JICA Bond – Impact Report

October 2018

Development Contribution of Finance and Investment Activities (JFY 2014 to JFY 2016) *

* Statistics based on ex-post evaluation conducted between JFY 2014 and JFY 2016, all in approximate figures.

** Estimate based on worldwide electricity usage average in 2015.

Highlights

Provided access to safe drinking water to 37.5 million people in developing countries

Met power generation needs of 5.3 million people in developing countries through

the supply of electricity **

Met the rail transportation needs of 861.4 million people in developing countries

Met the air transportation needs of 8.3 million people in developing countries

Constructed port facilities in developing countries with capacity to handle

8.0 million tons of freight per year

Protected 1.2 million people in developing countries from natural disaster risk

Supported forestation efforts in developing countries on the scale of 1.2 million hectares

JICA Bond proceeds are allocated to JICA’s Finance and Investment Account, and

an amount equal to part or all of such proceeds are allocated to projects which aim to promote

socio-economic development of developing countries.

2

2014 2015 2016 2017 2018

ODA Loans 11,349.0 11,503.8 11,782.5 11,961.1 12,296.8

Private Sector

Investment

Finance66.6 42.2 42.9 68.2 95.3

Total 11,415.6 11,546.0 11,825.4 12,029.4 12,392.1

Outstanding Loan Amount Distribution by Sector (cumulative commitment amount base)

Distribution by Region (cumulative commitment amount base) Top 10 Borrower Countries (outstanding amount)

Transportation33.1%

Electric Power and

Gas20.4%

Social Services

(Water/Education

/Health)14.6%

Mining and Manufacturing

6.1%

Irrigation and Flood Control

4.6%

Agriculture, Forestry and

Fisheries3.4%

ICT2.8%

Commodity Loans, etc

13.5%

Others1.4%

Country Outstanding Amount

1 India 2,005.3

2 Viet Nam 1,583.9

3 Indonesia 1,478.1

4 China 1,141.7

5 Philippines 741.7

6 Pakistan 605.8

7 Bangladesh 482.4

8 Thailand 434.4

9 Sri Lanka 373.8

10 Iraq 331.6

Southeast Asia41.3%

South Asia23.8%

East Asia11.1%

Central Asia and the Caucasus

1.5%

Middle East and Europe

10.2%

Latin America5.2%

Africa3.7%

Oceania0.4%

Multilateral Agencies, etc.2.2%

Others0.6%

JFY 2017 Finance and Investment Account Portfolio*

For the year ended March 31 (Unit: billions of yen)

(Unit: billions of yen)

3*Figures as of March 31, 2018 unless stated otherwise.

JPY ODA Loan (52 Projects), USD ODA Loan (1 Project), and Private Sector Investment Finance (6 Projects)

Southeast Asia

South Asia

Africa

Latin America

Black JPY Loan Red USD Loan

Blue Private Sector Investment Finance

Middle East

Costa Rica

Borinquen I Geothermal Project (Guanacaste Geothermal Development Sector Loan)

African Development Bank

African Development Fund

International Development Association

International Bank for Reconstruction and

Development

Nicaragua

Rio Blanco-Siuna Bridges and National Road Construction Project

Jamaica Energy Management and Efficiency

Programme

Seventh Private Sector Assistance Loan

under the Joint Initiative titled EPSA for Africa

Loan for the African Development Fund

Fourteenth Replenishment

Loan for the International Development

Association 18 Replenishment

Loan for MENA Financing Initiative

Bangladesh

Cambodia

Myanmar

Hydropower Plants Rehabilitation Project

Project for the Development of Finance for Small and Medium-sized Enterprises (Phase 2)

Yangon-Mandalay Railway Improvement Project Phase II (I)

Housing Finance Development Project

Thilawa Special Economic Zone (Industrial Area of Zone B) Development Project

The Kanchpur, Meghna and Gumti Bridges Project(1)

Matarbari Ultra Super Critical Coal-Fired Power Project (III)

Small Scale Water Resources Development Project (Phase 2)

Hazrat Shahjalal International Airport Expansion Project (I)

Dhaka Underground Substation Construction Project

Dhaka Mass Rapid Transit Development Project (Line 1) (E/S)

Bangladesh FSRU Project

Sri Lanka

Kalu Ganga Water Supply Expansion Project (I)

Rural Infrastructure Development Project in Emerging Regions

Sihanoukville Port New Container Terminal Development Project

Philippines

Cavite Industrial Area Flood Risk Management Project

Arterial Road Bypass Project (Phase III)

Metro Manila Subway Project (Phase 1)(I)

Water Supply and Sewerage Development Project in the West Zone of Metro Manila

Indonesia Patimban Port Development Project (I)

Development of World Class University with Socio Entrepreneurial Spirit at Universitas Gadjah Mada

Renewable Energy and Infrastructure Acceleration Facilities

Viet Nam Hoa Lac Science and Technology City Development Project (1)

Ben Tre Water Management Project

Bien Hoa City Drainage and Wastewater Treatment Systems Project, Stage 1

Coffee Value Chain Enhancement Project

Pakistan

Islamabad and Burhan Transmission Line Reinforcement

Project (Phase 1)

Kenya

Egypt

Cameroon Yaounde-Brazzaville International

Corridor Development Project (Mintom-Lele Section)

Mombasa Port Area Road

Development Project (II)

Olkaria I Units 1, 2 and 3 Geothermal

Power Plant Rehabilitation Project

Tunisia

Iraq

Hartha Thermal Power Station

Rehabilitation Project (Phase 2)

Electricity Sector Reconstruction

Project (Phase 3)

Fiscal Reform Development Policy

Loan (II)

Rwanda

Ngoma-Ramiro Road Upgrading

Project

Burkina Faso Gounghin-Fada N’Gourma Road

Improvement Project

Jordan

Al-Muwaqqar Solar Power

Generation Project

Egypt-Japan Education Partnership

(EJEP): Human Resource Development Project

Egypt-Japan Education Partnership:

Egypt-Japan School Support Program

Sfax Sea Water Desalination Plant

Construction Project

India Project for the Construction of Training Institute for

Mumbai-Ahmedabad High Speed Rail

Gujarat Investment Promotion Program

Project for Upgradation of Environmental Management

for Ship Recycling in Alang and Sosiya in Gujarat

Andhra Prades Irrigation and Livelihood Improvement Project (Phase2)(1)

Bengaluru Water Supply and Sewerage Project (Phase

3)(I)

North East Road Network Connectivity Improvement Project (Phase 2)

Project for Construction of Chennai Seawater

Desalination Plant (I)

Mumbai Metro Line 3 Project (II)

Project for Improvement of Himachal Pradesh Forest Ecosystems Management and Livelihoods

Project for Installation of Chennai Metropolitan Area

Intelligent Transport Systems

Mongolia

Fiscal, Social and Economic Reform Development Policy Loan

JFY 2017 Highlights – New Commitments

4

JFY 2017 Highlights – Contribution to the SDGs through New Commitments

* Expected contribution to the SDGs is identified through ex-ante evaluation conducted by JICA.

** For projects identified as contributive to more than one SDGs, commitment amount is divided

equally across the identified SDGs by the number of Goals.

All new Finance and Investment projects are, in principle,

implemented to address challenges to the Sustainable Development

Goals (SDGs), and each project’s expected contribution to the SDGs is

identified through JICA’s ex-ante evaluation process.

Bengaluru Water Supply and Sewerage Project (Phase 3) (I)

Kalu Ganga Water Supply Expansion Project (I)

Bien Hoa City Drainage and Wastewater Treatment Systems Project (1)

Water Supply and Sewerage Development Project in the West Zone of Metro Manila

Olkaria I Units 1, 2 and 3 Geothermal Power Plant Rehabilitation Project

Hydropower Plants Rehabilitation Project

Dhaka Underground Substation Construction Project

Energy Management and Efficiency Programme

Mumbai Metro Line 3 Project (II)

Patimban Port Development Project (I)

Hoa Lac Science and Technology City Development Project (1)

Metro Manila Subway Project (Phase 1)(I)

Loan for the International Development Association 18 Replenishment

Loan for the African Development Fund Fourteenth Replenishment

Fiscal, Social and Economic Reform Development Policy Loan

Thilawa Special Economic Zone (Industrial Area of Zone B) Development Project

Project samples from JFY 2017

5

India

Sri Lanka

Viet Nam

Philippines

Kenya

Myanmar

Bangladesh

Jamaica

India

Indonesia

Viet Nam

Jamaica

IDA

ADF

Mongolia

Myanmar

Yangon-Mandalay Railway Improvement Project

Phase II (I)

Country: Myanmar

Loan Agreement Amount: 56.6 billion JPY

Objectives: To achieve safer high-speed rail service

and build capacity for passengers and

cargo by improving and modernizing the

deteriorating facilities and equipment on

the existing rail route between Yangon and

Mandalay (approx. 350km).

Background: The traffic demand is increasing due to a rapid

population increase and economic growth in the

Yangon, Bago and Mandalay regions where

37 percent of the country’s population live.

Expected Outcomes:

Build resilient infrastructure,

promote sustainable industrialization and foster innovation

Baseline

(2017 Estimate)

Target numbers

(2026, 2 yrs after completion)

Passenger Transportation (train km/day)* 7,815 38,125

Freight Transportation (train km/day)* 3,297 8,824

Number of running trains/day** 28 104

Time required between Taungoo and

Mandalay (Passenger Express Train)8 hrs 1 min 4 hrs 49 mins

Time required between Taungoo and

Mandalay (Freight Train)11 hrs 24 mins 6 hrs 40 mins

For more information:

https://www.jica.go.jp/english/our_work/evaluation/oda_loan/economic_cooperation/c8h0vm000001rdjt-

att/myanmar_180329_01.pdf

Case Study – Ex-ante Evaluation from JFY 2017 New Commitments

(Left) Checking the stability of

bridges between Yangon and

Taungoo (Photo from Phase I)

(Right) Flooded track – in need of

raising the ground level at least by

two meters (Photo from Phase I)

Project for Improvement of Himachal Pradesh

Forest Ecosystems Management and Livelihoods

Country: India

Loan Agreement Amount: 11.1 billion JPY

Objectives: To implement afforestation activities over an

area covering at least 10,000 hectares in

Himachal Pradesh State, to provide local

residents with training for sustainable forest

ecosystem management and biodiversity

conservation, and to provide support for

livelihood improvements such as in poultry

farming.

Background: The burden on forest resources has been

growing due to a rising population and an

increase in forest resource use.

Expected Outcomes:

Baseline(2018)

Target numbers(2030, 2 yrs after completion)

Afforestation Area (hectares) 0 10,984

Number of community organizations trained

on biodiversity conservation0 60

Number of State Forest Department staff

and project personnel trained on

management capacity development0 359

Sustainably manage forests, combat desertification,

halt and reverse land degradation, halt biodiversity loss

For more information (in Japanese): https://www2.jica.go.jp/ja/evaluation/pdf/2017_ID-P269_1_s.pdf

* Measured across the span from Taungoo to Mandalay

** Measured across the entire track from Yangon to Mandalay (Left) Nomads in Lahaul-Spiti

District in Himachal Pradesh

(Right) Highland area of Kullu

district in Himachal Pradesh

6

Case Study – Ex-post Evaluation from JFY 2016

Ex-post evaluation is usually conducted by external evaluators within three years of the completion of a project.

For more information: https://www2.jica.go.jp/en/evaluation/pdf/2016_IP-525_4.pdf

Ulubelu Geothermal Power Plant Project

Country: Indonesia

Disbursed Amount: 16.1 billion JPY

Period: March 2005 – October 2013

Summary: Built two geothermal power plants (55MW

each) and transmission systems in Lampung,

southern Sumatra to stabilize the supply of

electricity, thereby contributing to the

development of the region.

Impact: Increased economic activities, improved

investment climate, employment of local

residents etc.

Indicators:

Ensure access to affordable, reliable,

sustainable and modern energy for all

2014 target numbers at the

time of ex-ante evaluation

Results

2014 2015 2016

Maximum output (MW) 110 110 105 93

Plant load factor (%) 85 93.27 93.18 81.13

Availability factor (%) 85 99.96 97.94 97.28

Net Electric Energy

Production (GWh/yr)794 858.7 825.6 735.2

Ex-post Evaluation Result

Overall rating：A

Effectiveness and Impact: 3/3

Relevance: 3/3

Efficiency: 2/3

Sustainability: 3/3

Micro Enterprise Assistance Project

Country: Egypt

Disbursed Amount: 3.7 billion JPY

Period: December 2008 – December 2014

Summary: Implemented two-step loan through the Micro,

Small and Medium Enterprises Development

Agency of Egypt (EDA), and provided loans to

micro enterprises, thereby contributing to

increased employment opportunities.

Impact: Improved and stabilized financial situation of

end borrowers

Indicators*:

Promote inclusive and sustainable economic growth,

employment and decent work for all

2015 target numbers at the

time of ex-ante evaluationResults (2016)

Total number of loans for the

end-borrowersSEDO: 4,184

MFS: 5,891

SEDO: 8,313

MFS: 2,844

Total amount of loans for the

end-borrowers (EGP)SEDO: 146,425,294

MFS: 32,398,235

SEDO: 228,048,538

MFS: 39,110,000

Number of jobs created - SEDO: 13,961

MFS: 3,015

Number of new enterprises - SEDO: 5,756

MFS: 2,758

Ex-post Evaluation Result

Overall rating：A

Effectiveness and Impact: 3/3

Relevance: 3/3

Efficiency: 2/3

Sustainability: 3/3

For more information: https://www2.jica.go.jp/en/evaluation/pdf/2016_EG-P31_4.pdf

Small Enterprise Development Organization (SEDO) and Micro Finance Sector (MFS) are two loan schemes EDA offers.

7

JICA Gov’t of

EgyptEDA

Intermediary

Institutions

Micro Enterprises

SEDO MFSODA

Loan

Repayment

Loan

Copyright: Steering Committee of the 60th Anniversary of Japan-

Indonesia Diplomatic Relations

Capital Markets Division

Treasury, Finance and Accounting Department

Japan International Cooperation Agency

Inquiry

Address

TEL

E-mail

URL

Nibancho Center Building 5-25,

Niban-cho, Chiyoda-ku Tokyo

102-8012 Japan

+81-3-5226-9279

fatcm@jica.go.jp

http://www.jica.go.jp/english/ir/index.html

These materials were prepared solely for the purpose of providing information to investors, and they are not intended to solicit

subscriptions to or encourage purchases of bonds. Investors are advised to consider bond purchases only after a careful

study of the details of the bond issue as described in the relevant explanatory documents provided by the issuer and in any

other relevant and current materials they can obtain. A decision to purchase bonds is solely the responsibility of the investor.

8