The merger Wednesday of the Japan International Cooperation Agency with a part of the Japan Bank for International Cooperation is a significant development in the country's contribution to world stability and peace, Foreign Minister Hirofumi Nakasone said.
With the merger JICA becomes the world's largest bilateral development organization, with 1,600 employees and financial resources of approximately ¥1 trillion to allocate to projects in more than 150 countries.
JICA, which used to provide technical assistance by dispatching experts to developing countries, will now be in charge of official development assistance loans that JBIC previously provided, as well as economic grants formerly managed by the Foreign Ministry.