: N/A

 

   
     

Details of debt guarantee

 

          N/A    
     
Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)     Total operating revenues:       29,491,295 yen        
 

 

(Breakdown: JICA transactions

      29,092,340 yen   98.6       %)  
 

 

Competitive contract

  (         0 yen   0.0       %)  
 

 

Planning competition and public selection

  (         28,769,772 yen   98.9       %)  
 

 

Non-competitive negotiated contracts

  (         0 yen   0.0       %)  
   

 

Other

  (         322,568 yen   1.1      

%)  

                                   
   

(Note)   Pursuant to the “Amendment Act to Promote Specified Nonprofit Activities” (established as Act No.70 of 2011), the statement of activities is prepared.

 

F-39


Table of Contents

Independent Auditor’s Report

Mr. Shinichi Kitaoka, President

Japan International Cooperation Agency

Opinion

We have audited the accompanying financial statements of the finance and investment account of Japan International Cooperation Agency (the Agency), which comprise the balance sheet as at March 31, 2021, and the statements of administrative service operation cost, income, changes in net assets, and cash flows for the year then ended, and a summary of significant accounting policies and notes to the financial statements, and the accompanying supplementary schedules (except for the information described based on the financial statements and business reports relating to the associated public interest corporations) .

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the finance and investment account of the Agency as at March 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Agency in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The basis includes the fact that no such fraud or error, or illegal acts, of the president, other executive officers or staff members that would result in material misstatement in the financial statements was found, to the extent that we conducted our audit. The audit we conducted is not intended to express an opinion on whether there was any fraud or error, or illegal acts, of the president, other executive officers or staff members, which would not result in material misstatement in the financial statements.

Responsibilities of President, the Agency Auditor for the Financial Statements

President is responsible for the preparation and fair presentation of these financial statements in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan, and for such internal control as president determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, or illegal acts.

The Agency Auditor is responsible for overseeing the Agency’s financial reporting process.

 

F-40


Table of Contents

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, or illegal acts, and to issue an auditor’s report that includes our opinion. Misstatements can arise from fraud or error, or illegal acts, and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 

   

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, or illegal acts, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

   

Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Agency’s internal control.

 

   

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by president.

 

   

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

 

   

Plan and conduct audit with adequate attention being paid to the possibility that any fraud or error, or illegal acts, of the president, other executive officers or staff members may result in material misstatement in the financial statements.

We communicate with the Agency Auditor regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Agency Auditor with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Agency which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

 

F-41


Table of Contents
Ernst & Young ShinNihon LLC
Tokyo, Japan
June 18, 2021

/s/ Motoki Nagao

Motoki Nagao
Designated Engagement Partner
Certified Public Accountant

/s/ Takuya Kodama

Takuya Kodama
Designated Engagement Partner
Certified Public Accountant

/s/ Kazuya Hosono

Kazuya Hosono
Designated Engagement Partner
Certified Public Accountant

 

F-42


Table of Contents

Balance Sheet

(as of March 31, 2021)

 

Finance and Investment Account               (Unit: Yen)

Assets

       

I     Current assets

       

Cash and deposits

    220,490,351,756      

Loans

  13,341,709,724,403               

Allowance for loan losses

  (176,362,554,433)           13,165,347,169,970      
 

 

     

Advance payments

    14,593,509,164      

Prepaid expenses

    24,505,557      

Accrued income

       

Accrued interest on loans

  32,928,016,163               

Accrued commitment charges

  310,732,667               

Accrued interest

  629,501            33,239,378,331      
 

 

     

Accounts receivable

    931,733,141      

Goods in transit

    9,200,338      

Suspense payments

    1,042,137      

Advances paid

    252,783      

Short-term guarantee deposits

    10,303,000,000      

Derivatives

    330,879,149      
   

 

   

Total current assets

      13,445,271,022,326    

II     Non-current assets

       

 1     Tangible assets

       

Buildings

  4,086,985,275               

Accumulated depreciation

        (1,343,663,861)              

Accumulated impairment losses

  (664,850,656)           2,078,470,758      
 

 

     

Structures

  98,256,953               

Accumulated depreciation

  (34,951,348)              

Accumulated impairment losses

  (11,670,468)           51,635,137      
 

 

     

Machinery and equipment

  200,923,736               

Accumulated depreciation

  (79,380,291)              

Accumulated impairment losses

  (102,287,680)           19,255,765      
 

 

     

Vehicles

  588,241,740               

Accumulated depreciation

  (313,114,564)           275,127,176      
 

 

     

Tools, furniture, and fixtures

  331,486,219               

Accumulated depreciation

  (206,675,789)           124,810,430      
 

 

     

Land

  12,703,270,000               

Accumulated impairment losses

  (6,091,196,973)           6,612,073,027      
 

 

     

Construction in progress

    3,528,634      
   

 

   

Total tangible assets

    9,164,900,927      

 2     Intangible assets

       

Trademark rights

    164,133      

Software

    4,174,770,369      

Software in progress

    840,974,714      
   

 

   

Total intangible assets

    5,015,909,216      

 3     Investments and other assets

       

Investment securities

    6,644,809,096      

Shares of affiliated companies

    76,088,813,760      

Money held in trust

    60,952,968,634      

Claims probable in bankruptcy, claims
probable in rehabilitation, and other

  87,062,884,239               

Allowance for loan losses

  (87,062,884,239)           0      
 

 

     

Long-term prepaid expenses

    5,356,202      

Long-term guarantee deposits

    682,576,867      
   

 

   

Total investments and other assets

                    144,374,524,559      
   

 

   

Total non-current assets

              158,555,334,702    
     

 

 

Total assets

          13,603,826,357,028  
       

 

 

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Liabilities

       

I      Current liabilities

       

Current portion of bonds

    10,000,000,000                 

Current portion of borrowings from government fund for Fiscal Investment and Loan Program

    104,069,412,000                 

Accounts payable

    6,494,601,195                 

Accrued expenses

    5,220,227,342                 

Derivatives

            10,835,718,253                 

Lease obligations

    19,742,168                 

Deposits received

    5,920,629,144                 

Unearned revenue

    63,503,629                 

Provisions

       

Provision for bonuses

  340,773,166       

Provision for contingent losses

  2,889,391,466    3,230,164,632                 
 

 

     

Suspense receipts

    447,165,549                 
   

 

   

Total current liabilities

      146,301,163,912   

II     Non-current liabilities

       

Bonds

    898,210,600,000                 

Discounts on bonds payable

    (491,968,177)                

Borrowings from government fund for Fiscal Investment and Loan Program

    2,518,682,574,000                 

Long-term lease obligations

    25,566,258                 

Long-term deposits received

    6,256,934,391                 

Provision for retirement benefits

    3,840,857,382                 

Asset retirement obligations

    105,610,150                 
   

 

   

Total non-current liabilities

      3,426,630,174,004   
     

 

 

Total liabilities

        3,572,931,337,916 

Net assets

       

I      Capital

       

Government investment

    8,202,167,840,510                 
   

 

   

Total capital

      8,202,167,840,510   

II     Retained earnings

       

Reserve fund

    1,799,525,577,448                 

Unappropriated income for the current fiscal year

    33,007,576,003                 
   

 

   

[Total income for the current fiscal year]

    [33,007,576,003]                

Total retained earnings

      1,832,533,153,451   

III   Valuation and translation adjustments

       

Valuation difference on shares of affiliated companies

    28,561,015,486                 

Valuation difference on available-for-sale securities

    3,057,549,606                 

Deferred gains or losses on hedges

    (35,424,539,941)                
   

 

   

Total valuation and translation adjustments

      (3,805,974,849)  
     

 

 

Total net assets

        10,030,895,019,112 
       

 

Total liabilities and net assets

        13,603,826,357,028 
       

 

 

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Statement of Administrative Service Operation Cost

(April 1, 2020–March 31, 2021)

Finance and Investment Account

 

            (Unit: Yen)  

I   Expenses in the statement of income

     

Expenses related to operations of cooperation through finance and investment

         101,059,986,208          

Extraordinary losses

     4,398,721          
  

 

 

    

Total expenses in the statement of income

        101,064,384,929       
     

 

 

 

II   Administrative service operation cost

            101,064,384,929       
     

 

 

 

 

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Statement of Income

(April 1, 2020–March 31, 2021)

Finance and Investment Account

                   (Unit: Yen)  

Ordinary expenses

        

Expenses related to operations of cooperation through finance and investment

        

Interest on bonds and notes

     8,396,119,897          

Interest on borrowings

     12,542,487,529          

Interest on interest rate swaps

     5,678,688,163          

Other interest expenses

     100,419,436          

Operations outsourcing expenses

                 17,584,612,927          

Bond issuance cost

     558,186,305          

Personnel expenses

     4,058,750,471          

Provision for bonuses

     340,773,166          

Retirement benefit expenses

     15,469,364          

Operating and administrative expenses

     11,608,144,594          

Depreciation

     1,944,557,729          

Taxes

     95,451,492          

Loss on liquidation of investment securities

     9,114,540          

Loss on valuation of investment securities

     462,060,825          

Loss on valuation of shares of affiliated companies

     118,208,022          

Interest expenses

     (1,409)         

Provision for allowance for loan losses

     34,309,800,450          

Provision for contingent losses

     846,513,534          

Other operating expenses

     2,390,581,173          

Other ordinary expenses

     48,000          101,059,986,208       
  

 

 

    

 

 

    

Total ordinary expenses

           101,059,986,208    

Ordinary revenues

        

Revenues from operations of cooperation through finance and investment

        

Interest on loans

                     122,933,576,248          

Dividends on investments

     4,328,962,868          

Commissions

     3,118,894,321          

Foreign exchange gains

     1,049,973,350          

Gain on investment in money held in trust

     1,597,180,122          

Other ordinary revenues

     327,310,669                          133,355,897,578       
  

 

 

       

Financial revenues

        

Interest income

     27,423,802          27,423,802       
  

 

 

       

Miscellaneous income

        686,411,740       
     

 

 

    

Total ordinary revenues

                           134,069,733,120    
        

 

 

 

Ordinary income

           33,009,746,912    

Extraordinary losses

        

Loss on disposal of non-current assets

        4,056,174       

Loss on sales of non-current assets

        342,547          4,398,721    
     

 

 

    

Extraordinary income

        

Gain on sales of non-current assets

        2,227,812          2,227,812    
     

 

 

    

 

 

 

Net income

           33,007,576,003    
        

 

 

 

Total income for the current fiscal year

           33,007,576,003    
        

 

 

 

 

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Statement of Changes in Net Assets

(April 1, 2020-March 31, 2021)

Finance and Investment Account

 

                                                                (Unit:Yen)  
     I Capital     II Retained earnings (Loss carried forward)            III Valuation and translation adjustments    

Total net assets

 
     Government
investment
    Total capital     Reserve fund    

 

Unappropriated income for the
current fiscal year
(Unappropriated loss for the
current fiscal year)

 

          Total retained earnings
(Loss carried forward)
   

Valuation difference

on shares of affiliated
companies

    Valuation difference
on available-for-sale
securities
    Deferred gains or
losses on hedges
    Total valuation and
translation adjustments
 
    

Total income for the current

fiscal year (Total loss for the
current fiscal year)

 

Balance at the beginning of the fiscal year  

    8,150,727,840,510       8,150,727,840,510       1,703,880,995,457       95,644,581,991       —         1,799,525,577,448       —         6,492,694,355       (41,466,809,061     (34,974,114,706     9,915,279,303,252  
Changes during the period                                                                                        

I Changes in capital during the period

                                                                                       

Receipts of investment

    51,440,000,000       51,440,000,000                                                                       51,440,000,000  

II Changes in retained earnings (Loss carried forward) during the period

                                                                                       

(1) Appropriation of income or loss

                                                                                       

Increase in reserve fund derived from profit appropriation

                    95,644,581,991       (95,644,581,991     —         —                                         —    

(2) Others

                                                                                       

Net income (Net loss)

                            33,007,576,003       33,007,576,003       33,007,576,003                                       33,007,576,003  

III Changes in valuation and translation adjustments during the period

                                                    28,561,015,486       (3,435,144,749     6,042,269,120       31,168,139,857       31,168,139,857  

Total changes during the period

    51,440,000,000       51,440,000,000       95,644,581,991       (62,637,005,988     33,007,576,003       33,007,576,003       28,561,015,486       (3,435,144,749     6,042,269,120       31,168,139,857       115,615,715,860  

Balance at the end of the fiscal year

    8,202,167,840,510       8,202,167,840,510       1,799,525,577,448       33,007,576,003       33,007,576,003       1,832,533,153,451       28,561,015,486       3,057,549,606       (35,424,539,941     (3,805,974,849     10,030,895,019,112  

 

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Statement of Cash Flows

(April 1, 2020–March 31, 2021)

Finance and Investment Account

 

    (Unit: Yen)

I.   Cash flows from operating activities

 

Payments for loans

    (1,413,623,262,243 )     

Repayments of borrowings from the private sector

    (10,284,892,800

Repayments of borrowings from government fund for Fiscal Investment and Loan Program

    (113,930,372,000

Interest expenses paid

    (24,384,625,423

Payments for personnel expenses

    (4,799,796,510

Payments for other operations

    (47,572,930,656

Proceeds from collection of loans

    696,164,269,295  

Proceeds from borrowings from the private sector

    10,439,784,000  

Proceeds from borrowings from government fund for Fiscal Investment and Loan Program

    667,500,000,000  

Proceeds from issuance of bonds

    112,936,944,115  

Proceeds from interest on loans

    111,119,384,588  

Proceeds from commissions

    3,340,447,622  

Proceeds from other operations

    12,264,966,522  
 

 

 

 

Subtotal

    (830,083,490

Interest and dividend income received

    4,401,357,499  
 

 

 

 

Net cash provided by operating activities

    3,571,274,009  

II. Cash flows from investing activities

 

Payments for purchase of non-current assets

    (1,049,410,295

Proceeds from sales of non-current assets

    7,085,798  

Payments for purchase of investment securities

    (3,164,042,002

Proceeds from sales and redemption of investment securities

    82,589,936  

Payments for purchase of shares of affiliated companies

    (928,240,456

Payments for increase of money held in trust

    (16,516,100,274

Proceeds from decrease of money held in trust

    6,377,901,033  

Payments into time deposits

    (45,065,171,000

Proceeds from time deposit refund

    50,367,998,000  
 

 

 

 

Net cash used in investing activities

    (9,887,389,260

III.  Cash flows from financing activities

 

Repayments of lease obligations

    (148,773,421

Receipts of government investment

    51,440,000,000  
 

 

 

 

Net cash provided by financing activities

    51,291,226,579  

IV.  Effect of exchange rate fluctuation on funds

    (42,736,061

V. Net increase (decrease) in funds

    44,932,375,267  

VI.  Funds at the beginning of the fiscal year

    175,557,976,489  
 

 

 

 

VII.  Funds at the end of the fiscal year

    220,490,351,756  
 

 

 

 

 

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Basis of Presenting Financial Statements

The accompanying financial statements of JICA have been prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan, which are different in many respects as to application and disclosure requirements of accounting principles for business enterprises generally accepted in Japan.

Significant Accounting Policies

Finance and Investment Account

Effective the year ended March 31, 2021, JICA adopted the “Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (February 16, 2000 (Revised March 26, 2020), and the “Q&A on Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (August 2000 (Last revised June 2020)).

 

1.

Depreciation method

 

  (1)

Tangible assets (except for lease assets)

Straight-line method

The useful lives of major assets are as follows:

 

Buildings:   2–50 years    
Structures:   2–46 years    
Machinery and equipment:   2–17 years    
Vehicles:   2–6 years    
Tools, furniture, and fixtures:   2–15 years    

 

  (2)

Intangible assets (except for lease assets)

Straight-line method

Software used by JICA is depreciated over its useful life (5 years).

 

  (3)

Lease assets

Lease assets are depreciated by the straight-line method over the lease term. Depreciation for lease assets is calculated with zero residual value being assigned to the asset.

 

2.

Provision for bonuses

The provision for bonuses is calculated and provided for based on estimated amounts of future payments attributable to the services that have been rendered by officers and employees applicable to the current fiscal year.

 

3.

Provision for retirement benefits

The provision for retirement benefits is calculated and provided for based on estimated amounts of future payments attributable to the retirement of employees, and is accrued in line with the retirement benefit obligations and estimated plan assets applicable to the fiscal year ended March 31, 2021. In calculating the retirement benefit obligations, the estimated amount of retirement benefit payments is attributed to the period based on the straight-line basis. The profit and loss appropriation method for actuarial differences and past service costs is as follows:

Actuarial differences are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

Past service costs are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

 

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4.

Basis and standard for the accrual of allowance and loss contingencies

 

  (1)

Allowance for loan losses

The allowance for claims on debtors who are legally bankrupt (“Bankrupt borrowers”) or substantially bankrupt (“Substantially bankrupt borrowers”) is provided based on the outstanding balance of loan claims after the deductions of the amount expected to be collected through the disposal of collateral and execution of guarantees, or the same amount is written off directly. The allowance for claims on debtors who are not legally bankrupt, but are likely to become bankrupt (“Potentially bankrupt borrowers”) is provided based on an overall assessment of the solvency of the debtors after the deductions of the amount expected to be collected through the disposal of collateral and the execution of guarantees, or the same amount is written off directly. There were no write-offs from the above-mentioned outstanding balance of loan claims for the fiscal year ended March 31, 2021.

The allowance for claims on debtors other than Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers is provided primarily based on the default rate, which is calculated based on the actual defaults during a certain period in the past. The allowance for possible losses on specific overseas loans is provided based on the expected loss amount taking into consideration the political and economic situation of these countries.

All claims are assessed initially by the operational departments (including regional departments) based on internal rules for self-assessment of asset quality and an allowance is provided based on the results of the assessments. In addition, these self-assessments results are reviewed by the internal audit department, which is independent from the operational departments.

 

  (2)

Provision for contingent losses

Provision for contingent losses is provided to prepare for the occurrence of contingent losses for a portion of the undisbursed balance of loan commitments, which JICA is absolutely obligated to extend. The amount of the provision is estimated based on the possibility of losses in the future.

 

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5.

Standard and method for the valuation of securities

 

  (1)

Shares of affiliated companies

Shares of affiliated companies are recognized at an amount equivalent to JICA’s percentage share of the net assets of such companies based upon the most recent financial statements.

If the acquisition cost based on the moving average method exceeds the fair value, the difference between the acquisition cost and the fair value is treated as a loss for the fiscal year and recorded in Statement of Income. If the fair value exceeds the acquisition cost based on the moving average method, the difference between the acquisition cost and the fair value is included directly in Net assets.

 

  (2)

Other investment securities

 

  [1]

Securities whose fair value can be readily determined

Such investment securities are stated at fair value with changes in net unrealized gains or losses included directly in Valuation and translation adjustments of Net assets. Cost of securities sold is determined by the moving average method.

  [2]

Securities whose fair value cannot be readily determined

Such investment securities are carried at cost based on the moving average method. Cost of securities sold is determined by the moving average method.

Investments in limited partnerships and other similar partnerships, which are regarded as securities under Article 2, Clause 2 of the Japanese Financial Instruments and Exchange Law, Act No. 25 of 1948, are recognized at an amount equivalent to JICA’s percentage share of the net assets of such partnerships, based upon the most recent financial statements available depending on the report date stipulated in the partnership agreement.

 

  (3)

Securities held as trust assets in money-held-in trust account

The securities are valued in the same way as (2) above.

(Change in Accounting Policies)

In the previous fiscal years, shares of affiliated companies were stated at cost, determined using the moving average method. (However, when the amount corresponding to the equity holding has fallen below the cost at acquisition, the amount corresponding to the equity holding was used.)

Pursuant to the revision of Accounting Standards for Incorporated Administrative Agencies, shares of affiliated companies are recognized at an amount equivalent to JICA’s percentage share of the net assets of such companies based upon the most recent financial statements.

The differences between the acquisition cost and the fair value are recorded either in the Statement of Income or directly in Net assets.

There is no impact on profit or loss due to this revision.

 

6.

Standard and method for the valuation of derivative transactions

All derivative financial instruments are carried at fair value.

 

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7.

Method for amortization of discount on bonds payable

Discount on bonds payable is amortized over the duration of the bonds.

 

8.

Translation standard for foreign currency-denominated assets and liabilities into yen

Foreign currency monetary claims and liabilities are translated into Japanese yen mainly at the spot exchange rate at the balance sheet date. Exchange differences are recognized in profit or loss.

 

9.

Method of hedge accounting

 

  (1)

Method of hedge accounting

Interest rate swaps are accounted for using the deferral hedge accounting method or the exceptional accrual method. Currency swaps are accounted for by the assignment method.

 

  (2)

Hedging instruments and hedged items

 

  [1]

Hedging instruments...Interest rate swaps

Hedged items...Loans and foreign currency bonds

  [2]

Hedging instruments...Currency swaps

Hedged items...Foreign currency loans and foreign currency bonds

 

  (3)

Hedging policy

JICA enters into interest rate swaps or currency swaps for the purpose of hedging interest rate or currency fluctuation risks.

 

  (4)

Method of evaluation of hedge effectiveness

Hedges that offset market fluctuations of loans are assessed based on discrepancies with regard to maturity and notional principal and others between hedged loans and hedging instruments.

As for interest rate swaps that satisfy the requirements of the exceptional accrual method and currency swaps that satisfy the requirements of the assignment method, JICA is not required to periodically evaluate hedge effectiveness.

 

10.

Accounting treatment for consumption taxes

Consumption taxes and local consumption taxes are included in transaction amounts.

 

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Notes to the financial statements

Finance and Investment Account

(Balance Sheet)

1. Joint obligations

JICA is jointly liable for obligations arising from the following bonds issued by the former Japan Bank for International Cooperation which was succeeded by the Japan Bank for International Cooperation:

 

Fiscal Investment and Loan Program (FILP) Agency Bonds

   ¥ 20,000,000,000  

2. Financial assets received as collateral

The fair value of financial assets received as collateral at JICA’s disposal was ¥4,803,421,200.

3. Undisbursed balance of loan commitments

Most of JICA’s loans are long term. Ordinarily, when receiving a request for disbursement of a loan from a borrower, corresponding to the intended use of funds as stipulated by the loan agreement, and upon confirming the fulfillment of conditions prescribed under the loan agreement, JICA promises to loan a certain amount of funds within a certain range of the amount required by the borrower, with an outstanding balance within the limit of loan commitments. The undisbursed balance of loan commitments as of March 31, 2021 was ¥7,272,140,180,942.

(Statement of Administrative Service Operation Cost)

1. Cost being borne by the public for the operation of Incorporated Administrative Agency

 

 Administrative service operation cost

   ¥ 101,064,384,929       

 Self-revenues, etc.

   ¥ (134,071,960,932)       

 Opportunity cost

   ¥ 9,816,466,635       

 

    

 Cost being borne by the public for

     

 the operation of Incorporated Administrative Agency

   ¥ (23,191,109,368)       

2. Method for computing opportunity cost

 

  (1)

Interest rate used to compute opportunity cost concerning government investment

0.120% with reference to the yield of 10-year fixed-rate Japanese government bonds at March 31, 2021.

 

  (2)

Method for computing opportunity cost for public officers temporarily transferred to JICA

Of the estimated increase in retirement allowance during service rendered in JICA, costs are calculated in accordance with JICA’s internal rules.

 

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(Statement of Cash Flows)

The funds shown in the statement of cash flows are deposit accounts and checking accounts.

1. Breakdown of balance sheet items and ending balance of funds

(as of March 31, 2021)

 

Cash and deposits

     ¥220,490,351,756     

Time deposits

     ¥0     

 

    

Ending balance of funds

     ¥220,490,351,756     

2. Description of significant non-cash transactions

 

(1) Assets acquired under finance leases

     

Tools, furniture, and fixtures

     ¥6,821,112     

(2) Additional asset retirement obligations

     

  Additional asset retirement obligations were recorded in the current fiscal year.

  As a result, the increase in assets and liabilities is as follows:

 

Buildings    ¥35,237,409   

Asset retirement obligations

   ¥35,237,409   

(Financial instruments)

1. Status of financial instruments

 

  (1)

Policy regarding financial instruments

The Finance and Investment Account undertakes financial cooperation operations by providing debt and equity financing. In undertaking these operations, it raises funds by borrowing from the Japanese Government under the FILP, borrowing from financial institutions, issuing bonds, and receiving capital investment from the Japanese Government. From the perspective of asset-liability management (ALM), derivative transactions are entered into for mitigating the adverse impact caused by interest rate and foreign exchange fluctuations.

 

  (2)

Details of financial instruments and related risks

The financial assets held in the Finance and Investment Account are loans mainly to the Developing Area, and are exposed to credit risk attributed to defaults by its borrowers and interest rate risk. Securities, investment securities, shares of affiliated companies and money held in trust are held for policy-oriented purposes, and are exposed to credit risk of issuers and others, interest rate risk, and market price volatility risk.

Borrowings and bonds are exposed to liquidity risk as their payments or repayments cannot be duly serviced in such a situation where the account is unable to have access to markets for certain reasons.

In addition to the above, foreign currency claims and liabilities are exposed to foreign exchange fluctuation risk.

 

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  (3)

Risk management system for financial instruments

 

  [1]

Credit risk management

The Finance and Investment Account has established and operates a system for credit management. This system encompasses credit appraisal, credit limit setting, credit information monitoring, internal rating, guarantee and collateral setting, problem loan management, etc., in accordance with integrated risk management rules and various credit risk-monitoring rules. This credit management is carried out by the operational departments (including region department), in addition to the Credit Risk Analysis and Environmental Review Department and General Affairs Department. Additionally, the Risk Management Committee of the Finance and Investment Account and Board Meeting convene on a regular basis for the purpose of deliberating or reporting. Moreover, the Office of Audit monitors the status of credit management.

The credit risks of issuers of investment securities and shares of affiliated companies and trustees of money held in trust are monitored by the Private Sector Partnership and Finance Department, which regularly confirms their credit information, etc.

Counterparty risk in derivative transactions is monitored by regularly confirming the exposure and credit standing of counterparties and by securing collateral as necessary.

 

  [2]

Market risk management

 

  (i)

Interest rate risk management

Interest rates are determined in accordance with the methods prescribed by laws or statements of operational procedures. Interest rate swap transactions are conducted to hedge against the risk of interest rate fluctuations in light of their possible adverse impact.

 

  (ii)

Foreign exchange risk management

Foreign currency claims and liabilities are exposed to foreign exchange fluctuation risk; as such, foreign currency claims are funded by foreign currency liabilities, and currency swaps and other approaches are employed to avert or reduce foreign exchange risk.

 

  (iii)

Price volatility risk management

Stocks and other securities that are held for policy-oriented purposes are monitored for changes in value affected by the market environment or financial condition of the companies, exchange rates, and other factors.

This information is reported on a regular basis to the Risk Management Committee of the Finance and Investment Account and Board Meeting.

 

  [3]

Liquidity risk management related to fund raising

The Finance and Investment Account prepares a funding plan and executes fund raising based on the government-affiliated agencies’ budgets, as resolved by the National Diet of Japan.

 

  [4]

Derivative transaction management

Pursuant to rules concerning swaps, derivative transactions are implemented and managed by separating the sections related to execution of transactions, assessment of hedge effectiveness, and logistics management based on a mechanism with an established internal system of checks and balances.

 

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2. Fair value of financial instruments

Balance sheet amount, fair value, and difference at the balance sheet date are as follows:

(Unit: Yen)

     Balance sheet amount*1           Fair value   Difference

(1) Loans

  13,341,709,724,403             
Allowance for loan losses   (176,362,554,433)            
    13,165,347,169,970        13,641,596,750,199        476,249,580,229     

(2) Claims probable in bankruptcy, claims probable in rehabilitation, and other

  87,062,884,239             
Allowance for loan losses   (87,062,884,239)            
    —        —        —      

(3) Borrowings from government fund for FILP (including current portion of borrowings)

  (2,622,751,986,000)       (2,658,216,055,917)       35,464,069,917     

(4) Bonds (including current portion of bonds)

  (908,210,600,000)       (952,564,773,087)       44,354,173,087     

(5) Derivative transactions*2

           
Derivative transactions not qualifying for hedge accounting   (2,553,663,459)       (2,553,663,459)       —     
Derivative transactions qualifying for hedge accounting   (7,951,175,645)       (7,951,175,645)       —     
    (10,504,839,104)       (10,504,839,104)       —     

*1 Liabilities are shown in parentheses (    ).

*2 Derivatives transactions recorded in Assets and Liabilities are netted, these derivatives after netting are presented above. The figures in parentheses (    ) indicate net liabilities.

(Note 1) Method for calculating fair values of financial instruments

 

  [1]

Loans

The fair values of loans with floating interest rates are calculated at their book values, as policy interest rates (bank rates) are immediately reflected in their floating interest rates, and therefore, fair value approximates book value. On the other hand, fair values of loans with fixed interest rates are calculated by discounting the total amount of the principal and interest using a rate that combines a risk-free rate with the respective borrowers’ credit risk. As for hedged loans for which the assignment method is applied, the fair value of such currency swaps is applied.

 

  [2]

Claims probable in bankruptcy, claims probable in rehabilitation, and other

Regarding claims probable in bankruptcy, claims probable in rehabilitation, and other, the estimated uncollectible amount is calculated based on the expected recoverable amount through collateral and guarantees. Therefore, fair value approximates the balance sheet amount, less the current estimated uncollectible amount, and hence is calculated accordingly.

 

  [3]

Borrowings from government fund for FILP (including current portion of borrowings)

The fair value of borrowings from government fund for FILP (including current portion of borrowings) is calculated by discounting the total amount of principal and interest using interest rates expected to be applied to new borrowings for the same total amount.

 

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  [4]

Bonds (including current portion of bonds)

The fair value of bonds (including current portion of bonds) is determined using market observable prices if available. For bonds without market observable prices, the fair values are calculated by discounting contractual cash flows at the risk free rate. As for hedged bonds for which the exceptional accrual method and assignment method are applied, the fair value of such interest rate swaps and currency swaps is applied.

 

  [5]

Derivative transactions

Derivative transactions are interest rate-related transactions (interest rate swaps), and fair values are based on discounted present values. Interest rate swaps for which the exceptional accrual method is applied and currency swaps for which the assignment method is applied are accounted for together with the corresponding loan or bond. The fair value of these hedging instruments is included in the fair value of the underlying loans or bonds.

 

(Note 2)   The following are financial instruments whose fair values are deemed to be extremely difficult to determine. They are not included in the fair value information of financial instruments.

 

    (Unit: Yen)       
     Balance sheet amount     

Investment securities *1

  6,644,809,096   

Shares of affiliated companies *1

  76,088,813,760   

Money held in trust *2

  60,952,968,634   

Undisbursed balance of loan commitments *3

   

*1 These financial instruments have no market prices, and the calculation of their fair values is deemed to be impractical.

*2 The money held in trust is composed of the assets in the trust for which it is difficult to determine the fair value.

*3 The fair values of the undisbursed balances of loan commitments are deemed to be extremely difficult to determine. The main reason is the difficulty of reasonably estimating future extensions of loans, because of the extremely diverse range of implementation formats for projects in the Developing Area where these loans are provided.

(Money held in trust)

1. Money held in trust for the purpose of investment

Not applicable.

2. Money held in trust for the purpose of investment and held-to-maturity

Not applicable.

3. Other (other than for the purpose of investment and held-to-maturity)

 

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                    (Unit: Yen)
     Balance sheet 
amount 
  Acquisition 
cost 
  Difference   

The amount 

by which the 
balance sheet amount 
exceeds the acquisition 
cost 

  The amount by which 
the balance sheet 
amount does not 
exceed the 
acquisition cost 

Money held in trust for others

  60,952,968,634     53,856,137,974     7,096,830,660     7,096,830,660     0  

(Note) “The amount by which the balance sheet amount exceeds the acquisition cost” and “The amount by which the balance sheet amount does not exceed the acquisition cost” are the breakdown of “Difference”.

(Retirement benefits)

1.

Overview of retirement benefit plans

To provide retirement benefits for employees, JICA has a defined benefit pension plan comprised of a defined benefit corporate pension plan and a lump-sum severance indemnity plan, and a defined contribution plan comprised of a defined contribution pension plan.

 

2.

Defined benefit pension plan

  (1)

The changes in the retirement benefit obligation are as follows:

 

     (Unit: Yen)    

  Retirement benefit obligation at the beginning of the fiscal year

     6,495,427,271    

 

 

  Current service cost

     273,328,292    

  Interest cost

     33,582,100    

  Actuarial differences

     99,278,855    

  Retirement benefit paid

     (376,713,019)   

  Past service cost

     0    
  Contribution by employees      16,293,328    

 

 

  Retirement benefit obligation at the end of the fiscal year

     6,541,196,827    

 

 

 

  (2)

The changes in the plan assets are as follows:

 

     (Unit: Yen)    

  Plan assets at the beginning of the fiscal year

     2,269,775,603    

 

 

  Expected return on plan assets

     45,395,512    

  Actuarial differences

     357,754,384    

  Contribution by the company

     109,430,168    

  Retirement benefit paid

     (98,309,550)   
  Contribution by employees      16,293,328    

 

 

  Plan assets at the end of the fiscal year

     2,700,339,445    

 

 

 

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  (3)

Reconciliation of the retirement benefit obligations and plan assets and provision for retirement benefits and prepaid pension expenses in the balance sheets

 

     (Unit: Yen)   

  Funded retirement benefit obligation

     2,868,131,662    

  Plan assets

     (2,700,339,445)   

 

 

  Unfunded benefit obligations of funded pension plan

     167,792,217    

  Unfunded benefit obligations of unfunded pension plan

     3,673,065,165    

 

 

  Subtotal

     3,840,857,382    

  Unrecognized actuarial differences

     0    

  Unrecognized past service cost

     0    

 

 

  Net amount of assets and liabilities in the balance sheets

     3,840,857,382    

 

 

  Provision for retirement benefits

     3,840,857,382    

  Prepaid pension expenses

     0    

 

 

  Net amount of assets and liabilities in the balance sheets

     3,840,857,382    

 

 

 

  (4)

Components of retirement benefit expenses

 

     (Unit: Yen)    

  Current service cost

     273,328,292    

  Interest cost

     33,582,100    

  Expected return on plan assets

     (45,395,512)   

  Realized actuarial differences

     (258,475,529)   

  Amortization of past service cost

     0    

  Extraordinary additional retirement payments

     0    

 

 

  Total

     3,039,351    

 

 

 

  (5)

Major components of plan assets

Percentages of components to the total are as follows:

 

  Bonds

     28%    

  Stocks

     44%    

  General account of life insurance company

     17%    

  Others

     11%    

 

 

  Total

     100%    

 

 

 

  (6)

Method of determining the long-term expected rate of return on plan assets

The long-term expected rate of return on plan assets is determined based on components of plan assets, the actual historical returns, and market condition, etc.

 

  (7)

Assumptions used

Principal assumptions used in actuarial calculations at the end of the fiscal year

 

Discount rate            

  Defined benefit corporate pension plan    0.23%
  Retirement benefits    0.74%

Long-term expected rate of return on plan assets

   2.00%

 

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3.

Defined contribution plan

The amount of contribution required to be made to the defined contribution plan is ¥12,430,013.

(Lease transactions)

Future minimum lease payments related to operating lease transactions

 

Future minimum lease payments due within one year of the balance sheet date    ¥ 129,367  
Future minimum lease payments corresponding to periods more than one year from the balance sheet date    ¥ 0  

(Asset retirement obligations)

 

1.

Overview of asset retirement obligations

In accordance with a building lease agreement, JICA has the obligation to restore the head office building to its original state. Restoration costs are reasonably estimated and recognized as asset retirement obligations.

 

2.

Amount and calculation method of asset retirement obligations

The estimate for the asset retirement obligations assumes a five-year lease period for the projected period of use and a discount rate between (0.048)% and 0.529%.

 

3.

Changes in the total amount of asset retirement obligations in the current fiscal year

 

      (Unit: Yen)   
   

Balance at the beginning of the fiscal year

     70,374,150    
   

Increase related to acquisition of tangible assets

     35,237,409    
   

Adjustment resulting from passage of time

     (1,409)   
   

Decrease due to settlement of asset retirement obligations

     —      
   

Balance at the end of the fiscal year

     105,610,150    

(Additional information)

With regard to the impact of COVID-19 pandemic, allowance for loan losses of ¥263,425 million and provision for contingent losses of ¥2,889 million were recorded based on the circumstances of each debtor and based on the assumption that the economy will gradually recover from next year with additional fiscal stimulus and progress in vaccination.

These assumptions are consistent with the baseline scenario of the World Economic Outlook (WEO) announced by the International Monetary Fund (IMF) in April 2021. Since the situation related to COVID-19 is expected to remain highly uncertain worldwide, JICA may need to increase the allowance for loan losses and provision for contingent losses in subsequent fiscal years if, for example, the debtors’ credit rating deteriorates beyond current expectations over the medium to long term.

(Significant contractual liabilities)

Contract liabilities JICA is obliged to pay during the next fiscal year and thereafter are ¥6,268,972,140.

(Significant subsequent events)

N/A

 

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The Accompanying Supplementary Schedules

Finance and Investment Account

(1) Details of acquisition and disposal of non-current assets, depreciation, and accumulated impairment losses

 

                                                                                          (Unit: Yen)  
                 

Type

 

Balance at the

beginning of the

period

    Increase during
the period
   

Decrease
during the

period

   

Balance at the
end of the
period

   

 

Accumulated depreciation

 

   

 

Accumulated impairment losses

 

   

Net assets at the
end of the
period

   

Remarks

 
        Depreciation
during the
period
          Impairment
losses
during the
period
    Impairment
losses not
included in
expenses
 
                         
  Tangible assets     (Depreciation  
  included in     expenses)  
 

 

Buildings

 

    4,030,423,078       65,240,968       8,678,771       4,086,985,275       1,343,663,861       120,688,015       664,850,656       0       0       2,078,470,758          
 

 

Structures

 

    98,256,953       0       0       98,256,953       34,951,348       4,925,597       11,670,468       0       0       51,635,137          
 

 

Machinery and equipment

 

    199,154,780       1,768,956       0       200,923,736       79,380,291       3,892,296       102,287,680       0       0       19,255,765          
 

 

Vehicles

 

    551,924,127       52,996,250       16,678,637       588,241,740       313,114,564       62,148,051       0       0       0       275,127,176          
 

 

Tools, furniture, and fixtures

 

    779,093,874       21,808,517       469,416,172       331,486,219       206,675,789       152,700,561       0       0       0       124,810,430          
 

 

Total

 

    5,658,852,812       141,814,691       494,773,580       5,305,893,923       1,977,785,853       344,354,520       778,808,804       0       0       2,549,299,266          
                         
Tangible assets  
(Non-depreciable   assets)  
 

 

Land

 

    12,703,270,000       0       0       12,703,270,000       0       0       6,091,196,973       0       0       6,612,073,027          
 

 

Construction in progress

 

    321,626       3,528,634       321,626       3,528,634       0       0       0       0       0       3,528,634          
 

 

Total

 

    12,703,591,626       3,528,634       321,626       12,706,798,634       0       0       6,091,196,973       0       0       6,615,601,661          
                         
Total tangible   assets    

 

Buildings

 

    4,030,423,078       65,240,968       8,678,771       4,086,985,275       1,343,663,861       120,688,015       664,850,656       0       0       2,078,470,758          
 

 

Structures

 

    98,256,953       0       0       98,256,953       34,951,348       4,925,597       11,670,468       0       0       51,635,137          
 

 

Machinery and equipment

 

    199,154,780       1,768,956       0       200,923,736       79,380,291       3,892,296       102,287,680       0       0       19,255,765          
 

 

Vehicles

 

    551,924,127       52,996,250       16,678,637       588,241,740       313,114,564       62,148,051       0       0       0       275,127,176          
 

 

Tools, furniture, and fixtures

 

    779,093,874       21,808,517       469,416,172       331,486,219       206,675,789       152,700,561       0       0       0       124,810,430          
 

 

Land

 

    12,703,270,000       0       0       12,703,270,000       0       0       6,091,196,973       0       0       6,612,073,027          
 

 

Construction in progress

 

    321,626       3,528,634       321,626       3,528,634       0       0       0       0       0       3,528,634          
 

 

Total

 

    18,362,444,438       145,343,325       495,095,206       18,012,692,557       1,977,785,853       344,354,520       6,870,005,777       0       0       9,164,900,927          
                         
Intangible assets   (Depreciation   included in   expenses)    

 

Trademark rights

 

    731,316       0       0       731,316       567,183       59,685       0       0       0       164,133          
 

 

Software

 

    7,950,951,806       475,295,035       0       8,426,246,841       4,251,476,472       1,600,143,524       0       0       0       4,174,770,369          
 

 

Total

 

    7,951,683,122       475,295,035       0       8,426,978,157       4,252,043,655       1,600,203,209       0       0       0       4,174,934,502          
                         
Intangible assets  
(Non-depreciable    assets)  
 

 

Software in progress

 

    355,029,191       584,775,719       98,830,196       840,974,714       0       0       0       0       0       840,974,714          
 

 

Total

 

    355,029,191       584,775,719       98,830,196       840,974,714       0       0       0       0       0       840,974,714          
                         
Total intangible   assets    

 

Trademark rights

 

    731,316       0       0       731,316       567,183       59,685       0       0       0       164,133          
 

 

Software

 

    7,950,951,806       475,295,035       0       8,426,246,841       4,251,476,472       1,600,143,524       0       0       0       4,174,770,369          
 

 

Software in progress

 

    355,029,191       584,775,719       98,830,196       840,974,714       0       0       0       0       0       840,974,714          
 

 

Total

 

    8,306,712,313       1,060,070,754       98,830,196       9,267,952,871       4,252,043,655       1,600,203,209       0       0       0       5,015,909,216          
Investments and   other assets    

 

Investment securities

 

    3,875,388,472       3,113,791,639       344,371,015       6,644,809,096       0       0       0       0       0       6,644,809,096          
 

 

Shares of affiliated companies

 

    46,732,120,903       29,356,692,857       0       76,088,813,760       0       0       0       0       0       76,088,813,760          
 

 

Money held in trust

 

    52,912,364,816       16,496,837,395       8,456,233,577       60,952,968,634       0       0       0       0       0       60,952,968,634          
 

 

Claims probable in bankruptcy, claims probable in rehabilitation, and other

 

    87,062,884,239       0       0       87,062,884,239       0       0       0       0       0       87,062,884,239          
 

 

Allowance for loan losses (non-current)

 

    (87,062,884,239     0       0       (87,062,884,239     0       0       0       0       0       (87,062,884,239        
 

 

Long-term prepaid expenses

 

    1,311,036       18,155,042       14,109,876       5,356,202       0       0       0       0       0       5,356,202          
 

 

Long-term guarantee deposits

 

    679,312,894       9,943,255       6,679,282       682,576,867       0       0       0       0       0       682,576,867          
 

 

Total

 

    104,200,498,121       48,995,420,188       8,821,393,750       144,374,524,559       0       0       0       0       0       144,374,524,559          

 

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(2) Details of securities

Securities recorded under investments and other assets

 

(Unit: Yen)   

 

               
     Name  

Acquisition

cost

 

   

 

Amount equivalent to
JICA’s percentage
share of the net assets
of the  affiliated
companies

 

   

Balance sheet

amount

   

Valuation difference
recognized in the
Statement of Income
of the period

 

   

Valuation difference
on shares of
affiliated companies

 

   

Remarks

 

               
Shares of     
affiliated     
companies     
 

 

Sumatra Pulp Corporation

 

    2,758,289,455       1       1       0       0      
 

Japan Saudi Arabia Methanol Co., Inc.

 

    7,149,297,104       21,205,832,186       21,205,832,186       0       14,056,535,082      
 

SPDC Ltd.

 

    7,269,880,619       21,538,912,171       21,538,912,171       0       14,269,031,552      
 

KAFCO Japan Investment Co., Ltd.

 

    2,436,204,983       2,496,210,503       2,496,210,503       0       60,005,520      
 

Nippon Amazon Aluminum Co., Ltd.

 

    25,066,535,300       23,947,381,825       23,947,381,825       (84,912,049     0      
 

JAPAN ASEAN Women Empowerment Fund

 

    6,040,658,393       6,216,101,725       6,216,101,725       0       175,443,332      
 

Ship Aichi Medical Service Limited

 

    748,809,600       684,375,349       684,375,349       (33,295,973     0      
 

Total

 

    51,469,675,454       76,088,813,760       76,088,813,760       (118,208,022     28,561,015,486      
               
Other     
investment      
securities     
 

Type and name

 

   

Acquisition

cost

 

 

    Fair value      
Balance sheet
amount
 
 
 

 

 


 

 

Valuation difference
recognized in the
Statement of Income
of the period

 

 

 
 
 
 

 

   


Valuation
difference on
available-for-sale
securities
 
 
 
 
  Remarks
 

Prototype Carbon Fund

 

    1       -         1       0       0      
 

The First MicroFinanceBank Ltd.

 

    218,880,000       -         172,992,000       0       (45,888,000    
 

Myanmar Japan Thilawa Development Ltd.

 

    321,372,900       -         297,564,300       0       (23,808,600    
 

Gojo & Company, Inc.

 

    999,997,307       -         999,997,307       0       0      
 

WASSHA Inc.

 

    29,203,406       -         29,203,406       0       0      
 

MGM Sustainable Energy Fund L.P.

 

    944,002,674       -         1,103,370,674       165,533,921       (6,165,921    
 

Asia Climate Partners LP

 

    399,958,824       -         0       (399,958,824     0     The amount of valuation difference recognized in the Statement of Income of the period includes the amount of loss on liquidation of investment securities.
 

IFC Middle East and North Africa Fund, LP

 

    493,525,564       -         339,982,650       (155,765,155     2,222,241      
 

MGM Sustainable Energy Fund II L.P.

 

    1,186,286,977       -         1,269,208,274       50,070,566       32,850,731      
 

I&P Afrique Entrepreneurs II LP

 

    230,480,185       -         137,361,597       (100,240,286     7,121,698      
  WWB Capital Partners II, L.P.     169,478,468       -         146,053,387       (30,815,587     7,390,506      
  Covid-19 Emerging and Frontier Markets MSME Support Fund     2,054,847,000       -         2,149,075,500       0       94,228,500      
  Total     7,048,033,306       -         6,644,809,096       (471,175,365     67,951,155      
               
Total     
balance      
sheet     
amount     
                        82,733,622,856                      

 

*

Acquisition cost of other securities related to the investment to investment limited partnership and other equivalent funds includes the amount equivalent to JICA’s percentage share of the accumulated profit/loss amount for the previous term.

 

F-62


Table of Contents

(3) Details of loans

 

(Unit: Yen)

 

 

 

Classification

  

 

Balance at the
beginning of the period

 

    

 

Increase during the
period

 

    

Decrease during the period

 

    

Balance at the end

of the period

 

    

Remarks

 

 
  

 

Collection, etc.

 

    

 

Write-off

 

 

 

Loans

 

    

 

12,614,846,099,374

 

 

 

    

 

1,427,731,671,588

 

 

 

    

 

700,868,046,559

 

 

 

    

 

                    0

 

 

 

    

 

13,341,709,724,403

 

 

 

                           

 

Claims probable in bankruptcy, claims probable in rehabilitation, and other

    

 

87,062,884,239

 

 

 

    

 

0

 

 

 

    

 

0

 

 

 

    

 

0

 

 

 

    

 

87,062,884,239

 

 

 

        

 

Total

 

    

 

12,701,908,983,613

 

 

 

    

 

1,427,731,671,588

 

 

 

    

 

700,868,046,559

 

 

 

    

 

0

 

 

 

    

 

13,428,772,608,642

 

 

 

        

 

F-63


Table of Contents

(4) Details of borrowings

 

                                     

(Unit: Yen)

 

 
Classification  

Balance at the
beginning of the
period

 

    Increase during
the period
    Decrease during
the period
    Balance at the end
of the period
   

Average
interest
rate (%)

 

    Maturity date   Remarks  

Borrowings from government fund for Fiscal Investment and Loan Program

    2,069,182,358,000       667,500,000,000       113,930,372,000      

 

 

2,622,751,986,000

 

(104,069,412,000)

 

 

 

 

 

    0.468     April 2021-

 

January 2060 

       

 

*

Figures in parentheses (    ) indicate the amount of borrowings repayable within one year.

 

F-64


Table of Contents

(5) Details of bonds

(Unit: Yen)   

 

 

Security name

 

 

 

 Balance at the beginning of 

the period

 

   

 

 Increase during the period 

 

   

 

Decrease during
the period

 

   

 

Translation
 Adjustments 

 

   

 

 Balance at the end of 

the period

 

   

 

 Coupon 

(%)

 

   

 

    Maturity date    

 

 

 

 Remarks 

 

 
   

FILP Agency Bonds

                                                           
                 

FILP Agency Bonds (1st)

      30,000,000,000       0       0      

 
 
   

  30,000,000,000

(                    0)

 

 

    2.470     September 2028        
                 

FILP Agency Bonds (2nd)

    30,000,000,000       0       0      

 
 
   

30,000,000,000

(                    0)

 

 

    2.341     June 2029        
                 

FILP Agency Bonds (3rd)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    2.134     December 2029        
                 

FILP Agency Bonds (4th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    2.079     June 2030        
                 

FILP Agency Bonds (5th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    1.918     September 2030        
                 

FILP Agency Bonds (6th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    2.098     December 2030        
                 

FILP Agency Bonds (7th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    1.991     June 2031        
                 

FILP Agency Bonds (8th)

    15,000,000,000       0       0      

 
 
   

15,000,000,000

(                    0)

 

 

    1.554     September 2026        
                 

FILP Agency Bonds (9th)

    5,000,000,000       0       0      

 
 
   

5,000,000,000

(                    0)

 

 

    2.129     September 2041        
                 

FILP Agency Bonds (11th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(10,000,000,000)

 

 

    1.140     December 2021        
                 

FILP Agency Bonds (12th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.901     June 2022        
                 

FILP Agency Bonds (13th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.752     June 2032        
                 

FILP Agency Bonds (14th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.825     September 2022        
                 

FILP Agency Bonds (15th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.724     September 2032        
                 

FILP Agency Bonds (17th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.720     December 2022        
                 

FILP Agency Bonds (18th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.868     June 2023        
                 

FILP Agency Bonds (19th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.725     June 2033        
                 

FILP Agency Bonds (20th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.787     September 2023        
                 

FILP Agency Bonds (21st)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.734     September 2033        
                 

FILP Agency Bonds (23rd)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.684     February 2024        
                 

FILP Agency Bonds (24th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.655     June 2024        
                 

FILP Agency Bonds (25th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.520     June 2034        
                 

FILP Agency Bonds (26th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.588     September 2024        
                 

FILP Agency Bonds (27th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.451     September 2034        
                 

FILP Agency Bonds (29th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.583     June 2025        
                 

FILP Agency Bonds (30th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.299     June 2035        
                 

FILP Agency Bonds (31st)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.530     September 2025        
                 

FILP Agency Bonds (32nd)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.212     September 2035        
                 

FILP Agency Bonds (33rd)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    1.130     December 2035        
                 

FILP Agency Bonds (34th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.245     February 2026        
                 

FILP Agency Bonds (35th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.080     June 2026        
                 

FILP Agency Bonds (36th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.313     June 2036        
                 

FILP Agency Bonds (37th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    0.100     September 2026        
                 

FILP Agency Bonds (38th)

    15,000,000,000       0       0      

 
 
   

15,000,000,000

(                    0)

 

 

    0.590     September 2046        
                 

FILP Agency Bonds (39th)

    5,000,000,000       0       0      

 
 
   

5,000,000,000

(                   0)

 

 

    0.744     February 2037        
                 

FILP Agency Bonds (40th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.220     June 2027        
                 

FILP Agency Bonds (41st)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.602     June 2037        
                 

FILP Agency Bonds (42nd)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    0.597     September 2037        
                 

FILP Agency Bonds (43rd)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    0.625     December 2037        
                 

FILP Agency Bonds (44th)

    15,000,000,000       0       0      

 
 
   

15,000,000,000

(                    0)

 

 

    0.200     June 2028        
                 

FILP Agency Bonds (45th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.559     June 2038        
                 

FILP Agency Bonds (46th)

    20,000,000,000       0       0      

 
 
   

20,000,000,000

(                    0)

 

 

    0.664     September 2038        
                 

FILP Agency Bonds (47th)

    15,000,000,000       0       0      

 
 
   

15,000,000,000

(                    0)

 

 

    0.636     December 2038        
                 

FILP Agency Bonds (48th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.059     June 2029        
                 

FILP Agency Bonds (49th)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.333     June 2039        
                 

FILP Agency Bonds (50th)

    12,000,000,000       0       0      

 
 
   

12,000,000,000

(                    0)

 

 

    0.055     September 2029        
                 

FILP Agency Bonds (51st)

    18,000,000,000       0       0      

 
 
   

18,000,000,000

(                    0)

 

 

    0.538     December 2049        
                 

FILP Agency Bonds (52nd)

    10,000,000,000       0       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.055     March 2030        
                 

FILP Agency Bonds (53rd)

    0       10,000,000,000       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.160     June 2030        
                 

FILP Agency Bonds (54th)

    0       13,000,000,000       0      

 
 
   

13,000,000,000

(                    0)

 

 

    0.445     June 2040        
                 

FILP Agency Bonds (55th)

    0       10,000,000,000       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.150     September 2030        
                 

FILP Agency Bonds (56th)

    0       12,000,000,000       0      

 
 
   

12,000,000,000

(                    0)

 

 

    0.459     September 2040        
                 

FILP Agency Bonds (57th)

    0       10,000,000,000       0      

 
 
   

10,000,000,000

(                    0)

 

 

    0.130     December 2030        
                 

FILP Agency Bonds (58th)

    0       5,000,000,000       0      

 
 
   

5,000,000,000

(                    0)

 

 

    0.420     December 2040        
                 
Subtotal     630,000,000,000       60,000,000,000       0      

 
 
   

690,000,000,000

(10,000,000,000)

 

 

                   

 

F-65


Table of Contents

Continued from previous page

 

 

Security name

 

 

 

 Balance at the beginning of 

the period

 

   

 

 Increase during the period

 

   

 

Decrease during

the period

 

   

 

Translation

Adjustments

 

   

 

 Balance at the end of 

the period

 

   

 

 Coupon 

(%)

 

   

 

 Maturity date 

 

   

 

 Remarks 

 

 
                 

Government-guaranteed bonds

                                                               
                 

Japan International Cooperation Agency Government-guaranteed bonds (2nd)

   
52,665,400,000
[$500,000,000]
 
 
   

0

[                $0]

 

 

   

0

[                $0]

 

 

    450,400,000      

53,115,800,000

[$500,000,000]

(                  0)

 

 

 

    2.125           October 2026              
                 

Japan International Cooperation Agency Government-guaranteed bonds (3rd)

   
54,179,950,000
[$500,000,000]
 
 
   

0

[                $0]

 

 

   

0

[                $0]

 

 

    788,200,000      

54,968,150,000
[$500,000,000]

(                  0)

 
 

 

    2.750       April 2027          
                 

Japan International Cooperation Agency Government-guaranteed bonds (4th)

   
54,233,950,000
[$500,000,000]
 
 
   

0

[                $0]

 

 

   

0

[                $0]

 

 

    788,200,000      

55,022,150,000
[$500,000,000]

(                  0)

 
 

 

    3.375       June 2028          
                 

Japan International Cooperation Agency Government-guaranteed bonds (5th)

   

0

[$0]

 

 

   

53,703,500,000

[$500,000,000]

 

 

   

0

[                $0]

 

 

    1,401,000,000      
55,104,500,000
[$500,000,000]
 
 
    1.000       July 2030          
                 
Subtotal    
161,079,300,000
[$1,500,000,000]
 
 
   
53,703,500,000
[$500,000,000]
 
 
   

0

[                $0]

 

 

    3,427,800,000      

218,210,600,000
[$2,000,000,000]

(                  0)

 
 

 

                       
                 

Total

    791,079,300,000       113,703,500,000       0       3,427,800,000      

908,210,600,000

(10,000,000,000)

 

 

                       

 

*

Figures in parentheses indicate the amount of bonds redeemable within one year. The amount in [    ] is denominated in a foreign currency.

 

F-66


Table of Contents

(6) Details of provisions

 

                                   (Unit: Yen)  
           

 

Classification

 

 

Balance at the

beginning of the

period

   

 

Increase during

the period

   

 

Decrease during the period

   

 

Balance at the end

of the period

    

 

Remarks

 
  Intended use     Others  
             
Provision for bonuses     336,838,488       340,773,166       336,838,488       0       340,773,166           
           
Provision for contingent losses     2,042,877,932       2,889,391,466       0       2,042,877,932       2,889,391,466           
           

Total

    2,379,716,420       3,230,164,632       336,838,488       2,042,877,932       3,230,164,632           

 

*

Decrease during the period (Others) for the provision for contingent losses indicates the amount of reversal of the provision after revaluation, etc.

 

F-67


Table of Contents

(7) Details of allowance for loan losses, etc.

 

                                        (Unit: Yen)  
       
Classification   Balance of loans, etc.     Balance of allowance for loan losses     Remarks  
 

 

Balance at the

beginning of the

period

 

   

Increase or decrease

during the period

    Balance at the end
of the period
   

 

Balance at the

beginning of the

period

 

   

Increase or decrease

during the period

   

Balance at the end

of the period

 
               

Loans

    12,614,846,099,374       726,863,625,029       13,341,709,724,403       142,052,753,983       34,309,800,450       176,362,554,433          
             
Claims probable in bankruptcy, claims probable in rehabilitation, and other     87,062,884,239       0       87,062,884,239       87,062,884,239       0       87,062,884,239          
             
Total     12,701,908,983,613       726,863,625,029       13,428,772,608,642       229,115,638,222       34,309,800,450       263,425,438,672          

 

*

The standard for the accrual of allowance for loan losses is described in No. 4 of Significant Accounting Policies.

 

F-68


Table of Contents

(8) Details of provision for retirement benefits

 

                                (Unit: Yen)  
             
  

 

  Classification  

Balance at the

beginning of

the period

 

   

Increase during the

period

 

   

Decrease during the

period

 

   

Balance at the end

of the period

 

   

Remarks

 

 
           
   

Total retirement benefit obligations

    6,495,427,271       422,482,575       376,713,019       6,541,196,827      
             
   

Retirement benefits

    3,655,415,133       296,053,501       278,403,469       3,673,065,165      
             
   

Defined benefit corporate pension plan

    2,840,012,138       126,429,074       98,309,550       2,868,131,662          
           
   

Unrecognized past service cost and unrecognized actuarial differences

    0       0       0       0          
           
   

Plan assets

    2,269,775,603       528,873,392       98,309,550       2,700,339,445          
           
   

Provision for retirement benefits

    4,225,651,668       (106,390,817     278,403,469       3,840,857,382          

 

F-69


Table of Contents

(9) Details of asset retirement obligations

 

                               

(Unit: Yen)

 

             
Classification       

Balance at the

beginning of

the period

   

Increase during the

period

   

Decrease during the

period

   

Balance at the end

of the period

    Remarks
Obligation of restoration to original state based on building lease agreement         70,374,150       35,237,409       1,409       105,610,150    

Specified expenses in Accounting Standards for Incorporated Administrative Agencies No. 91: None

 

 

F-70


Table of Contents

(10) Details of liabilities for guarantee

 

                                   

(Unit: Yen)  

 

Classification  

 

    Balance at the beginning of    
    the period     

 

 

 

    Increase during    

    the period    

 

 

 

    Decrease during    

    the period    

 

 

 

    Balance at the end of the    
period

 

      Remarks    
 

 

    Number    

    of bonds    

 

 

 

    Amount    

 

 

 

    Number    

    of bonds    

 

 

 

    Amount    

 

 

 

    Number    

    of bonds    

 

 

 

    Amount    

 

 

    Number    

    of bonds    

 

 

    Amount    

 

FILP Agency Bonds (Public offering)

    40,000,000,000     0     0       20,000,000,000    1     20,000,000,000      

 

*

JICA is jointly liable for obligations arising from the above bonds issued by the former Japan Bank for International Cooperation which was succeeded by the Japan Bank for International Cooperation.

 

F-71


Table of Contents

(11) Details of remunerations and salaries of officers and employees

 

    

(Unit: Thousands of yen, persons)

 

 
     

Classification

 

   Remunerations or salaries      Retirement benefits  
  

 

Payment amount      

 

    

 

Number of people      

 

    

 

Payment amount      

 

    

 

Number of people      

 

 
       

Officers

     52,775        13        2,588        2  
       

Employees

     4,447,106        1,960        293,383        133  
       

Total

     4,499,881        1,973        295,971        135  

 

(Notes)   

1. Payment standard of remunerations and retirement benefits to officers

 

Remunerations and retirement benefits to officers are paid based on “Rules on Remuneration for Officers” and “Rules on Retirement Benefits for Officers” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.

  

2. Payment standard of salaries and retirement benefits to employees

 

Salaries and retirement benefits to employees are paid based on “Rules on Salaries for Employees” and “Rules on Retirement Benefits for Employees” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.

  

3. Number of people

 

As for the number of people to whom remunerations or salaries are paid, the average number of JICA officers or employees during the period is used.

  

4. Others

 

There are no part-time officers or employees classified as external members.

 

F-72


Table of Contents

(12) Details of main assets, liabilities, and expenses, other than those mentioned above

 

Operating and administrative expenses     

 

(Unit: Yen)

 

 

 

   
Classification      Amount                                             

      Operating expenses

     5,078,216,184    
   

      Information system-related expenses

     2,248,103,306    
   

      Rent expenses on real estate

     891,722,760    
   

      Travelling and transportation expenses

     498,165,251    
   

      Other expenses

     2,891,937,093    
   
    Total      11,608,144,594    

 

F-73


Table of Contents

(13) Details of affiliated companies

 

       

Corporation type and name  

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

      

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

     

Items

 

 

KAFCO Japan Investment Co., Ltd.

 

      

Karnaphuli Fertilizer Company Limited

 

     
                 
     

 

Outline of operations

 

 

 

Production of urea and ammonia in Chittagong, People’s Republic of Bangladesh

 

     

 

Production of urea and ammonia in Chittagong, People’s Republic of Bangladesh

 

     

Name of officers

 

Number of officers: 9

 

President and CEO: Hiroshi Nakagawa

Executive Vice President: Ken Odajima (Deputy Director of Southeast Asia and Oceania of JICA, Seconded)

Auditor: Hironobu Takahashi (Senior Assistant Director of Private Sector Partnership and Finance Department of JICA, Seconded)

 

      -
Association chart on transactions between affiliated companies and JICA                            
                                   
     

 

  JICA     

 

 

  LOGO

  KAFCO Japan Investment Co., Ltd.         JICA  

  LOGO

  KAFCO Japan Investment Co., Ltd.    
                                   
      (Equity Investment)              

(Equity Investment)

 

LOGO

 

    (Equity Investment)    
                 

 

Karnaphuli Fertilizer Company Limited

 

   
                                     

Assets

 

 

¥6,739,878,525

 

       

Liabilities

 

 

     ¥52,077,627

 

       

Capital

 

 

¥5,023,900,000

 

       

Retained earnings

 

 

¥1,663,900,898

 

       

Operating revenues

 

 

   ¥1,430,814,249

 

       

Ordinary (loss) income

 

 

   ¥1,308,346,245

 

       

Net (loss) income

 

 

   ¥1,164,054,820

 

       
Unappropriated (loss) income for the current fiscal year      ¥1,164,826,672        
     
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.  

•  Number of company shares owned by JICA: 46,606 shares

•  Acquisition cost: ¥2,436,204,983

•  Balance sheet amount: ¥2,496,210,503 (An increase of ¥60,005,520 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the production of urea and ammonia by the company

•  Date of the initial investment: July 27, 1990

 

     

•  Number of company shares owned by JICA: -

•  Acquisition cost: -

•  Balance sheet amount: -

•  Legal basis: -

•  Applicable provision of the act: -

•  Purpose of investment: -

•  Date of the initial investment: -

Details of receivables and payables

 

 

N/A

 

 

      -

Details of debt guarantee

 

 

N/A

 

     

-

 

Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

  N/A       -
 

(Note)   The above amount pertains to the period from September 1, 2019, through August 31, 2020.                

 

   
                                                                                                                               

 

 

F-74


Table of Contents
       

Corporation type and name   

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

      

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

Items

 

 

 

Nippon Amazon Aluminum Co., Ltd.

 

     

 

SPDC Ltd.

 

                                                 
   

 

Outline of operations

 

 

 

Production of alumina and smelting ammonium in the State of Para, Federative Republic of Brazil

 

     

 

Production and sales of ethylene glycol and other petrochemical products in the Al Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia

 

   

Name of officers

 

Number of officers: 14

 

President and CEO: Kenji Kobayashi
Auditor: Masatomo Ogane (Expert for Viet Nam, JICA, Seconded)

   

Number of officers: 18

 

President and CEO: Tsuyoshi Hagiwara

Managing Director: Hajime Takeuchi (Director General of Latin America and the Caribbean Department of JICA, Seconded)

                         
                         
                                               

Association chart on transactions between affiliated companies and JICA

 

                         
            Nippon Amazon Aluminum Co., Ltd                  
    JICA        LOGO      

 

JICA   

 

    LOGO   SPDC Ltd.    
                       
     

(Equity Investment)

 

                (Equity Investment)        
                         
                                     

 

Assets

 

 

 

¥53,629,166,530

 

     

 

¥88,854,089,321

 

 

Liabilities

 

 

 

     ¥314,634,400

 

     

 

¥21,147,782,733

 

 

Capital

 

 

 

¥55,285,400,000

 

     

 

¥14,200,000,000

 

 

Retained earnings

 

 

 

  (¥1,970,867,870)

 

     

 

¥53,506,306,588

 

 

Operating revenues

 

 

 

    ¥579,910,726

 

     

 

¥10,475,716,459

 

 

Ordinary (loss) income

 

 

 

    (¥187,831,383)

 

     

 

¥9,078,853,798

 

 

Net (loss) income

 

 

 

    (¥189,041,383)

 

     

 

¥8,177,125,268

 

 

Unappropriated (loss) income for the current fiscal year

 

 

 

  (¥3,761,334,870)

 

     

 

¥31,456,306,588

 

Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.  

•  Number of company shares owned by JICA: 496,652,800 shares

•  Acquisition cost: ¥25,066,535,300

•  Balance sheet amount: ¥23,947,381,825 (A decrease of ¥84,912,049 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the smelting of alumina and aluminum

•  Date of the initial investment: August 29, 1978

   

•  Number of company shares owned by JICA: 2,107,500 shares

•  Acquisition cost: ¥7,269,880,619

•  Balance sheet amount: ¥21,538,912,171 (An increase of ¥14,269,031,552 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the manufacturing of ethylene glycol and other petrochemical products

•  Date of the initial investment: June 17, 1981

                                                                                                                             
                           
       

Details of receivables and payables

 

 

N/A

 

     

N/A

 

   

Details of debt guarantee

 

 

N/A

 

     

N/A

 

   

Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

  N/A       N/A
 

(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.

   

(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.

 

F-75


Table of Contents

Corporation type and name  

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

Items

 

 

Eastern Petrochemical Company

 

 

Sumatra Pulp Corporation

 

         
     

Outline of operations

 

 

Production and sales of ethylene glycol and other petrochemical products in the Al Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia

 

 

Construction of a pulp mill to manufacture wood pulp from afforested acacia mangium, and production and sale of wood pulp in Muara Enim, South Sumatra, Republic of Indonesia

 

     

Name of officers

  -  

 

Number of officers: 6

 

President and CEO: Takahiro Horita

Executive Vice President: Hironobu Takahashi (Senior Assistant Director of Private Sector Partnership and Finance Department of JICA, Seconded)

 

Auditor: Tsutomu Kudo (Senior Deputy Director General of Private Sector Partnership and Finance Department of JICA, Concurrent position)

 

Association chart on transactions between affiliated companies and JICA                        
   

 

JICA  

 

 

   LOGO

 

 

            SPDC Ltd.    

 

     

 

JICA  

 

 

   LOGO

 

 

Sumatra Pulp Corporation 

 

   
      (Equity Investment)  

 

LOGO

 

  (Equity Investment)         (Equity Investment)      
     

 

            Eastern Petrochemical Company             

 

     
               

Assets

 

     

¥22,479,409

 

Liabilities

 

     

¥797,203,462

 

Capital

 

     

¥100,000,000

 

Retained earnings

 

     

(¥874,724,053)

 

Operating revenues

 

     

¥63,996,352

 

Ordinary (loss) income

 

     

(¥29,115,953)

 

Net (loss) income

 

     

(¥29,295,953)

 

Unappropriated (loss) income for the current fiscal year       (¥874,724,053)
     
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.  

•  Number of company shares owned by JICA: -

•  Acquisition cost: -

•  Balance sheet amount: -

•  Legal basis: -

•  Applicable provision of the act: -

•  Purpose of investment: -

•  Date of the initial investment: -

 

•  Number of company shares owned by JICA: 114,032 shares

•  Acquisition cost: ¥2,758,289,455

•  Balance sheet amount: ¥1 (No changes from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the pulp manufacturing business

•  Date of the initial investment: April 21, 1995

Details of receivables and payables

 

 

-

 

 

N/A

 

Details of debt guarantee

 

 

-

 

 

N/A

 

Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

  -   N/A
   

(Note)   The above amount pertains to the period from April 1, 2019, through March 31, 2020.                                             

                                                                                                                             

 

F-76


Table of Contents

 

Corporation type and name   

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

     

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

Items

 

 

Japan Saudi Arabia Methanol Co., Inc.

     

 

JSMC PANAMA S.A.

                                                 

 

Outline of operations

 

  Production of methanol in the Al-Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia       Transportation of methanol business
     

Name of officers

 

Number of officers: 12

 

Chairman: Nariyuki Nagaoka

Managing Director and General Manager of the General Affairs Department: Hideyuki Maruoka

(Senior Deputy Director General of Infrastructure Engineering Department of JICA, Seconded)

Full-time auditor: Yasuo Fujita

(Deputy Director of the Institute of JICA, Seconded)

 

      -
Association chart on transactions between affiliated companies and JICA                            
    JICA  

LOGO

 

        Japan Saudi Arabia        

Methanol Co., Inc.

 

        JICA  

LOGO

 

        Japan Saudi Arabia             

Methanol Co., Inc.

   
     

(Equity Investment)

 

             

(Equity Investment)

 

 

 

LOGO

 

(Equity Investment)

 

   
               

 

JSMC PANAMA S.A.

 

   
                     

Assets

  ¥155,369,933,369        

Liabilities

  ¥85,390,687,154        

Capital

     ¥2,310,000,000        

Retained earnings

   ¥67,950,835,215        

Operating revenues

  ¥26,378,869,426        

Ordinary (loss) income

   ¥727,955,187        

Net (loss) income

   ¥3,056,282,736        
Unappropriated (loss) income for the current fiscal year   ¥65,221,824,507        
     
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.  

•  Number of company shares owned by JICA: 1,386,000 shares

•  Acquisition cost: ¥7,149,297,104

•  Balance sheet amount: ¥21,205,832,186 (An increase of ¥14,056,535,082 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the methanol manufacturing business

•  Date of the initial investment: December 17, 1979

 

     

•  Number of company shares owned by JICA: -

•  Acquisition cost: -

•  Balance sheet amount: -

•  Legal basis: -

•  Applicable provision of the act: -

•  Purpose of investment: -

•  Date of the initial investment: -

Details of receivables and payables

  N/A       -

Details of debt guarantee

  N/A       -

 

Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

  N/A       -
 

(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.     

   
                                                                                                                               

 

F-77


Table of Contents

 

Corporation type and name  

 

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

     

 

(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting

Standards for Incorporated Administrative Agencies)

 

Items

 

 

JAPAN ASEAN Women Empowerment Fund

     

 

Ship Aichi Medical Service Limited

                                                 

 

Outline of operations

 

  Investment and / or loan to Microfinance Institutes for empowerment of women in ASEAN countries       Establishment and operation of a private general hospital in Dhaka, People’s Republic of Bangladesh
     

Name of officers

 

Number of officers: 3

 

Chairperson:         Peter Fanconi

Director:               Christophe Grünig

Director:               Tetsuro Uemae

 

     

Number of officers: 9

 

Executive Chairman: Dr. Moazzem Hossain

Director: Yuho Hayakawa

(Chief Representative of JICA Bangladesh Office, Concurrent position)

Association chart on transactions between affiliated companies and JICA                            
    JICA  

LOGO

 

JAPAN ASEAN Women

Empowerment Fund

        JICA  

LOGO

  Ship Aichi Medical Service Limited    
     

(Equity Investment)

 

             

(Equity Investment)

 

       
                     

Assets

  ¥23,861,931,683       ¥6,675,681,169

Liabilities

  ¥1,107,291,592       ¥2,529,099,811

Capital

  ¥22,680,094,159       ¥4,493,180,250

Retained earnings

  ¥74,545,931       (¥346,598,892)

Operating revenues

  ¥1,311,959,667       ¥86,975,176

Ordinary (loss) income

  ¥888,419,260       (¥270,122,161)

Net (loss) income

  ¥888,419,260       (¥274,892,151)
Unappropriated (loss) income for the current fiscal year   ¥74,545,931       (¥346,598,892)
     
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.  

•  Number of company shares owned by JICA: 5,623.44 shares

•  Acquisition cost: ¥6,040,658,393

•  Balance sheet amount: ¥6,216,101,725 (An increase of ¥1,089,328,725 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the fund

•  Date of the initial investment: October 21, 2016

     

•  Number of company shares owned by JICA: 560,000 shares

•  Acquisition cost: ¥748,809,600

•  Balance sheet amount: ¥684,375,349 (A decrease of ¥33,295,973 from the end of the previous fiscal year)

•  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency

•  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects.

•  Purpose of investment: Capital contribution to the establishment and operation of a private general hospital

•  Date of the initial investment: May 22, 2019

 

Details of receivables and payables

  N/A       N/A

Details of debt guarantee

  N/A       N/A

 

Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

 

  N/A       N/A
 

(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.

   

(Note)   The above amount pertains to the period from July 1, 2019, through June 30, 2020.

                                                                                                                               

 

F-78

Exhibit 3

Consent of Independent Auditor

We consent to the incorporation by reference in the Registration Statement (No.333-216521) of Japan International Cooperation Agency of our report dated June 18, 2021, with respect to the financial statements of the general account of Japan International Cooperation Agency included in its Annual Report on Form 18-K for the year ended March 31, 2021.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

September 27, 2021


Consent of Independent Auditor

We consent to the incorporation by reference in the Registration Statement (No.333-216521) of Japan International Cooperation Agency of our report dated June 18, 2021, with respect to the financial statements of the finance and investment account of Japan International Cooperation Agency included in its Annual Report on Form 18-K for the year ended March 31, 2021.

/s/ Ernst & Young ShinNihon LLC

Tokyo, Japan

September 27, 2021



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