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Japan unleashes world's largest bilateral agency
30 September 2008
The Japan International Cooperation Agency (JICA) has revealed its merger with the Japan Bank for International Cooperation (JBIC) to create a unified agency, as its president states her commitment to Africa.
JICA – the Japan International Cooperation Agency – has become the world's largest bilateral development agency following the merger with the overseas economic cooperation section of the Japan Bank for International Cooperation (JBIC).
Under its new guise JICA will take over the soft loans formerly dispensed by JBIC and the grant aid dispersed by Japan's Foreign Ministry. For the first time, one Japanese agency will provide technical assistance, soft loans and grant aid.
With an estimated $10.3 billion of available financial resources, JICA...
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