Japan Enacts Revised JICA Law to Use Private Funds in Aid
Tokyo, April 9 (Jiji Press)--Japan's parliament Wednesday enacted a bill to allow the government-backed Japan International Cooperation Agency to better utilize private funds for its aid provided to developing countries.
The bill to revise the JICA law was approved by a majority vote at a plenary meeting of the House of Councillors, the upper chamber of the Diet, with support mainly from the ruling Liberal Democratic Party and the main opposition Constitutional Democratic Party of Japan. The bill cleared the House of Representatives, the lower chamber, last month.
The revised law will allow JICA to acquire bonds of companies in developing countries to attract investors. JICA will provide its guarantee when such companies raise funds, in a bid to encourage local banks to extend loans to them.
Through the revised law, Japan hopes to bring in private funds to develop infrastructure and address social problems in developing countries as its official development assistance budget faces fiscal constraints.
(2025/04/09-13:35)
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