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Japan,Solomon Islands : JICA explains ODA loan scheme to HONIARA state representatives

June 26, 2014

During a half-day seminar Japan International Cooperation Agency (JICA) held for local state representatives, Japan has explained its Overseas Development Assistance (ODA) loan program to significant state representatives in Honiara.

While Japan is among the primary donors here, it also lends out funds to emerging countries on very low interest rates, long-term repayment period, as well as grace period.

JICA's technical adviser, who is based at the ministry of development planning and aid coordination, Yasushi Hayashi,, said they offer various types of loans, including project loans, engineering loans, financial intermediary loans, sector loans, program loans, commodity loans, sector program loan, and post disaster standby loan.

He said Japan secured 13 loans totalling USD$862.9 million from the World Bank, in its early days, between 1953 and 1966.

He added that Japan used these loans for the construction of roads, railway, iron manufacturing, agriculture, and power plants.

He noted that Japan completed paying back the loans in 1990.

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Source: TendersInfo (India)

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