Japan International Cooperation Agency 18-K Annual report (foreign governments)

Exhibit 2

FINANCIAL STATEMENTS OF JAPAN INTERNATIONAL COOPERATION AGENCY (“JICA”)

AND REPORTS OF THE INDEPENDENT AUDITOR

Index to Financial Statements
General Account
Independent Auditor’s Report	F-2
Balance Sheet (as of March 31, 2021)	F-5
Statement of Administrative Service Operation Cost (April 1, 2020—March 31, 2021)	F-7
Statement of Income (April 1, 2020—March 31, 2021)	F-8
Statement of Changes in Net Assets (April 1, 2020—March 31, 2021)	F-9
Statement of Cash Flows (April 1, 2020—March 31, 2021)	F-10
Basis of Presenting Financial Statements	F-11
Significant Accounting Policies	F-11
Notes to the Financial Statements	F-14
The Accompanying Supplementary Schedules	F-19
Finance and Investment Account
Independent Auditor’s Report	F-40
Balance Sheet (as of March 31, 2021)	F-43
Statement of Administrative Service Operation Cost (April 1, 2020—March 31, 2021)	F-45
Statement of Income (April 1, 2020—March 31, 2021)	F-46
Statement of Changes in Net Assets (April 1, 2020—March 31, 2021)	F-47
Statement of Cash Flows (April 1, 2020—March 31, 2021)	F-48
Basis of Presenting Financial Statements	F-49
Significant Accounting Policies	F-49
Notes to the Financial Statements	F-53
The Accompanying Supplementary Schedules	F-61

F-1

Independent Auditor’s Report

Mr. Shinichi Kitaoka, President

Japan International Cooperation Agency

Opinion

We have audited the accompanying financial statements of the general account of Japan International Cooperation Agency (the Agency), which comprise the balance sheet as at March 31, 2021, and the statements of administrative service operation cost, income, changes in net assets, and cash flows for the year then ended, and a summary of significant accounting policies and notes to the financial statements, and the accompanying supplementary schedules (except for the information described based on the financial statements and business reports relating to the associated public interest corporations).

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Agency’s general account as at March 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Agency in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The basis includes the fact that no such fraud or error, or illegal acts, of the president, other executive officers or staff members that would result in material misstatement in the financial statements was found, to the extent that we conducted our audit. The audit we conducted is not intended to express an opinion on whether there was any fraud or error, or illegal acts, of the president, other executive officers or staff members, which would not result in material misstatement in the financial statements.

Responsibilities of President, the Agency Auditor for the Financial Statements

President is responsible for the preparation and fair presentation of these financial statements in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan, and for such internal control as president determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, or illegal acts.

The Agency Auditor is responsible for overseeing the Agency’s financial reporting process.

F-2

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, or illegal acts, and to issue an auditor’s report that includes our opinion. Misstatements can arise from fraud or error, or illegal acts, and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, or illegal acts, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

• Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Agency’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by president.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

• Plan and conduct audit with adequate attention being paid to the possibility that any fraud or error, or illegal acts, of the president, other executive officers or staff members may result in material misstatement in the financial statements.

We communicate with the Agency Auditor regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Agency Auditor with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Agency which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

F-3

Ernst & Young ShinNihon LLC

Tokyo, Japan

June 18, 2021

/s/ Motoki Nagao

Motoki Nagao

Designated Engagement Partner

Certified Public Accountant

/s/ Takuya Kodama

Takuya Kodama

Designated Engagement Partner

Certified Public Accountant

/s/ Kazuya Hosono

Kazuya Hosono

Designated Engagement Partner

Certified Public Accountant

F-4

Balance Sheet

(as of March  31, 2021)

General Account

				(Unit: Yen)
Assets
I     Current assets
Cash and deposits		291,765,077,064
Inventories
Stored goods	300,120,972
Payments for uncompleted contracted programs	147,397,074	447,518,046
Advance payments		21,865,355,793
Prepaid expenses		89,812,248
Accrued income		334,006
Accounts receivable		2,782,361,997
Contra-accounts for provision for bonuses*		1,211,186,648
Short-term loans for development projects		6,500,000
Short-term loans for emigration projects	371,746
Allowance for loan losses	(55,948)	315,798
Goods in transit		33,175,976
Suspense payments		248,426,805
Advance paid		1,455,942
Total current assets			318,451,520,323
II     Non-current assets
1    Tangible assets
Buildings	42,814,784,300
Accumulated depreciation	(20,362,949,464)	22,451,834,836
Structures	1,591,917,010
Accumulated depreciation	(1,170,639,286)	421,277,724
Machinery and equipment	252,950,512
Accumulated depreciation	(149,450,445)	103,500,067
Vehicles	2,516,530,550
Accumulated depreciation	(1,450,701,369)	1,065,829,181
Tools, furniture, and fixtures	2,217,015,785
Accumulated depreciation	(1,323,914,592)	893,101,193
Land	14,177,935,458
Accumulated impairment losses	(8,710,639)	14,169,224,819
Construction in progress		992,905,703
Total tangible assets		40,097,673,523
2    Intangible assets
Trademark rights		659,415
Telephone subscription rights		1,786,900
Software		3,484,895,347
Software in progress		124,312,907
Total intangible assets		3,611,654,569
3    Investments and other assets
Long-term deposits		218,000,000
Long-term loans for development projects		65,000,000
Long-term loans for emigration projects	9,433,269
Allowance for loan losses	(7,940,606)	1,492,663
Claims probable in bankruptcy, claims probable in rehabilitation, and other pertaining to loans for emigration projects	307,896,040
Allowance for loan losses	(307,896,040)	0
Long-term prepaid expenses		22,014,106
Expected amount to be granted from the national budget*		25,034,395
Contra-accounts for provision for retirement benefits*		13,617,585,263
Long-term guarantee deposits		1,635,028,260
Total investment and other assets		15,584,154,687
Total non-current assets			59,293,482,779
Total assets					377,745,003,102

F-5

Balance Sheet (Continued)

(as of March 31, 2021)

Liabilities
I     Current liabilities
Operational grant liabilities*	86,927,336,617
Funds for grant aid	196,150,196,496
Donations received*	366,071,349
Accounts payable	17,383,037,923
Accrued expenses	241,597,210
Lease obligations	97,891,884
Advance payments received	421,932,382
Deposits received	154,753,573
Unearned revenue	403,700
Provision for bonuses	1,211,186,648
Total current liabilities		302,954,407,782
II     Non-current liabilities
Contra-accounts for assets*	7,791,329,600
Long-term lease obligations	101,182,275
Long-term deposits received	340,247
Provision for retirement benefits	13,617,585,263
Assets retirement obligations	401,053,484
Total non-current liabilities		21,911,490,869
Total liabilities			324,865,898,651
Net assets
I     Capital
Government investment	62,452,442,661
Total capital		62,452,442,661
II     Capital surplus
Capital surplus	6,635,254,987
Accumulated other administrative service operation costs*
Accumulated depreciation not included in expenses*	(21,040,922,274)
Accumulated impairment losses not included in expenses*	(10,201,839)
Accumulated interest expenses not included in expenses*	(7,184,040)
Accumulated disposal and sale differential not included in expenses*	(8,740,003,351)
Total capital surplus		(23,163,056,517)
III     Retained earnings
Reserve fund carried over from the previous Mid-term Objective period*	1,381,863,754
Reserve fund	10,592,406,721
Unappropriated income for the current fiscal year	1,615,447,832
[Total income for the current fiscal year]	(1,615,447,832)
Total retained earnings		13,589,718,307
Total net assets			52,879,104,451
Total liabilities and net assets			377,745,003,102

* Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

F-6

Statement of Administrative Service Operation Cost

(April 1, 2020 – March 31, 2021)

General Account

				(Unit: Yen)
I	Expenses in the statement of income
	Operating expenses	153,726,116,039
	General administrative expenses	9,184,713,111
	Financial expenses	85,402,172
	Specific purpose expenses	13,458,900
	Miscellaneous losses	204,422
	Extraordinary losses	28,915,620
	Total expenses in the statement of income				163,038,810,264
II	Other administrative service operation costs
	Depreciation not included in expenses*	1,090,579,469
	Impairment losses not included in expenses*	6,667,210
	Interest expenses not included in expenses*	(4,997	)
	Disposal and sale differential not included in expenses*	109,573,337
	Total other administrative service operation costs				1,206,815,019
III	Administrative service operation cost				164,245,625,283

* Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

F-7

Statement of Income

(April 1, 2020 – March 31, 2021)

General Account

			(Unit: Yen)
Ordinary expenses
Operating expenses
Expenses for priority sectors and regions	49,331,972,617
Expenses for private sector partnership	1,890,544,753
Expenses for domestic partnership	8,802,604,852
Expenses for other operations	2,935,140,656
Expenses for indirect operations	36,752,401,482
Expenses for grant aid	52,396,746,425
Expenses for facilities	63,890,207
Expenses for contracted programs	6,058,390
Expenses for donation projects	12,182,150
Depreciation	1,534,574,507	153,726,116,039
General administrative expenses		9,184,713,111
Financial expenses
Foreign exchange losses	85,402,172	85,402,172
Specific purpose expenses		13,458,900
Miscellaneous losses		204,422
Total ordinary expenses				163,009,894,644
Ordinary revenues
Revenues from operational grants*		105,703,317,116
Revenues from grant aid		52,396,746,425
Revenues from contracted programs
Revenues from contracted programs from Japanese government and local governments	6,058,390	6,058,390
Revenues from interest on development projects		188,752
Revenues from emigration projects		234,126
Revenues from subsidy for facilities*		38,855,812
Revenues from expected amount to be granted from the national budget*		25,034,395
Donations*		12,182,150
Reversal of allowance for loan losses		1,981,817
Revenues from contra-accounts for provision for bonuses*		1,211,186,648
Revenues from contra-accounts for provision for retirement benefits*		10,806,281
Reversal of contra-accounts for assets*		1,599,018,968
Financial revenues
Interest income	5,053,292	5,053,292
Miscellaneous income		2,631,024,449
Total ordinary revenues				163,641,688,621
Ordinary income				631,793,977
Extraordinary losses
Loss on disposal of non-current assets		25,679,175
Loss on sales of non-current assets		3,236,445		28,915,620
Extraordinary income
Gain on sales of non-current assets		11,166,395		11,166,395
Net income				614,044,752
Reversal of reserve fund carried over from the previous Mid-term Objective period*				1,001,403,080
Total income for the current fiscal year				1,615,447,832

*    Accounts prepared in accordance with special accounting practices of incorporated administrative agencies.

F-8

Statement of Changes in Net Assets

(April 1, 2020-March 31, 2021)

General Account (Unit: Yen)

	I   Capital				II   Capital surplus																	III   Retained earnings (Loss carried forward )
	Government investment		Total capital		Capital surplus		Accumulated other administrative service operation cost												Total capital surplus			Reserve fund carried over from the previous Mid-term Objective period			Reserve fund							Total retained earnings (Loss carried forward)			Total net assets
							Accumulated depreciation not included in expenses			Accumulated impairment losses not included in expenses			Accumulated interest expenses not included in expenses			Accumulated disposal and sale differential not included in expenses											Unappropriated income for the current fiscal year (Unappropriated loss for the current fiscal year)			Total income for the current fiscal year (Total loss for the current fiscal year)
Balance at the beginning of the fiscal year		62,452,442,661		62,452,442,661		6,149,602,519		(21,029,534,058	)		(537,303,803	)		(7,189,037	)		(7,017,469,587	)		(22,441,893,966	)		2,415,736,764			7,471,586,861		3,120,819,860			—		13,008,143,485			53,018,692,180
Changes during the period
I   Changes in capital during the period
II   Changes in capital surplus during the period
Purchase of non-current assets						485,652,468														485,652,468			(32,469,930	)												485,652,468
Sale and retirement of non-current assets								1,079,191,253			533,769,174						(1,722,533,764	)		(109,573,337	)															(109,573,337	)
Depreciation								(1,090,579,469	)											(1,090,579,469	)												(32,469,930	)		(1,123,049,399	)
Impairment of fixed assets											(6,667,210	)								(6,667,210	)															(6,667,210	)
Increase in asset retirement obligations due to passage of time														4,997						4,997																4,997
III   Changes in retained earnings (loss carried forward) during the period
(1)   Appropriation of income or loss
Increase in reserve fund derived from profit appropriation																										3,120,819,860		(3,120,819,860	)				—			—
(2)   Others
Net income (Net loss)																												614,044,752			614,044,752		614,044,752			614,044,752
Reversal of reserve fund carried over from the previous Mid-term Objective period																							(1,001,403,080	)				1,001,403,080			1,001,403,080		—			—
Total changes during the period		—		—		485,652,468		(11,388,216	)		527,101,964			4,997			(1,722,533,764	)		(721,162,551	)		(1,033,873,010	)		3,120,819,860		(1,505,372,028	)		1,615,447,832		581,574,822			(139,587,729	)
Balance at the end of the fiscal year		62,452,442,661		62,452,442,661		6,635,254,987		(21,040,922,274	)		(10,201,839	)		(7,184,040	)		(8,740,003,351	)		(23,163,056,517	)		1,381,863,754			10,592,406,721		1,615,447,832			1,615,447,832		13,589,718,307			52,879,104,451

F-9

Statement of Cash Flows

(April 1, 2020 – March 31, 2021)

General Account

	(Unit: Yen)
I.     Cash flows from operating activities
Payments of operating expenses		(97,498,312,524)
Payments for grant aid		(52,353,174,894)
Payments for contracted programs		(65,579,402)
Payments of personnel expenses		(16,994,964,397)
Payments of specific purpose expenses		(27,897,975)
Payments for other operations		(296,409,654)
Proceeds from operational grants		156,024,774,000
Proceeds from grant aid		73,442,855,570
Proceeds from contracted programs		33,400,989
Proceeds from interest on loans		441,430
Proceeds from donations		46,344,714
Proceeds from other operations		3,722,611,980
Subtotal		66,034,089,837
Interest income received		5,056,819
Payments to National Treasury		(3,684,243,507)
Net cash provided by operating activities		62,354,903,149
II.     Cash flows from investing activities
Payments for purchase of non-current assets		(3,769,247,177)
Proceeds from sales of non-current assets		248,870,644
Proceeds from subsidy for facilities		833,798,472
Proceeds from collection of loans		20,225,535
Payments into time deposits		(54,000,000,000)
Proceeds from time deposit refund		54,000,000,000
Payments into long-term deposits		(2,000,000)
Net cash used in investing activities		(2,668,352,526)
III.  Cash flows from financing activities
Repayments of lease obligations		(99,160,145)
Payments to National Treasury for unnecessary property		(218,296,000)
Net cash used in financing activities		(317,456,145)
IV.  Effect of exchange rate changes on funds		(89,125,889)
V.   Net increase (decrease) in funds		59,279,968,589
VI.  Funds at the beginning of the fiscal year		226,485,108,475
VII. Funds at the end of the fiscal year		285,765,077,064

F-10

Basis of Presenting Financial Statements

The accompanying financial statements of JICA have been prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan, which are different in many respects as to application and disclosure requirements of accounting principles for business enterprises generally accepted in Japan.

Significant Accounting Policies

General Account

Effective the year ended March 31, 2021, JICA adopted the “Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (February 16, 2000 (Revised March 26, 2020), and the “Q&A on Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (August 2000 (Last revised June 2020)).

1. Revenue recognition method of operational grants

Revenue from operational grants is recognized based on the level of operational achievement.

The revenue recognition method based on term is applied for administrative operations except the operations which have been specified as having a direct correlation between the operational achievement and operational grants.

The revenue from disaster relief operations, which are relief operations for unexpected disasters during the period, is recognized as the related expenses are incurred, since it is difficult to estimate the budget and terms, and specify a correlation between the operational achievement and operational grants.

2. Depreciation method

(1) Tangible assets (except for lease assets)

Straight-line method

The useful lives of major assets are as follows:

Buildings:	1–50 years
Structures:	1–42 years
Machinery and equipment:	1–17 years
Vehicles:	2–6 years
Tools, furniture, and fixtures:	1–15 years

The estimated depreciation costs for specific depreciable assets (Accounting Standards for Incorporated Administrative Agencies No. 87) and specific removal costs, etc., associated with asset retirement obligations (Accounting Standards for Incorporated Administrative Agencies No. 91) are indirectly deducted from capital surplus and reported as Accumulated depreciation not included in expenses.

(2) Intangible assets (except for lease assets)

Straight-line method

Software used by JICA is depreciated over its useful life (5 years).

(3) Lease assets

Lease assets are depreciated by the straight-line method over the lease term. Depreciation for lease assets is calculated with zero residual value being assigned to the asset.

F-11

3. Provision for bonuses

The provision for bonuses is calculated and provided for based on estimated amounts of future payments attributable to the services that have been rendered by officers and employees applicable to the current fiscal year. Contra-accounts for provision for bonuses are equally accrued since the financial source is secured by operational grants.

4. Provision for retirement benefits

The provision for retirement benefits is calculated and provided for based on estimated amounts of future payments attributable to the retirement of employees, and is accrued in line with the retirement benefit obligations and estimated plan assets applicable to the fiscal year ended March 31, 2021. In calculating the retirement benefit obligations, the estimated amount of retirement benefit payments is attributed to the period based on the straight-line basis. The profit and loss appropriation method for actuarial differences and past service costs is as follows:

Actuarial differences are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

Past service costs are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

The financial source for lump-sum severance indemnities is secured by operational grants. The estimated amount of retirement benefits are reported as Provision for retirement benefits and Contra-accounts for provision for retirement benefits. Therefore an equal amount is accrued for both accounts. The financial source for defined benefit corporate pension plan insurance fees and reserve shortfall is secured by operational grants. Therefore an equal amount of Provision for retirement benefits is accrued as Contra-accounts for provision for retirement benefits.

5. Basis and standard for the accrual of allowance and loss contingencies

Allowance for loan losses

To provide for loan losses, JICA records the estimated amount of default as an allowance, taking into account the transition rate to delinquent loans for the ordinary loans. For doubtful loans, collectability is individually taken into consideration and the estimated amount of default is recorded as an allowance.

6. Standard and method for the valuation of inventories

Stored goods

Stored goods valuation is based on the lower of cost or market using the first-in, first-out (FIFO) method.

7. Translation standard for foreign currency-denominated assets and liabilities into yen

Foreign currency monetary claims and liabilities are translated into Japanese yen at the spot exchange rate at the balance sheet date. Exchange differences are recognized in profit or loss.

F-12

8. Standard for expected amount to be granted from the national budget

For the expenses related to facilities for which JICA receives a subsidy, the expected amount to be granted from the national budget in the upcoming fiscal years is reported as asset and revenue according to Accounting Standards for Incorporated Administrative Agencies No.84.

9. Accounting treatment for consumption taxes

Consumption taxes and local consumption taxes are included in transaction amounts.

F-13

Notes to the financial statements

General Account

(Balance Sheet)

1. Donated funds for grant aid

Grant aid is received in the form of donated funds from the government of Japan. JICA administers this grant aid based on grant agreements with the government of the recipient country. At the end of the fiscal year 2020, the outstanding balance of unexecuted grant agreements stood at ¥294,009,554,997.

2. Assets acquired through the investment from the government to Incorporated Administrative Agency

Of accumulated other administrative service operation cost, the amount of assets acquired through the investment from the government is ¥23,054,946,901.

(Statement of Administrative Service Operation Cost)

1. Cost being borne by the public for the operation of Incorporated Administrative Agency

Administrative service operation cost	¥164,245,625,283
Self-revenues, etc.	¥(2,667,889,371)
Opportunity cost	¥63,950,904
Cost being borne by the public for the operation of Incorporated Administrative Agency	¥161,641,686,816

2. Method for computing opportunity cost

(1) Interest rate used to compute opportunity cost concerning government investment

0.120% with reference to the yield of 10-year fixed-rate Japanese government bonds at March 31, 2021.

(2) Method for computing opportunity cost for public officers temporarily transferred to JICA

Of the estimated increase in retirement allowance during service rendered in JICA, costs are calculated in accordance with JICA’s internal rules.

(Statement of Income)

“Expenses for indirect operations” under “Operating expenses” were presented as “Expenses for operation support” in the Statement of Income for the previous fiscal year. This change in the account title is due to changes in the names of Budget Account.

F-14

(Statement of Cash Flows)

The funds shown in the statement of cash flows consist of cash, deposit accounts, and checking accounts.

1. Breakdown of balance sheet items and ending balance of funds

(as of March 31, 2021)

Cash and deposits	¥291,765,077,064
Time deposits	¥(6,000,000,000)
Ending balance of funds	¥285,765,077,064

2. Description of significant non-cash transactions

(1) Assets acquired under finance leases

Tools, furniture, and fixtures	¥	40,930,666
Construction in progress	¥	2,695,000

(2) Additional asset retirement obligations

Additional asset retirement obligations were recorded in the current fiscal year.

As a result, the increase in assets and liabilities is as follows:

Buildings	¥	124,932,631
Asset retirement obligations	¥	124,932,631

(Financial Instruments)

1. Status of financial instruments

The General Account’s fund management is limited to short-term deposits and public and corporate bonds while fund-raising consists mainly of operational grants approved by the competent minister. The General Account does not borrow from the government fund for Fiscal Investment and Loan Program (FILP), nor does it borrow funds from financial institutions or issue FILP Agency Bonds.

2. Fair value of financial instruments

Balance sheet amount, fair value, and difference at the balance sheet date are as follows:

			(Unit: Yen)
	Balance sheet amount	Fair value	Difference
(1) Cash and deposits	291,765,077,064	291,765,077,064	0
(2) Accounts payable	(17,383,037,923)	(17,383,037,923)	0

*Liabilities are shown in parentheses (    ).

(Note) Calculation method for fair value of financial instruments and matters concerning accounts payable

[1] Cash and deposits

Cash and deposits are valued at book value because fair value approximates book value since these items are settled in a short period of time.

[2] Accounts payable

Accounts payable are valued at book value because fair value approximates book value since these items are settled in a short period of time.

(Retirement benefits)

1. Overview of retirement benefit plans

To provide retirement benefits for employees, JICA has a defined benefit pension plan comprised of a defined benefit corporate pension plan and a lump-sum severance indemnity plan, and a defined contribution plan comprised of a defined contribution pension plan.

F-15

2. Defined benefit pension plan

(1) The changes in the retirement benefit obligation are as follows:

	(Unit: Yen)
Retirement benefit obligation at the beginning of the fiscal year		23,029,242,142
Current service cost		969,073,055
Interest cost		119,063,809
Actuarial differences		351,988,671
Retirement benefit paid		(1,335,618,886	)
Past service cost		0
Contribution by employees		57,767,232
Retirement benefit obligation at the end of the fiscal year		23,191,516,023

(2) The changes in the plan assets are as follows:

	(Unit: Yen)
Plan assets at the beginning of the fiscal year		8,047,386,231
Expected return on plan assets		160,947,725
Actuarial differences		1,268,371,529
Contribution by the company		388,010,084
Retirement benefit paid		(348,552,041	)
Contribution by employees		57,767,232
Plan assets at the end of the fiscal year		9,573,930,760

(3) Reconciliation of the retirement benefit obligations and plan assets and provision for retirement benefits and prepaid pension expenses in the balance sheets

	(Unit: Yen)
Funded retirement benefit obligation		10,168,830,437
Plan assets		(9,573,930,760	)
Unfunded benefit obligations of funded pension plan		594,899,677
Unfunded benefit obligations of unfunded pension plan		13,022,685,586
Subtotal		13,617,585,263
Unrecognized actuarial differences		0
Unrecognized past service cost		0
Net amount of assets and liabilities in the balance sheets		13,617,585,263
Provision for retirement benefits		13,617,585,263
Prepaid pension expenses		0
Net amount of assets and liabilities in the balance sheets		13,617,585,263

(4) Components of retirement benefit expenses

	(Unit: Yen)
Current service cost		969,073,055
Interest cost		119,063,809
Expected return on plan assets		(160,947,725	)
Realized actuarial differences		(916,382,858	)
Amortization of past service cost		0
Extraordinary additional retirement payments		0
Total		10,806,281

(5) Major components of plan assets

Percentages of components to the total are as follows:

Bonds	28	%
Stocks	44	%
General account of life insurance company	17	%
Others	11	%
Total	100	%

F-16

(6) Method of determining the long-term expected rate of return on plan assets

The long-term expected rate of return on plan assets is determined based on components of plan assets, the actual historical returns, and market condition, etc.

(7) Assumptions used

Principal assumptions used in actuarial calculations at the end of the fiscal year

Discount rate	Defined benefit corporate pension plan	0.23	%
	Retirement benefits	0.74	%
Long-term expected rate of return on plan assets		2.00	%

3. Defined contribution plan

The amount of contribution required to be made to the defined contribution plan is ¥44,070,037.

(Lease transactions)

1. Future minimum lease payments related to operating lease transactions

Future minimum lease payments due within one year of the balance sheet date	¥	16,627,751
Future minimum lease payments corresponding to periods more than one year from the balance sheet date	¥	8,262,000

2. The impact of the finance lease transactions on the profit or loss in the current fiscal year was ¥(456,465). Total income for the current fiscal year after the deduction of this amount was ¥1,615,904,297.

(Asset retirement obligations)

1. Overview of asset retirement obligations

In accordance with a building lease agreement, JICA has the obligation to restore the head office building to its original state. Restoration costs are reasonably estimated and recognized as asset retirement obligations.

2. Amount and calculation method of asset retirement obligations

The estimate for the asset retirement obligations assumes a five-year lease period for the projected period of use and a discount rate between (0.048)% and 0.529%.

3. Changes in the total amount of asset retirement obligations in the current fiscal year

	(Unit: Yen)
Balance at the beginning of the fiscal year		276,125,850
Increase related to acquisition of tangible assets		124,932,631
Adjustment resulting from passage of time		(4,997	)
Decrease due to settlement of asset retirement obligations		—
Balance at the end of the fiscal year		401,053,484

F-17

(Payments to the National Treasury for unnecessary property, etc.)

Summary of the payments to the National Treasury for unnecessary property in the current fiscal year is as follows:

Regarding the transfer of employee housing, Accounting Standards for Incorporated Administrative Agencies No.99 is applied for profit or loss arising from transfer transactions designated as “Transfer transactions whose profit or loss shall not be included in the Statement of Income” as per Article 13-2 of the Ordinance of the Ministry for the Operations, Finances, and Accounting of the Japan International Cooperation Agency (Ordinance of Ministry of Foreign Affairs No. 22 of September 30, 2003 (Last revised March 29, 2019)) . Such profit or loss is not recorded in Statement of Income and is recorded as adjustment to capital surplus.

Employee housing

Summary of type, book value, etc., of the assets that were transferred as unnecessary property

①	Type of assets		Buildings, Structures, Land
②	Name of property		Soubudai employee housing
③	Book value	(1) Acquisition cost	¥1,060,014,102
		(2) Depreciation	¥378,771,545
		(3) Impairment loss	¥527,508,104
		(4) Book value	¥153,734,453
④	Reasons for which the property became unnecessary		It was decided in the Mid-term Plan that Soubudai employee housing shall be transferred by the end of fiscal year 2020 and within the amount of income arising from the property transfer, the amount calculated in accordance with the standards established by the competent Minister is to be paid to the National Treasury.
⑤	Method of payment to the National Treasury		Payments corresponding to capital gains from property transfer pursuant to Paragraph 2 of Article 46-2 of the Act on General Rules for Incorporated Administrative Agencies.
⑥	Amount of capital gains from transfer of property (excluding tax)		¥218,296,000
⑦	Amount and date of payment to the National Treasury	Amount of payment to the National Treasury
			¥218,296,000
		Date of payment	March 26, 2021
⑧	Amount of capital reduction		¥1,052,223,102
⑨	Note		Capital reduction was carried out on April 9, 2021.

(Significant contractual liabilities)

N/A

(Significant subsequent events)

N/A

F-18

The Accompanying Supplementary Schedules

General Account

(1) Details of acquisition and disposal of non-current assets, depreciation (including depreciation not included in expenses, in accordance with “No. 87, Accounting for the Depreciation of Specific Depreciable Assets” and “No. 91, Accounting for Specific Removal Costs, etc., associated with Asset Retirement Obligations”), and accumulated impairment losses

(Unit: Yen)
Type		Balance at the     beginning of the     period			Increase during the period			Decrease during the period			Balance at the end of the period			Accumulated depreciation				Accumulated impairment losses				Net assets at the end of the period			Remarks
																Depreciation during the period				Impairment losses   during the period
Tangible assets (Depreciation included in expenses)	Buildings		2,462,774,648			349,976,688			35,781,542			2,776,969,794			831,756,348		156,704,059		0		50,400		1,945,213,446
	Structures		198,349,146			16,852,883			3,322,760			211,879,269			90,624,450		15,538,987		0		355,740		121,254,819
	Machinery and equipment		191,734,127			6,271,751			0			198,005,878			101,434,173		19,650,630		0		0		96,571,705
	Vehicles		1,988,470,093			173,578,256			100,164,152			2,061,884,197			1,302,109,065		174,556,345		0		0		759,775,132
	Tools, furniture, and fixtures		1,772,663,362			217,728,631			158,423,522			1,831,968,471			1,127,985,929		199,099,193		0		0		703,982,542
	Total		6,613,991,376			764,408,209			297,691,976			7,080,707,609			3,453,909,965		565,549,214		0		406,140		3,626,797,644
Tangible assets (Depreciation not included in expenses)	Buildings		39,738,906,488			1,895,198,387			1,596,290,369			40,037,814,506			19,531,193,116		1,000,315,294		0		450,510,779		20,506,621,390
	Structures		1,431,994,240			0			51,956,499			1,380,037,741			1,080,014,836		25,582,840		0		10,173,847		300,022,905
	Machinery and equipment		58,295,195			0			3,350,561			54,944,634			48,016,272		286,780		0		0		6,928,362
	Vehicles		426,756,877			32,469,930			4,580,454			454,646,353			148,592,304		64,394,555		0		0		306,054,049
	Tools, furniture, and fixtures		461,685,796			0			76,638,482			385,047,314			195,928,663		0		0		6,667,210		189,118,651
	Total		42,117,638,596			1,927,668,317			1,732,816,365			42,312,490,548			21,003,745,191		1,090,579,469		0		467,351,836		21,308,745,357
Tangible assets (Non-depreciable assets)	Land		14,398,036,458			0			220,101,000			14,177,935,458			0		0		8,710,639		66,417,338		14,169,224,819
	Construction in progress		198,838,753			938,823,724			144,756,774			992,905,703			0		0		0		0		992,905,703
	Total		14,596,875,211			938,823,724			364,857,774			15,170,841,161			0		0		8,710,639		66,417,338		15,162,130,522
Total tangible assets	Buildings		42,201,681,136			2,245,175,075			1,632,071,911			42,814,784,300			20,362,949,464		1,157,019,353		0		450,561,179		22,451,834,836
	Structures		1,630,343,386			16,852,883			55,279,259			1,591,917,010			1,170,639,286		41,121,827		0		10,529,587		421,277,724
	Machinery and equipment		250,029,322			6,271,751			3,350,561			252,950,512			149,450,445		19,937,410		0		0		103,500,067
	Vehicles		2,415,226,970			206,048,186			104,744,606			2,516,530,550			1,450,701,369		238,950,900		0		0		1,065,829,181
	Tools, furniture, and fixtures		2,234,349,158			217,728,631			235,062,004			2,217,015,785			1,323,914,592		199,099,193		0		6,667,210		893,101,193
	Land		14,398,036,458			0			220,101,000			14,177,935,458			0		0		8,710,639		66,417,338		14,169,224,819
	Construction in progress		198,838,753			938,823,724			144,756,774			992,905,703			0		0		0		0		992,905,703
	Total		63,328,505,183			3,630,900,250			2,395,366,115			64,564,039,318			24,457,655,156		1,656,128,683		8,710,639		534,175,314		40,097,673,523
Intangible assets (Depreciation included in expenses)	Trademark rights		7,444,573			0			0			7,444,573			6,785,158		239,785		0		0		659,415
	Software		4,575,005,919			632,295,612			0			5,207,301,531			1,722,406,184		968,785,508		0		0		3,484,895,347
	Total		4,582,450,492			632,295,612			0			5,214,746,104			1,729,191,342		969,025,293		0		0		3,485,554,762
Intangible assets (Depreciation not included in expenses)	Trademark rights		1,139,550			0			0			1,139,550			1,139,550		0		0		0		0
	Total		1,139,550			0			0			1,139,550			1,139,550		0		0		0		0
Intangible assets (Non-depreciable assets)	Telephone subscription rights		3,278,100			0			0			3,278,100			0		0		1,491,200		0		1,786,900
	Software in progress		248,168,895			98,456,636			222,312,624			124,312,907			0		0		0		0		124,312,907
	Total		251,446,995			98,456,636			222,312,624			127,591,007			0		0		1,491,200		0		126,099,807
Total intangible assets	Trademark rights		8,584,123			0			0			8,584,123			7,924,708		239,785		0		0		659,415
	Telephone subscription rights		3,278,100			0			0			3,278,100			0		0		1,491,200		0		1,786,900
	Software		4,575,005,919			632,295,612			0			5,207,301,531			1,722,406,184		968,785,508		0		0		3,484,895,347
	Software in progress		248,168,895			98,456,636			222,312,624			124,312,907			0		0		0		0		124,312,907
	Total		4,835,037,037			730,752,248			222,312,624			5,343,476,661			1,730,330,892		969,025,293		1,491,200		0		3,611,654,569
Investments and other assets	Long-term deposits		216,000,000			2,000,000			0			218,000,000			0		0		0		0		218,000,000
	Long-term loans for development projects		71,500,000			0			6,500,000			65,000,000			0		0		0		0		65,000,000
	Long-term loans for emigration projects		12,494,246			1,968,376			5,029,353			9,433,269			0		0		0		0		9,433,269
	Allowance for loan losses (non-current)		(12,231,456	)		(7,940,606	)		(12,231,456	)		(7,940,606	)		0		0		0		0		(7,940,606	)
	Claims probable in bankruptcy, claims probable in rehabilitation,  and other pertaining to loans for emigration projects		305,462,858			4,782,459			2,349,277			307,896,040			0		0		0		0		307,896,040
	Allowance for loan losses (non-current)		(305,462,858	)		(307,896,040	)		(305,462,858	)		(307,896,040	)		0		0		0		0		(307,896,040	)
	Long-term prepaid expenses		5,906,653			21,173,649			5,066,196			22,014,106			0		0		0		0		22,014,106
	Expected amount to be granted from the national budget		951,344			25,034,395			951,344			25,034,395			0		0		0		0		25,034,395
	Long-term guarantee deposits		1,619,386,264			52,799,129			37,157,133			1,635,028,260			0		0		0		0		1,635,028,260
	Contra-accounts for provision for retirement benefits		14,981,855,911			10,806,281			1,375,076,929			13,617,585,263			0		0		0		0		13,617,585,263
	Total		16,895,862,962			(197,272,357	)		1,114,435,918			15,584,154,687			0		0		0		0		15,584,154,687

(Note)   Contra-accounts for provision for retirement benefits is described in No. 4 of Significant Accounting Policies.

F-19

General Account

(2) Details of inventories

													(Unit: Yen)
Type	Balance at the beginning of the period		Increase during the period				Decrease during the period				Balance at the end of the period		Remarks
			Purchase, manufacturing and transfer for the current fiscal year		Others		Delivery and transfer		Others
Stored goods		362,761,806		50,764,294		0		113,405,128		0		300,120,972
Stockpile		362,761,806		50,764,294		0		113,405,128		0		300,120,972
Japan		51,423,676		0		0		0		0		51,423,676
USA		75,472,547		12,400,510		0		55,419,190		0		32,453,867
Republic of Singapore		145,946,371		13,317,399		0		29,241,261		0		130,022,509
Republic of Ghana		2,137,520		0		0		0		0		2,137,520
UAE		76,945,852		25,046,385		0		28,744,677		0		73,247,560
Republic of Palau		5,845,334		0		0		0		0		5,845,334
Republic of Marshall Islands		4,990,506		0		0		0		0		4,990,506
Payments for uncompleted contracted programs		126,390,594		147,397,074		0		126,390,594		0		147,397,074
Total		489,152,400		198,161,368		0		239,795,722		0		447,518,046

F-20

General Account

(3) Details of loans

(Unit: Yen)   

Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period					Balance at the end of the period		Remarks
					Collection		Others
Other short-term loans
Loans for development projects		17,500,000		6,500,000		17,500,000		0			6,500,000
Loans for emigration projects		441,671		385,058		408,782		46,201			371,746
Subtotal		17,941,671		6,885,058		17,908,782		46,201			6,871,746
Other long-term loans
Loans for development projects		71,500,000		0		0		6,500,000			65,000,000
Loans for emigration projects		317,957,104		32,889		2,075,786		(1,415,102	)		317,329,309
Subtotal		389,457,104		32,889		2,075,786		5,084,898			382,329,309
Total		407,398,775		6,917,947		19,984,568		5,131,099			389,201,055

(Note) “Others” shown under “Decrease during the period” is due to transfer from long-term to short-term loans, year-end translation difference, etc.

F-21

General Account

(4) Details of provisions

(Unit: Yen)   

Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period				Balance at the end of the period		Remarks
					Intended use		Others
Provision for bonuses		1,197,382,912		1,211,186,648		1,197,382,912		0		1,211,186,648
Total		1,197,382,912		1,211,186,648		1,197,382,912		0		1,211,186,648

F-22

General Account

(5) Details of allowance for loan losses, etc.

															(Unit: Yen)
Classification	Balance of loans, etc.							Balance of allowance for loan losses							Remarks
	Balance at the beginning of the period		Increase or decrease during the period			Balance at the end of the period		Balance at the beginning of the period		Increase or decrease during the period			Balance at the end of the period
(Development projects)
Short-term loans for development projects		17,500,000		(11,000,000	)		6,500,000		4,400		(4,400	)		0
Ordinary loans		17,500,000		(11,000,000	)		6,500,000		4,400		(4,400	)		0	Breakdown of the preservation of claims for the Year-end balance of loans is as follows: Joint and several guarantee            ¥6,500,000
Long-term loans for development projects		71,500,000		(6,500,000	)		65,000,000		0		0			0
Ordinary loans		71,500,000		(6,500,000	)		65,000,000		0		0			0	Breakdown of the preservation of claims for the Year-end balance of loans is as follows: Joint and several guarantee          ¥65,000,000
(Development projects in total)		89,000,000		(17,500,000	)		71,500,000		4,400		(4,400	)		0
(Emigration projects)
Short-term loans for emigration projects		441,671		(69,925	)		371,746		175,697		(119,749	)		55,948
Ordinary loans		441,671		(69,925	)		371,746		175,697		(119,749	)		55,948
Long-term loans for emigration projects		317,957,104		(627,795	)		317,329,309		317,694,314		(1,857,668	)		315,836,646
Ordinary loans		436,384		1,320,723			1,757,107		173,594		90,850			264,444
Doubtful loans		12,057,862		(4,381,700	)		7,676,162		12,057,862		(4,381,700	)		7,676,162
Claims probable in bankruptcy, claims probable in rehabilitation, and other		305,462,858		2,433,182			307,896,040		305,462,858		2,433,182			307,896,040
(Emigration projects in total)		318,398,775		(697,720	)		317,701,055		317,870,011		(1,977,417	)		315,892,594
Total		407,398,775		(18,197,720	)		389,201,055		317,874,411		(1,981,817	)		315,892,594

(Note) Standard for appropriation of allowance for loan losses is described in No. 5 of Significant Accounting Policies.

F-23

General Account

(6) Details of provision for retirement benefits

											(Unit: Yen)
Classification		Balance at the beginning of the period		Increase during the period			Decrease during the period		Balance at the end of the period		Remarks
Total retirement benefit obligations			23,029,242,142		1,497,892,767			1,335,618,886		23,191,516,023
	Retirement benefits		12,960,108,198		1,049,644,233			987,066,845		13,022,685,586
	Defined benefit corporate pension plan		10,069,133,944		448,248,534			348,552,041		10,168,830,437
Unrecognized past service cost and unrecognized actuarial differences			0		0			0		0
Plan assets			8,047,386,231		1,875,096,570			348,552,041		9,573,930,760
Provision for retirement benefits			14,981,855,911		(377,203,803	)		987,066,845		13,617,585,263

F-24

General Account

(7) Details of asset retirement obligations

									(Unit: Yen)
Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period		Balance at the end of the period		Remarks
Obligations of restoration to original state based on a building lease agreement		276,125,850		124,932,631		4,997		401,053,484	Specified expenses in Accounting Standards for Incorporated Administrative Agencies No. 91

F-25

General Account

(8) Details of capital surplus

											(Unit: Yen)
Classification	Balance at the beginning of the period			Increase during the period		Decrease during the period		Balance at the end of the period			Remarks
Facility expenses		3,099,960,374			451,182,538		0		3,551,142,912		Increase due to acquisition of non-current assets
Operational grants		98,208,983			0		0		98,208,983
Donations and others		0			2,000,000		0		2,000,000		Increase due to acquisition of non-current assets
Capital reduction		2,771,220,202			0		0		2,771,220,202
Specified assets in Accounting Standards for Incorporated Administrative   Agencies  No. 87		(122,494,000	)		0		0		(122,494,000	)
Lease contracts		(113,690,859	)		0		0		(113,690,859	)
Reserve fund carried over from the previous Mid-term Objective period		416,397,819			32,469,930		0		448,867,749		Increase due to acquisition of non-current assets
Total		6,149,602,519			485,652,468		0		6,635,254,987

F-26

General Account

(9) Details of operational grant liabilities, transfer for the current period, etc.

1. Details of changes in operational grant liabilities

(Unit: Yen)    

Balance at the     beginning of the     period	Operational grants for   the current period		Transfer for the current period							Offset by contra-   accounts for   provision		Balance at the end of   the period
			Revenues from   operational grants		Contra-accounts for   assets funded by    operational grants		Capital surplus	Subtotal
40,669,296,449		156,024,774,000		105,703,317,116		1,490,956,875	0		107,194,273,991		2,572,459,841		86,927,336,617

2. Details of the transfer amount from operational grant liabilities and the main usage

(1) Details of the transfer amount to operational grant revenue and the main usage				(Unit: Yen)
Classification		Revenues from operational grants	Main usages of operational grants
			Expenses	Main usages
Transfer based on operation achievement method
	Priority development cooperation issues	76,176,710,049	76,191,919,343	Personnel expenses: ¥10,916,533,460, Outsourcing expenses: ¥31,267,541,023, Fees paid to experts: ¥16,340,688,686, Other expenses: ¥17,667,156,174
	Partnerships with the private sector	2,964,630,651	2,975,138,812	Personnel expenses: ¥418,353,331, Outsourcing expenses: ¥1,610,164,212, Fees paid to experts: ¥571,412,668, Other expenses: ¥375,208,601
	Partnerships with various development partners	13,674,269,999	13,824,133,470	Personnel expenses: ¥1,947,903,668, Fees paid to experts: ¥4,124,087,778, Outsourcing expenses: ¥3,697,761,262, Other expenses: ¥4,054,380,762
	Strengthen foundations for operational implementation	3,342,711,370	3,877,132,552	Personnel expenses: ¥649,509,020, Fees paid to experts: ¥1,930,624,339, Outsourcing expenses: ¥564,134,171, Other expenses: ¥732,865,022
	Common	91,230,155	62,286,190	Personnel expenses: ¥62,286,190
Transfer based on term method
	Common	9,083,475,331	8,997,006,433	Personnel expenses: ¥1,858,686,546, Rents: ¥923,111,519, Other expenses: ¥6,215,208,368
Transfer based on the related expenses are incurred
	Disaster relief activities	370,289,561	370,289,561	Outsourcing expenses: ¥126,094,055, Rents: ¥48,789,536, Other expenses: ¥195,405,970
	Total	105,703,317,116	106,297,906,361

(2) Details of transfer amount to contra-accounts for assets funded by operational grants and main usages (Unit: Yen)

Segment	Transfer amount to contra-accounts for assets funded by operational grants
	Transfer amount	Main usages
Priority development cooperation issues	862,725,493	Software: ¥278,478,202 Facilities attached to buildings: ¥196,725,822 Others: ¥387,521,469
Partnerships with the private sector	30,579,094	Software: ¥10,637,907 Facilities attached to buildings: ¥7,539,106 Others: ¥12,402,081
Partnerships with various development partners	221,555,153	Construction in progress: ¥85,396,155 Software: ¥49,531,382 Others: ¥86,627,616
Strengthen foundations for operational implementation	167,767,414	Tools, furniture, and fixtures: ¥73,171,722 Stored goods: ¥50,764,294 Others: ¥43,831,398
Common	208,329,721	Facilities attached to buildings: ¥89,258,660 Software: ¥43,541,699 Others: ¥75,529,362
Total	1,490,956,875

3. Details of offset by contra-accounts for provision		(Unit: Yen)
Segment	Offset by provision of allowance
	Offset amount	Details of offset
Priority development cooperation issues	1,061,872,892	Contra-accounts for provision for bonuses: ¥799,142,268 Contra-accounts for provision for retirement benefits: ¥262,730,624
Partnerships with the private sector	40,694,059	Contra-accounts for provision for bonuses: ¥30,625,457 Contra-accounts for provision for retirement benefits: ¥10,068,602
Partnerships with various development partners	192,144,426	Contra-accounts for provision for bonuses: ¥145,233,398 Contra-accounts for provision for retirement benefits: ¥46,911,028
Strengthen foundations for operational implementation	115,688,649	Contra-accounts for provision for bonuses: ¥88,235,317 Contra-accounts for provision for retirement benefits: ¥27,453,332
Common	1,162,059,815	Contra-accounts for provision for bonuses: ¥134,146,472 Contra-accounts for provision for retirement benefits: ¥1,027,913,343
Total	2,572,459,841

4. Details of the balance of operational grant liabilities		(Unit: Yen)
Balance of operational grant liabilities		Reasons for the accrual of balance and revenue generation plan
Balance in relation to operations to which the revenue recognition method based on operation achievement is applied	84,330,136,022	The operation cycle of projects implemented upon requests from the governments of partnering countries in principle ranges over multiple fiscal years. However, the balance is expected to be expensed during the current Mid-term Objective period.
Balance in relation to operations to which the revenue recognition method based on term is applied	0	The balance of operational grant liabilities is not carried forward to the next fiscal year.
Balance in relation to operations to which the revenue recognition method based on incurred expenses is applied	1,303,539,461	The balance is expected to be disbursed for disaster relief activities in the event of major unforeseen disasters during the current Mid-term Objective period.
Undistributed amount, etc.	1,293,661,134	Amount reserved to prepare for unforeseen circumstances in corporate management: ¥750,000,000 Expenditures which exceeded the allocated amount of operational grant : ¥543,661,134 Since the expenditure exceeded can not be funded by operational grant, it will be transferred to revenue in the final fiscal year of the Mid-term in accordance with the Accounting Standards for Incorporated Administrative Agencies No.84, Paragraph 4.
Total	86,927,336,617

F-27

General Account

(10) Details of facility expenses

(Unit: Yen)

Classification	Amount granted in the current period		Breakdown of the accounting treatment mentioned on the left side								Remarks
			Contra-accounts for construction in progress funded by subsidy for facilities		Capital surplus		Revenues from subsidy for facilities		Revenues from expected amount to be granted from the national budget
Program to enhance disaster resilience in domestic offices		485,567,283		0		421,677,076		38,855,812		25,034,395
Total		485,567,283		0		421,677,076		38,855,812		25,034,395

(Note) The specified expenses for which grant from the national budget is to be expected in the upcoming fiscal years are recorded according to the Accounting Standards for Incorporated Administrative Agencies No. 84 “Accounting method regarding the specific expenses for which grant from the national budget is subsequently measured”.

F-28

General Account

(11) Details of remunerations and salaries of officers and employees

(Unit: Thousands of yen, persons)

Classification	Remunerations or salaries				Retirement benefits
	Payment amount		Number of people		Payment amount		Number of people
Officers		187,111		13		9,177		2
Employees		15,767,014		1,960		1,040,176		133
Total		15,954,124		1,973		1,049,353		135

(Notes)	1. Payment standard of remunerations and retirement benefits to officers Remunerations and retirement benefits to officers are paid based on “Rules on Remuneration for Officers” and “Rules on Retirement Benefits for Officers” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.
	2. Payment standard of salaries and retirement benefits to employees Salaries and retirement benefits to employees are paid based on “Rules on Salaries for Employees” and “Rules on Retirement Benefits for Employees” in place for Incorporated Administrative Agency—Japan International Cooperation Agency.
	3. Number of people As for the number of people to whom remunerations or salaries are paid, the average number of JICA officers and employees during the period is used.
	4. Others There are no part-time officers or employees classified as external members.

F-29

General Account

(12) Segment information to be disclosed

																									(Unit: Yen)
Classification	(1) Priority         development          cooperation issues			(2) Partnerships with the private sector			(3) Partnerships with  various development partners			(4) Strengthen  foundations for   operational implementation			(5) Grant aid		(6) Contracted  programs		(7) Other operations		Subtotal			(8) Corporate common expenses, etc.			Total
I. Administrative service operation cost
Expenses in the statement of income		78,139,546,390			2,994,534,814			13,942,915,997			4,649,126,059			52,396,746,425		6,058,390		12,182,150		152,141,110,225			10,897,700,039			163,038,810,264
Other administrative service operation costs
Depreciation not included in expenses		—			—			—			—			—		—		—		—			1,090,579,469			1,090,579,469
Impairment losses not included in expenses		—			—			—			—			—		—		—		—			6,667,210			6,667,210
Interest expenses not included in expenses		—			—			—			—			—		—		—		—			(4,997	)		(4,997	)
Disposal and sale differential not included in expenses		—			—			—			—			—		—		—		—			109,573,337			109,573,337
Total other administrative service operation costs		—			—			—			—			—		—		—		—			1,206,815,019			1,206,815,019
Administrative service operation cost		78,139,546,390			2,994,534,814			13,942,915,997			4,649,126,059			52,396,746,425		6,058,390		12,182,150		152,141,110,225			12,104,515,058			164,245,625,283
II. Cost being borne by the public for the operation of Incorporated Administrative Agency		77,880,939,033			2,994,534,814			13,928,635,354			4,649,126,059			52,396,746,425		0		0		151,849,981,685			9,791,705,131			161,641,686,816
III. Operating expenses, revenues, and profits and losses
Operating expenses		78,139,546,389			2,994,534,813			13,942,915,998			4,649,126,060			52,396,746,425		6,058,390		12,182,150		152,141,110,225			63,890,207			152,205,000,432
Outsourcing expenses		31,267,541,023			1,610,164,212			3,697,761,262			564,134,171			0		437,263		4,479,075		37,144,517,006			0			37,144,517,006
Fees paid to experts		16,340,688,686			571,412,668			4,124,087,778			1,930,624,339			0		4,919,148		2,771,700		22,974,504,319			0			22,974,504,319
Personnel expenses		10,916,533,460			418,353,331			1,947,903,668			649,509,020			0		0		0		13,932,299,479			0			13,932,299,479
Rents		2,299,305,035			88,116,060			410,279,026			136,803,443			0		0		0		2,934,503,564			0			2,934,503,564
Fund provision		0			0			0			0			52,396,746,425		0		0		52,396,746,425			0			52,396,746,425
Other expenses		17,315,478,185			306,488,542			3,762,884,264			1,368,055,087			0		701,979		4,931,375		22,758,539,432			63,890,207			22,822,429,639
General administrative expenses		—			—			—			—			—		—		—		—			9,184,713,111			9,184,713,111
Fees paid to experts		—			—			—			—			—		—		—		—			546,107,922			546,107,922
Personnel expenses		—			—			—			—			—		—		—		—			1,920,972,736			1,920,972,736
Rents																							923,111,519			923,111,519
Other expenses																							5,794,520,934			5,794,520,934
Depreciation		—			—			—			—			—		—		—		—			1,534,574,507			1,534,574,507
Financial expenses		—			—			—			—			—		—		—		—			85,402,172			85,402,172
Miscellaneous losses		0			0			0			0			0		0		0		0			204,422			204,422
Total		78,139,546,389			2,994,534,813			13,942,915,998			4,649,126,060			52,396,746,425		6,058,390		12,182,150		152,141,110,225			10,868,784,419			163,009,894,644
Operating revenues
Revenues from operational grants		76,176,710,049			2,964,630,651			13,674,269,999			3,713,000,931			0		0		0		96,528,611,630			9,174,705,486			105,703,317,116
Revenues from grant aid		0			0			0			0			52,396,746,425		0		0		52,396,746,425			0			52,396,746,425
Revenues from contracted programs		0			0			0			0			0		6,058,390		0		6,058,390			0			6,058,390
Revenues from interest on development projects		0			0			0			0			0		0		0		0			188,752			188,752
Revenues from emigration projects		0			0			0			0			0		0		0		0			234,126			234,126
Donations		0			0			0			0			0		0		12,182,150		12,182,150			0			12,182,150
Revenue from subsidy for facilities		0			0			0			0			0		0		0		0			38,855,812			38,855,812
Revenues from expected amount to be granted from the national budget		0			0			0			0			0		0		0		0			25,034,395			25,034,395
Reversal of allowance for loan losses		0			0			0			0			0		0		0		0			1,981,817			1,981,817
Reversal of contra-accounts for assets		0			0			0			113,401,926			0		0		0		113,401,926			1,485,617,042			1,599,018,968
Revenues from contra-accounts for provision for bonuses		0			0			0			0			0		0		0		0			1,211,186,648			1,211,186,648
Revenues from contra-accounts for provision for retirement benefits		0			0			0			0			0		0		0		0			10,806,281			10,806,281
Financial revenues		0			0			0			0			0		0		0		0			5,053,292			5,053,292
Miscellaneous income		258,607,357			0			14,280,643			0			0		0		0		272,888,000			2,358,136,449			2,631,024,449
Total		76,435,317,406			2,964,630,651			13,688,550,642			3,826,402,857			52,396,746,425		6,058,390		12,182,150		149,329,888,521			14,311,800,100			163,641,688,621
Operating income or loss		(1,704,228,983	)		(29,904,162	)		(254,365,356	)		(822,723,203	)		0		0		0		(2,811,221,704	)		3,443,015,681			631,793,977
IV. Extraordinary income or losses, etc.
Extraordinary losses		0			0			0			0			0		0		0		0			28,915,620			28,915,620
Extraordinary income		0			0			0			0			0		0		0		0			11,166,395			11,166,395
Net income or loss		(1,704,228,983	)		(29,904,162	)		(254,365,356	)		(822,723,203	)		0		0		0		(2,811,221,704	)		3,425,266,456			614,044,752
Reversal of reserve fund carried over from the previous Mid-term Objective period		923,631,090			22,124,857			55,647,133			0			0		0		0		1,001,403,080			0			1,001,403,080
Total income or loss for the current year		(780,597,893	)		(7,779,305	)		(198,718,223	)		(822,723,203	)		0		0		0		(1,809,818,624	)		3,425,266,456			1,615,447,832
V. Total assets
Cash and deposits		0			0			0			0			198,323,770,525		292,670,159		3,291,999,028		201,908,439,712			89,856,637,352			291,765,077,064
Advance payments		19,595,456,625			463,392,158			1,683,676,393			122,830,617			0		0		0		21,865,355,793			0			21,865,355,793
Buildings		0			0			0			0			0		0		0		0			22,451,834,836			22,451,834,836
Other assets		390,295,816			4,610,004			27,709,997			303,992,425			168,787		155,256,272		73,370,586		955,403,887			40,707,331,522			41,662,735,409
Total		19,985,752,441			468,002,162			1,711,386,390			426,823,042			198,323,939,312		447,926,431		3,365,369,614		224,729,199,392			153,015,803,710			377,745,003,102

(Note)1. Segment classification and main descriptions

Operations are classified into six segments in accordance with descriptions of the Mid-term Plan based on operations specified in Article 13 of the Act of the Incorporated Administrative Agency—Japan International Cooperation Agency.

Operations in relation to donations and operations prescribed in Article 13 are organized as other operations.

1) Priority development cooperation issues

2) Partnerships with the private sector

3) Partnerships with various development partners

4) Strengthen foundations for operational implementation

5) Grant aid

6) Contracted programs

2. Disclosure of operating expenses

Operating expenses are classified in Operating expenses in the Statement of Income according to their nature. Items that account for less than 5% of the total amount allocated to each segment are included in Other expenses.

The relationship between Operating expenses in this list and Operating expenses in the Statement of Income is as follows:

1) Priority development cooperation issues: amount of expenses for priority sectors and region

2) Partnerships with the private sector: amount of expenses for private sector partnership

3) Partnerships with various development partners: amount of expenses for domestic partnerships

4) Strengthen foundations for operational implementation: amount of expenses for other operations

5) Grant aid: amount of expenses for grant aid

6) Contracted programs: amount of expenses for contracted programs

7) Other operations: amount of expenses for donation projects

8) Corporate common expenses, etc.: amounts of facility expenses

(2) Personnel expenses and Rents which are recorded in Administrative service operation cost and General administrative expenses that have been classified as corporate common expenses, etc. cannot be allocated to each segment due to the following reasons:

1) Personnel expenses: employees are in charge of several operations and their involvement in each operation is not uniform.

2) Rents: a wide variety of buildings are included in target property and they are used for multiple operations.

3. Assets are listed in accordance with the accounts in the balance sheet. Items that account for less than 5% of total assets are included in other assets.

4. Because Operating expenses for 1) Priority development cooperation issues and 3) Partnerships with various development partners are financed not only by operational grants but also by revenues from operations, the corresponding amounts are shown as Miscellaneous income, etc. in Operating revenues.

5. “–” is shown in the columns of items which have been allocated only to corporate common expenses, etc., because they cannot be allocated to individual segments.

F-30

General Account

(13) Details of grant-in-aid for scientific research

			(Unit: Yen)
Classification	Amounts granted in the current period	Number of the projects	Remarks
Grant-in-Aid for Scientific Research on Innovative Area	(10,000)   3,000	1	Japan Society for the Promotion of Science Grant-in-Aid for Scientific Research
Grant-in-Aid for Scientific Research C	(1,100,000)   990,000	1
Grant-in-Aid for Young Scientists	(2,900,000)   2,460,000	3
Total	(4,010,000)   3,453,000	5

(Note) Amounts granted in the current period indicate the amounts equivalent to indirect expenses. The amounts equivalent to direct expenses are indicated in parentheses (    ).

F-31

General Account

(14) Details of main assets and liabilities other than those mentioned above

1. Cash and deposits

		(Unit:Yen)
Classification	Amount	Remarks
Cash	2,429,088
Cash in foreign currency	101,024,140
Deposit accounts	280,695,992,782
Checking accounts	5,681,515
Deposit accounts in foreign currency	267,415,836
Checking accounts in foreign currency	4,692,533,703
Time deposits	6,000,000,000
Total	291,765,077,064

2. Advance payments    

				(Unit: Yen)
Classification	Amount		Counterparty	Remarks
Operating expenses		21,865,355,793	Oriental Consultants Global Co., Ltd., and others
Total		21,865,355,793
3. Funds for grant aid
				(Unit: Yen)
Classification	Amount		Counterparty	Remarks
Funds for grant aid		196,150,196,496	Republic of the Union of Myanmar and others
Total		196,150,196,496
4. Accounts payable
				(Unit: Yen)
Classification	Amount		Counterparty	Remarks
Operating expenses		11,760,608,477	Kokusai Kogyo Co., Ltd., and others
General administrative expenses		2,604,363,353	NTT Communications Corporation and others
Expenses for contracted programs		38,782,902	PERSOL TEMPSTAFF CO., LTD., and others
Expenses for grant aid		2,173,746,596	UNITED NATIONS CHILDREN’S FUND and others
Expenses for donation projects		3,415,827	Regional Community Forestry Training Center for Asia and others
Subsidy for facilities		739,975,197	NAKANO CORPORATION and others
Others		62,145,571	Setagaya ward office and others
Total		17,383,037,923

F-32

General Account

(15) Details of relevant public interest corporations

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

Japan Overseas Cooperative Association

The Association of Nikkei & Japanese Abroad

Outline of operations

(1)  International cooperative activities in developing countries and activities pertaining to the promotion, promulgation, and edification of international exchange and global understanding. (2)  Assistance for postdisaster restoration and peace-building activities. (3)  Activities pertaining to cooperation and collaboration with international and domestic support agencies, international cooperation associations, and other institutions. (4)  Activities pertaining to support for the development of a multicultural symbiotic society and vitalization and internationalization of societies. (5)  Activities to support integrated community building and human resource development involving various sectors for the purpose of regional revitalization in cooperation in local communities. 1. Planning, support on coordination and implementation of project for the purpose of integrated community building including various sectors such as education, welfare service and industrial promotion 2. Category II social welfare services prescribed in article 2 of the Social Welfare Act (a)  Based on Child Welfare Act: -  day care services for handicapped children -  consultation services for handicapped children -  after-school child sound upbringing services -  regional base services of the child care support -  nursery center management services (b) Based on act on Social Welfare for the Elderly -  senior in-home care services -  senior day-services (c)  Based on act to comprehensively support daily and social lives of persons with disabilities -  welfare services for persons with disabilities -  consultation support services -  services to support regional life -  management of community activity support centers 3. Human resource development and training (6)  Other activities necessary to achieve the objectives of the Association.

(1)   Support and promulgation of economic, cultural, educational, and social activities in cooperation with overseas and domestic Japan-related organizations or by itself. (2)   Cooperation pertaining to carrying out of international cooperative activities and international exchange activities. (3)   Collaboration with municipalities and international exchange associations (4)   Promulgation both at home and abroad of research outcomes and knowledge regarding activities pertaining international cooperation and international exchange endeavors (5)   Provision of information and collaboration regarding migration and overseas expansion of businesses (6)   Establishment and operation of centers for Japanese abroad (7)   Consultations and intermediation for and regarding Japanese abroad (8)   Publicity of and edification regarding situations in Japan (9)   Organizing of the convention of Nikkei and Japanese abroad (10)  Edification regarding investment from overseas, investment overseas, and businesses (11)  Other activities necessary for the fulfillment of public good

Name of officers

Number of officers: 10 Representative Director and President: Ryosei Oya Board member: Kazuto Kitano (Former Director General of the Nihonmatsu Training Center of JICA)

Number of officers: 16 Representative Director and President: Kamon Iizumi

Association chart on transactions between relevant public interest corporations and JICA

Japan Overseas Cooperative   Association

JICA

JICA

The Association of Nikkei & Japanese Abroad

(Operation Consignment)

(Operation Consignment)

Assets

2,183,377,006 yen

165,440,565 yen

Liabilities

948,234,205 yen

105,418,913 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

1,131,331,538 yen

57,595,173 yen

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

13,000,000 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

2,879,189,946 yen

- Other revenues

360,307,488 yen

¡   Expenses

¡   Expenses

2,860,332,683 yen

¡   Expenses

357,881,009 yen

Changes in specified net assets

¡ ��� Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

71,954,000 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

0 yen

- Other revenues

3,000,000 yen

¡   Expenses

¡   Expenses

0 yen

¡   Expenses

3,000,000 yen

Balance of net assets at the end of the fiscal year

1,235,142,801 yen

60,021,652 yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

-

Total revenues for the current period

-

-

Total expenditures for the current period

-

-

Net balance of revenues and expenditures for the current period

-

-

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

Accounts payable: 314,719,938 yen, Accounts receivable: N/A

Accounts payable: 41,061,416 yen, Accounts receivable: N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

2,458,908,643 yen

Total operating revenues:

349,054,926 yen

(Breakdown: JICA transactions

1,425,845,742 yen

58.0

%)

(Breakdown: JICA transactions

190,664,776 yen

54.6

%)

Competitive contract

(

1,000,012,972 yen

70.1

%)

Competitive contract

(

36,910,016 yen

19.4

%)

Planning competition and public selection

(

16,407,484 yen

1.2

%)

Planning competition and public selection

(

35,116,586 yen

18.4

%)

Non-competitive negotiated contracts

(

959,750 yen

0.1

%)

Non-competitive negotiated contracts

(

118,638,174 yen

62.2

%)

Other

(

408,465,536 yen

28.6

%)

Other

(

0 yen

0.0

%)

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

F-33

General Account    

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

Kitakyushu International Techno-Cooperative Association

Pacific Resource Exchange Center

Outline of operations

(1)   Development of necessary research studies and educational curriculums, creation and undertaking of training programs, dispatch of experts, and transfer of technologies overseas (2)   Planning and undertaking of activities to promote international goodwill (3)   Planning and undertaking of other activities for the purpose of fulfilling the aims of this association

(1)   Fostering human resources to contribute mainly to the growth of developing countries, etc. (2)   Economic, cultural, and personal exchange activities mainly with developing countries, etc. (3)   Cultivating human resources tasked with economic, cultural, and personal exchange activities mainly with developing countries. (4)   Gathering information and research/study related to economic cooperation (5)   Public awareness and publicity concerning the aforementioned activities (6)   Other activities necessary for the achievement of objectives of this corporate body

Name of officers

Number of officers: 11 President: Hideki Furuno

Number of officers: 18 Representative Director and President: Kiyoshi Otsubo

Association chart on transactions between relevant public interest corporations and JICA

Kitakyushu International Techno- Cooperative Association

Pacific Resource Exchange Center

JICA

JICA

(Operation Consignment)

(Operation Consignment)

Assets

683,456,355 yen

4,631,750,161 yen

Liabilities

32,314,048 yen

66,417,470 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

648,945,525 yen

4,649,178,733 yen

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

32,700,000 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

180,291,817 yen

- Other revenues

145,994,972 yen

¡   Expenses

¡   Expenses

210,691,014 yen

¡   Expenses

229,841,014 yen

Changes in specified net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

0 yen

- Other revenues

0 yen

¡   Expenses

¡   Expenses

104,021 yen

¡   Expenses

0 yen

Balance of net assets at the end of the fiscal year

651,142,307 yen

4,565,332,691 yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

-

Total revenues for the current period

-

-

Total expenditures for the current period

-

-

Net balance of revenues and expenditures for the current period

-

-

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

N/A

Accounts payable: 20,584,586 yen, Accounts receivable: N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

174,157,335 yen

Total operating revenues:

69,148,566 yen

(Breakdown: JICA transactions

125,184,130 yen

71.9

%)

(Breakdown: JICA transactions

50,891,950 yen

73.6

%)

Competitive contract

(

0 yen

0.0

%)

Competitive contract

(

20,582,295 yen

40.4

%)

Planning competition and public selection

(

125,184,130 yen

100.0

%)

Planning competition and public selection

(

29,972,749 yen

58.9

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Other

(

0 yen

0.0

%)

Other

(

336,906 yen

0.7

%)

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

F-34

General Account

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

Overseas Agricultural Development Association

Supporting Organization of J.O.C.V.

Outline of operations

(1)   Proposal regarding effective undertaking of overseas agricultural development cooperation (2)   Guidance and advice for overseas agricultural development cooperation by private-sector companies (3)   Cooperation for activities by the government and private-sector companies regarding overseas agricultural development cooperation (4)   Research and study regarding overseas agricultural development cooperation (5)   Gathering and providing of information regarding overseas agricultural development cooperation (6)   Carrying out of collaborative activities with community organizations regarding rural community promotion in Japan (7)   Capacity building and securing of personnel who engage in rural community promotion in Japan (8)   Activities for foreign technical intern training acceptance (9)   Establishment and operation of necessary facilities for aforementioned activities (10)  Other activities necessary to fulfill the aims of this organization

(1)   Activities for the diffusion of cooperation volunteers’ activities for awareness raising and for understanding promotion (2)   Activities for promoting participation in cooperation volunteers (3)   Activities for assisting cooperation volunteers’ local activities (4)   Activities for leveraging cooperation volunteers’ experience for society (5)   Social contribution projects based on collaboration with citizen volunteers (6)   Activities for placement and staffing (7)   Other activities necessary to achieve the objectives of this corporation

Name of officers

Number of officers: 9 President: Hidekazu Toyohara

Number of officers: 16 President: Yasuhiro Yamamoto Standing Director General: Kazuhisa Matsuoka (Former Senior Vice President of JICA)

Association chart on transactions between relevant public interest corporations and JICA

Overseas Agricultural Development Association

JICA

JICA

Supporting Organization of J.O.C.V.

(Operation Consignment)

(Operation Consignment)

Assets

27,281,902 yen

50,152,662 yen

Liabilities

26,041,879 yen

9,822,713 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

(7,459,632) yen

40,246,519 yen

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

3,000,000 yen

- Other revenues

- Other revenues

138,989,440 yen

- Other revenues

114,812,429 yen

¡   Expenses

¡   Expenses

130,289,785 yen

¡   Expenses

117,728,999 yen

Changes in specified net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

0 yen

- Other revenues

0 yen

¡   Expenses

¡   Expenses

0 yen

¡   Expenses

0 yen

Balance of net assets at the end of the fiscal year

1,240,023 yen

40,329,949 yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

-

Total revenues for the current period

-

-

Total expenditures for the current period

-

-

Net balance of revenues and expenditures for the current period

-

-

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

N/A

Accounts payable: 16,971,514 yen, Accounts receivable: N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

137,242,989    yen

Total operating revenues:

103,653,686 yen

(Breakdown: JICA transactions

103,305,510 yen

75.3

%)

(Breakdown: JICA transactions

92,265,294 yen

89.0

%)

Competitive contract

(

0 yen

0.0

%)

Competitive contract

(

90,678,059 yen

98.3

%)

Planning competition and public selection

(

103,305,510 yen

100.0

%)

Planning competition and public selection

(

0 yen

0.0

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Non-competitive negotiated contracts

(

960,575 yen

1.0

%)

Other

(

0 yen

0.0

%)

Other

(

626,660 yen

0.7

%)

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31,2020.

F-35

General Account

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

Japan and Overseas Forestry Consultants Associate

Tokachi Regional Activation Support Organization

Outline of operations

(1)  Survey regarding forest and forestry (2)  Technical Development on Forest and Forestry (3)  Operation on reforestation (4)  Advice and guidance on forest and forestry (5)  Training and seminar on forest and forestry (6)  Collection of information on forest and forestry (7)  Other activities necessary for the attainment of JOFCA objectives

(1)   Business about local problem solution (2)   Business about activation of area (3)   Business related to employee training, recruitment activities, and internships at local companies (4)   Other business required to achieve the purpose of the corporation

Name of officers

Number of officers: 11 Representative Director: Fusho Ozawa

Number of officers: 11 Representative Director: Hideaki Yamamoto

Association chart on transactions between relevant public interest corporations and JICA

Japan and Overseas Forestry   Consultants Associate

JICA

JICA

Tokachi Regional Activation Support   Organization

(Operation Consignment)

(Operation Consignment)

Assets

168,076,725 yen

7,877,360 yen

Liabilities

129,089,704 yen

9,654,987 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

44,452,843 yen

(1,859,977) yen

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

5,050,000 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

154,747,919 yen

- Other revenues

42,442,091 yen

¡   Expenses

¡   Expenses

165,263,741 yen

¡   Expenses

42,359,741 yen

Changes in specified net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

0 yen

- Other revenues

0 yen

¡   Expenses

¡   Expenses

0 yen

¡   Expenses

0 yen

Balance of net assets at the end of the fiscal year

38,987,021 yen

(1,777,627) yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

-

Total revenues for the current period

-

��    -

Total expenditures for the current period

-

-

Net balance of revenues and expenditures for the current period

-

-

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

N/A

N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

141,744,118 yen

Total operating revenues:

36,235,085 yen

(Breakdown: JICA transactions

126,871,818 yen

89.5

%)

(Breakdown: JICA transactions

28,677,978 yen

79.1

%)

Competitive contract

(

0 yen

0.0

%)

Competitive contract

(

0 yen

0.0

%)

Planning competition and public selection

(

126,871,818 yen

100.0

%)

Planning competition and public selection

(

23,078,686 yen

80.5

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Non-competitive negotiated contracts

(

5,599,292 yen

19.5

%)

Other

(

0 yen

0.0

%)

Other

(

0 yen

0.0

%)

F-36

General Account

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

Japan Forest Technology Association

Foundation for Advanced Studies on International Development

Outline of operations

(1)   Consideration and recommendations on forest policy based on scientific technology (2)   Development and promotion of forest technology (3)   Training and qualification of forest engineers (4)   Academic encouragement and organization of seminars, etc. (5)   Information collection, survey and research (6)��  Support for the preparation of forest management plans, land survey and design (7)   Utilization and inspection of aerial photographs and satellite data (8)   Forest certification (9)   International cooperation and international exchange (10)  Publication and sale of forestry equipment and instruments (11)  Dispatch of forest engineers (12)  Other activities necessary to achieve the purpose of our association

(1)   Cultivation of human resources for international development (2)   Research and surveys for international development and assistance policy (3)   Cooperation for advanced studies regarding international development (4)   Technical cooperation projects overseas (5)   Cooperation for private-sector business activities contributing to international development (6)   Dissemination of information, edification, and publicity regarding international development (7)   Activities in Japan drawing on insights from aforementioned activities (8)   Other activities necessary to fulfill the aims of this foundation

Name of officers

Number of officers: 19 President: Takamasa Fukuda

Number of officers: 8 President: Tsuneo Sugishita

Association chart on transactions between relevant public interest corporations and JICA

Japan Forest Technology Association

Foundation for Advanced Studies on International Development

JICA

JICA

(Operation Consignment)

(Operation Consignment)

Assets

2,520,742,571 yen

739,054,121 yen

Liabilities

1,411,034,459 yen

79,017,119 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

1,085,409,673 yen

684,351,583 yen

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

1,000,000 yen

- Other revenues

- Other revenues

2,002,069,830 yen

- Other revenues

397,768,800 yen

¡   Expenses

¡   Expenses

1,977,771,391 yen

¡   Expenses

423,083,381 yen

Changes in specified net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

0 yen

- Other revenues

- Other revenues

0 yen

- Other revenues

0 yen

¡   Expenses

¡   Expenses

0 yen

¡   Expenses

0 yen

Balance of net assets at the end of the fiscal year

1,109,708,112 yen

660,037,002 yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

-

Total revenues for the current period

-

-

Total expenditures for the current period

-

-

Net balance of revenues and expenditures for the current period

-

-

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

Accounts payable: 149,211,562 yen, Accounts receivable: N/A

Accounts payable: 121,732,328 yen, Accounts receivable: N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

1,830,934,662 yen

Total operating revenues:

391,712,861 yen

(Breakdown: JICA transactions

532,625,086 yen

29.1

%)

(Breakdown: JICA transactions

327,873,502 yen

83.7

%)

Competitive contract

(

0 yen

0.0

%)

Competitive contract

(

0 yen

0.0

%)

Planning competition and public selection

(

531,289,692 yen

99.7

%)

Planning competition and public selection

(

324,813,562 yen

99.1

%)

Non-competitive negotiated contracts

(

1,335,394 yen

0.3

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Other

(

0 yen

0.0

%)

Other

(

3,059,940 yen

0.9

%)

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020.

F-37

General Account

Corporation type and name

(Relevant public interest corporations, etc.)

(Relevant public interest corporations, etc.)

Items

The Overseas Coastal Area Development Institute of Japan

Asia SEED

Outline of operations

(1)  Research and studies for projects 1. Research and studies on global coastal area development and international logistics 2. Cooperative projects related to coastal development and logistics overseas (2)  International cooperation support activities 1. Transfer of Japanese technology concerning coastal development and logistics 2. Gathering and analyzing information on global coastal development and international logistics (3)  International exchange and publicity 1. Promotion of international relations with overseas researchers and experts on coastal development and logistics 2. Organizing of study sessions and lectures and publications on global coastal development and international logistics 3. Joint research on global coastal development and international logistics with domestic and overseas institutions (4)  Other activities necessary for fulfilling the aims of the Center

(1)   Activities for promoting social education (2)   Activities for promoting development of communities (3)   Activities for promoting science, culture, arts or sports (4)   Activities for preserving the environment (5)   Activities of international cooperation; (6)   Activities for developing an information society (7)   Activities for promoting science and technology (8)   Activities for vitalizing economy (9)   Activities for supporting the development of professional skills or the expansion of employment opportunities (10)  Activities for doing liaison work, or for providing advice or assistance for the operations

Name of officers

Number of officers: 8 Chairman: Koichi Miyake

Number of officers: 15 Chairman: Masahiro Hamano

Association chart on transactions between relevant public interest corporations and JICA

The Overseas Coastal Area Development Institute of Japan

JICA

JICA

Asia SEED

(Operation Consignment)

(Operation Consignment)

Assets

1,815,168,351 yen

322,682,125 yen

Liabilities

73,743,507 yen

62,073,455 yen

(Statement of changes in net assets)

Balance of net assets at the beginning of the fiscal year

1,667,642,828 yen

-

Changes in general net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

-

- Other revenues

- Other revenues

590,517,170 yen

- Other revenues

-

¡   Expenses

¡   Expenses

516,735,154 yen

¡   Expenses

-

Changes in specified net assets

¡   Revenues

¡   Revenues

¡   Revenues

- Subsidy received, etc.

- Subsidy received, etc.

0 yen

- Subsidy received, etc.

-

- Other revenues

- Other revenues

0 yen

- Other revenues

-

¡   Expenses

¡   Expenses

0 yen

¡   Expenses

-

Balance of net assets at the end of the fiscal year

1,741,424,844 yen

260,608,670 yen

(Statement of activities)

Balance of net assets at the beginning of the fiscal year

-

248,843,692 yen

Total revenues for the current period

-

205,893,860 yen

Total expenditures for the current period

-

194,128,882 yen

Net balance of revenues and expenditures for the current period

-

11,764,978 yen

Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.

N/A

N/A

Details of receivables and payables to relevant public interest corporations

Accounts payable: 149,350,410 yen, Accounts receivable: N/A

Accounts payable: 39,900,300 yen, Accounts receivable: N/A

Details of debt guarantee

N/A

N/A

Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)

Total operating revenues:

577,897,113 yen

Total operating revenues:

205,857,615 yen

(Breakdown: JICA transactions

320,984,832 yen

55.5

%)

(Breakdown: JICA transactions

79,553,385 yen

38.6

%)

Competitive contract

(

9,447,895 yen

2.9

%)

Competitive contract

(

69,010,465 yen

86.7

%)

Planning competition and public selection

(

274,390,459 yen

85.5

%)

Planning competition and public selection

(

10,542,920 yen

13.3

%)

Non-competitive negotiated contracts

(

37,146,478 yen

11.6

%)

Non-competitive negotiated contracts

(

0 yen

0.0

%)

Other

(

0 yen

0.0

%)

Others

(

0 yen

0.0

%)

(Note 1)  The above amount pertains to the period from April 1, 2019, through March 31, 2020. (Note 2)  Pursuant to the “Amendment Act to Promote Specified Nonprofit Activities” (established as Act No.70 of 2011), the statement of activities is prepared.

F-38

General Account

Corporation type and name	(Relevant public interest corporations, etc.)
Items	International Farmers Participation Technical Net-work
Outline of operations	(1)   Activities regarding international cooperation 1.  As support for small-scale farmers, development of appropriate technologies regarding upland crop, rice cultivation, vegetable cultivation, improvement of agricultural instruments, and irrigation 2.  Gathering and providing information on agricultural technology for small-scale farmers 3.  Survey of situations of local agriculture, and research and development for appropriate technologies 4.  Capacity building of local residents and technological support 5.  Training in Japan as well as at operation site 6.  Support through dispatching experts (2)   Activities related to revitalization of economic activities 1.  Cooperation for participatory rural development through appropriate agricultural technology 2.  Cooperation for farmers to participate in local agricultural cooperatives, etc. 3.  Cooperation for training of appropriate agricultural technology for local farmers (3)   Activities related to promotion of learning 1.  Development, research, and study of appropriate technology for local small-scale farmers 2.  Exchange with Japanese farmers, students and experts engaging in international cooperation 3.  Support and cooperation to universities and research institutions
Name of officers	Number of officers: 7 President: Hai Sakurai Director: Kazuo Nagai (Former Director General of the Tsukuba Center of JICA) Director: Yoshihiko Nishimura (Former Deputy Director of the Tsukuba Center of JICA) Auditor: Kaoru Iwasaki (Former Chief Representative of JICA Syria office)
Association chart on transactions between relevant public interest corporations and JICA
					International Farmers Participation Technical Net-work
		JICA
			(Operation Consignment)
Assets					27,439,607 yen
Liabilities					11,867,715 yen
(Statement of changes in net assets)
Balance of net assets at the beginning of the fiscal year					-
Changes in general net assets
¡   Revenues		¡   Revenues
- Subsidy received, etc.		- Subsidy received, etc.			-
- Other revenues		- Other revenues			-
¡   Expenses		¡   Expenses			-
Changes in specified net assets
¡   Revenues		¡   Revenues
- Subsidy received, etc.		- Subsidy received, etc.			-
- Other revenues		- Other revenues			-
¡   Expenses		¡   Expenses			-
Balance of net assets at the end of the fiscal year					15,571,892 yen
(Statement of activities)
Balance of net assets at the beginning of the fiscal year					17,050,068 yen
Total revenues for the current period					32,812,221 yen
Total expenditures for the current period					34,290,397 yen
Net balance of revenues and expenditures for the current period					(1,478,176) yen
Details of contributions and donations to basic funds of relevant public interest corporations, etc. Details of membership expenses and burden charges to be borne in order to be allocated to management expenses, operating expenses, etc.		N/A
Details of receivables and payables to relevant public interest corporations		Accounts payable: 8,472,571 yen, Accounts receivable: N/A
Details of debt guarantee		N/A
Amounts and ratios in relation to operating revenues, order placement by JICA, etc. (amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	Total operating revenues:				29,491,295 yen
	(Breakdown: JICA transactions					29,092,340 yen	98.6	%)
	Competitive contract			(		0 yen	0.0	%)
	Planning competition and public selection			(		28,769,772 yen	98.9	%)
	Non-competitive negotiated contracts			(		0 yen	0.0	%)
	Other			(		322,568 yen	1.1	%)

(Note)   Pursuant to the “Amendment Act to Promote Specified Nonprofit Activities” (established as Act No.70 of 2011), the statement of activities is prepared.

F-39

Independent Auditor’s Report

Mr. Shinichi Kitaoka, President

Japan International Cooperation Agency

Opinion

We have audited the accompanying financial statements of the finance and investment account of Japan International Cooperation Agency (the Agency), which comprise the balance sheet as at March 31, 2021, and the statements of administrative service operation cost, income, changes in net assets, and cash flows for the year then ended, and a summary of significant accounting policies and notes to the financial statements, and the accompanying supplementary schedules (except for the information described based on the financial statements and business reports relating to the associated public interest corporations) .

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the finance and investment account of the Agency as at March 31, 2021, and its financial performance and its cash flows for the year then ended in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

Basis for Opinion

We conducted our audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Agency in accordance with the ethical requirements that are relevant to our audit of the financial statements in Japan, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The basis includes the fact that no such fraud or error, or illegal acts, of the president, other executive officers or staff members that would result in material misstatement in the financial statements was found, to the extent that we conducted our audit. The audit we conducted is not intended to express an opinion on whether there was any fraud or error, or illegal acts, of the president, other executive officers or staff members, which would not result in material misstatement in the financial statements.

Responsibilities of President, the Agency Auditor for the Financial Statements

President is responsible for the preparation and fair presentation of these financial statements in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan, and for such internal control as president determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, or illegal acts.

The Agency Auditor is responsible for overseeing the Agency’s financial reporting process.

F-40

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, or illegal acts, and to issue an auditor’s report that includes our opinion. Misstatements can arise from fraud or error, or illegal acts, and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with auditing standards for incorporated administrative agencies generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, or illegal acts, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

• Consider internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances for our risk assessments, while the purpose of the audit of the financial statements is not expressing an opinion on the effectiveness of the Agency’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by president.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation in accordance with accounting standards for incorporated administrative agencies generally accepted in Japan.

• Plan and conduct audit with adequate attention being paid to the possibility that any fraud or error, or illegal acts, of the president, other executive officers or staff members may result in material misstatement in the financial statements.

We communicate with the Agency Auditor regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Agency Auditor with a statement that we have complied with the ethical requirements regarding independence that are relevant to our audit of the financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan

Our firm and its designated engagement partners do not have any interest in the Agency which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

F-41

Ernst & Young ShinNihon LLC

Tokyo, Japan

June 18, 2021

/s/ Motoki Nagao

Motoki Nagao

Designated Engagement Partner

Certified Public Accountant

/s/ Takuya Kodama

Takuya Kodama

Designated Engagement Partner

Certified Public Accountant

/s/ Kazuya Hosono

Kazuya Hosono

Designated Engagement Partner

Certified Public Accountant

F-42

Balance Sheet

(as of March 31, 2021)

Finance and Investment Account				(Unit: Yen)
Assets
I     Current assets
Cash and deposits		220,490,351,756
Loans	13,341,709,724,403
Allowance for loan losses	(176,362,554,433)	13,165,347,169,970
Advance payments		14,593,509,164
Prepaid expenses		24,505,557
Accrued income
Accrued interest on loans	32,928,016,163
Accrued commitment charges	310,732,667
Accrued interest	629,501	33,239,378,331
Accounts receivable		931,733,141
Goods in transit		9,200,338
Suspense payments		1,042,137
Advances paid		252,783
Short-term guarantee deposits		10,303,000,000
Derivatives		330,879,149
Total current assets			13,445,271,022,326
II     Non-current assets
1     Tangible assets
Buildings	4,086,985,275
Accumulated depreciation	(1,343,663,861)
Accumulated impairment losses	(664,850,656)	2,078,470,758
Structures	98,256,953
Accumulated depreciation	(34,951,348)
Accumulated impairment losses	(11,670,468)	51,635,137
Machinery and equipment	200,923,736
Accumulated depreciation	(79,380,291)
Accumulated impairment losses	(102,287,680)	19,255,765
Vehicles	588,241,740
Accumulated depreciation	(313,114,564)	275,127,176
Tools, furniture, and fixtures	331,486,219
Accumulated depreciation	(206,675,789)	124,810,430
Land	12,703,270,000
Accumulated impairment losses	(6,091,196,973)	6,612,073,027
Construction in progress		3,528,634
Total tangible assets		9,164,900,927
2     Intangible assets
Trademark rights		164,133
Software		4,174,770,369
Software in progress		840,974,714
Total intangible assets		5,015,909,216
3     Investments and other assets
Investment securities		6,644,809,096
Shares of affiliated companies		76,088,813,760
Money held in trust		60,952,968,634
Claims probable in bankruptcy, claims probable in rehabilitation, and other	87,062,884,239
Allowance for loan losses	(87,062,884,239)	0
Long-term prepaid expenses		5,356,202
Long-term guarantee deposits		682,576,867
Total investments and other assets		144,374,524,559
Total non-current assets			158,555,334,702
Total assets				13,603,826,357,028

F-43

Liabilities
I      Current liabilities
Current portion of bonds		10,000,000,000
Current portion of borrowings from government fund for Fiscal Investment and Loan Program		104,069,412,000
Accounts payable		6,494,601,195
Accrued expenses		5,220,227,342
Derivatives		10,835,718,253
Lease obligations		19,742,168
Deposits received		5,920,629,144
Unearned revenue		63,503,629
Provisions
Provision for bonuses	340,773,166
Provision for contingent losses	2,889,391,466	3,230,164,632
Suspense receipts		447,165,549
Total current liabilities			146,301,163,912
II     Non-current liabilities
Bonds		898,210,600,000
Discounts on bonds payable		(491,968,177)
Borrowings from government fund for Fiscal Investment and Loan Program		2,518,682,574,000
Long-term lease obligations		25,566,258
Long-term deposits received		6,256,934,391
Provision for retirement benefits		3,840,857,382
Asset retirement obligations		105,610,150
Total non-current liabilities			3,426,630,174,004
Total liabilities				3,572,931,337,916
Net assets
I      Capital
Government investment		8,202,167,840,510
Total capital			8,202,167,840,510
II     Retained earnings
Reserve fund		1,799,525,577,448
Unappropriated income for the current fiscal year		33,007,576,003
[Total income for the current fiscal year]		[33,007,576,003]
Total retained earnings			1,832,533,153,451
III   Valuation and translation adjustments
Valuation difference on shares of affiliated companies		28,561,015,486
Valuation difference on available-for-sale securities		3,057,549,606
Deferred gains or losses on hedges		(35,424,539,941)
Total valuation and translation adjustments			(3,805,974,849)
Total net assets				10,030,895,019,112
Total liabilities and net assets				13,603,826,357,028

F-44

Statement of Administrative Service Operation Cost

(April 1, 2020–March 31, 2021)

Finance and Investment Account

		(Unit: Yen)
I   Expenses in the statement of income
Expenses related to operations of cooperation through finance and investment	101,059,986,208
Extraordinary losses	4,398,721
Total expenses in the statement of income			101,064,384,929
II   Administrative service operation cost			101,064,384,929

F-45

Statement of Income

(April 1, 2020–March 31, 2021)

Finance and Investment Account

			(Unit: Yen)
Ordinary expenses
Expenses related to operations of cooperation through finance and investment
Interest on bonds and notes	8,396,119,897
Interest on borrowings	12,542,487,529
Interest on interest rate swaps	5,678,688,163
Other interest expenses	100,419,436
Operations outsourcing expenses	17,584,612,927
Bond issuance cost	558,186,305
Personnel expenses	4,058,750,471
Provision for bonuses	340,773,166
Retirement benefit expenses	15,469,364
Operating and administrative expenses	11,608,144,594
Depreciation	1,944,557,729
Taxes	95,451,492
Loss on liquidation of investment securities	9,114,540
Loss on valuation of investment securities	462,060,825
Loss on valuation of shares of affiliated companies	118,208,022
Interest expenses	(1,409)
Provision for allowance for loan losses	34,309,800,450
Provision for contingent losses	846,513,534
Other operating expenses	2,390,581,173
Other ordinary expenses	48,000	101,059,986,208
Total ordinary expenses				101,059,986,208
Ordinary revenues
Revenues from operations of cooperation through finance and investment
Interest on loans	122,933,576,248
Dividends on investments	4,328,962,868
Commissions	3,118,894,321
Foreign exchange gains	1,049,973,350
Gain on investment in money held in trust	1,597,180,122
Other ordinary revenues	327,310,669	133,355,897,578
Financial revenues
Interest income	27,423,802	27,423,802
Miscellaneous income		686,411,740
Total ordinary revenues				134,069,733,120
Ordinary income				33,009,746,912
Extraordinary losses
Loss on disposal of non-current assets		4,056,174
Loss on sales of non-current assets		342,547		4,398,721
Extraordinary income
Gain on sales of non-current assets		2,227,812		2,227,812
Net income				33,007,576,003
Total income for the current fiscal year				33,007,576,003

F-46

Statement of Changes in Net Assets

(April 1, 2020-March 31, 2021)

Finance and Investment Account

																									(Unit:Yen)
	I Capital				II Retained earnings (Loss carried forward)											III Valuation and translation adjustments									Total net assets
	Government investment		Total capital		Reserve fund		Unappropriated income for the current fiscal year (Unappropriated loss for the current fiscal year)					Total retained earnings (Loss carried forward)		Valuation difference on shares of affiliated companies		Valuation difference on available-for-sale securities			Deferred gains or losses on hedges			Total valuation and translation adjustments
										Total income for the current fiscal year (Total loss for the current fiscal year)
Balance at the beginning of the fiscal year		8,150,727,840,510		8,150,727,840,510		1,703,880,995,457		95,644,581,991			—		1,799,525,577,448		—		6,492,694,355			(41,466,809,061	)		(34,974,114,706	)		9,915,279,303,252
Changes during the period
I Changes in capital during the period
Receipts of investment		51,440,000,000		51,440,000,000																						51,440,000,000
II Changes in retained earnings (Loss carried forward) during the period
(1) Appropriation of income or loss
Increase in reserve fund derived from profit appropriation						95,644,581,991		(95,644,581,991	)		—		—													—
(2) Others
Net income (Net loss)								33,007,576,003			33,007,576,003		33,007,576,003													33,007,576,003
III Changes in valuation and translation adjustments during the period															28,561,015,486		(3,435,144,749	)		6,042,269,120			31,168,139,857			31,168,139,857
Total changes during the period		51,440,000,000		51,440,000,000		95,644,581,991		(62,637,005,988	)		33,007,576,003		33,007,576,003		28,561,015,486		(3,435,144,749	)		6,042,269,120			31,168,139,857			115,615,715,860
Balance at the end of the fiscal year		8,202,167,840,510		8,202,167,840,510		1,799,525,577,448		33,007,576,003			33,007,576,003		1,832,533,153,451		28,561,015,486		3,057,549,606			(35,424,539,941	)		(3,805,974,849	)		10,030,895,019,112

F-47

Statement of Cash Flows

(April 1, 2020–March 31, 2021)

Finance and Investment Account

	(Unit: Yen)
I.   Cash flows from operating activities
Payments for loans		(1,413,623,262,243	)
Repayments of borrowings from the private sector		(10,284,892,800	)
Repayments of borrowings from government fund for Fiscal Investment and Loan Program		(113,930,372,000	)
Interest expenses paid		(24,384,625,423	)
Payments for personnel expenses		(4,799,796,510	)
Payments for other operations		(47,572,930,656	)
Proceeds from collection of loans		696,164,269,295
Proceeds from borrowings from the private sector		10,439,784,000
Proceeds from borrowings from government fund for Fiscal Investment and Loan Program		667,500,000,000
Proceeds from issuance of bonds		112,936,944,115
Proceeds from interest on loans		111,119,384,588
Proceeds from commissions		3,340,447,622
Proceeds from other operations		12,264,966,522
Subtotal		(830,083,490	)
Interest and dividend income received		4,401,357,499
Net cash provided by operating activities		3,571,274,009
II. Cash flows from investing activities
Payments for purchase of non-current assets		(1,049,410,295	)
Proceeds from sales of non-current assets		7,085,798
Payments for purchase of investment securities		(3,164,042,002	)
Proceeds from sales and redemption of investment securities		82,589,936
Payments for purchase of shares of affiliated companies		(928,240,456	)
Payments for increase of money held in trust		(16,516,100,274	)
Proceeds from decrease of money held in trust		6,377,901,033
Payments into time deposits		(45,065,171,000	)
Proceeds from time deposit refund		50,367,998,000
Net cash used in investing activities		(9,887,389,260	)
III.  Cash flows from financing activities
Repayments of lease obligations		(148,773,421	)
Receipts of government investment		51,440,000,000
Net cash provided by financing activities		51,291,226,579
IV.  Effect of exchange rate fluctuation on funds		(42,736,061	)
V. Net increase (decrease) in funds		44,932,375,267
VI.  Funds at the beginning of the fiscal year		175,557,976,489
VII.  Funds at the end of the fiscal year		220,490,351,756

F-48

Basis of Presenting Financial Statements

The accompanying financial statements of JICA have been prepared in accordance with accounting principles for incorporated administrative agencies generally accepted in Japan, which are different in many respects as to application and disclosure requirements of accounting principles for business enterprises generally accepted in Japan.

Significant Accounting Policies

Finance and Investment Account

Effective the year ended March 31, 2021, JICA adopted the “Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (February 16, 2000 (Revised March 26, 2020), and the “Q&A on Accounting Standards for Incorporated Administrative Agencies and Notes to Accounting Standards for Incorporated Administrative Agencies” (August 2000 (Last revised June 2020)).

1. Depreciation method

(1) Tangible assets (except for lease assets)

Straight-line method

The useful lives of major assets are as follows:

Buildings:	2–50 years
Structures:	2–46 years
Machinery and equipment:	2–17 years
Vehicles:	2–6 years
Tools, furniture, and fixtures:	2–15 years

(2) Intangible assets (except for lease assets)

Straight-line method

Software used by JICA is depreciated over its useful life (5 years).

(3) Lease assets

Lease assets are depreciated by the straight-line method over the lease term. Depreciation for lease assets is calculated with zero residual value being assigned to the asset.

2. Provision for bonuses

The provision for bonuses is calculated and provided for based on estimated amounts of future payments attributable to the services that have been rendered by officers and employees applicable to the current fiscal year.

3. Provision for retirement benefits

The provision for retirement benefits is calculated and provided for based on estimated amounts of future payments attributable to the retirement of employees, and is accrued in line with the retirement benefit obligations and estimated plan assets applicable to the fiscal year ended March 31, 2021. In calculating the retirement benefit obligations, the estimated amount of retirement benefit payments is attributed to the period based on the straight-line basis. The profit and loss appropriation method for actuarial differences and past service costs is as follows:

Actuarial differences are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

Past service costs are recognized as a lump-sum gain or loss in the fiscal year in which they occur.

F-49

4. Basis and standard for the accrual of allowance and loss contingencies

(1) Allowance for loan losses

The allowance for claims on debtors who are legally bankrupt (“Bankrupt borrowers”) or substantially bankrupt (“Substantially bankrupt borrowers”) is provided based on the outstanding balance of loan claims after the deductions of the amount expected to be collected through the disposal of collateral and execution of guarantees, or the same amount is written off directly. The allowance for claims on debtors who are not legally bankrupt, but are likely to become bankrupt (“Potentially bankrupt borrowers”) is provided based on an overall assessment of the solvency of the debtors after the deductions of the amount expected to be collected through the disposal of collateral and the execution of guarantees, or the same amount is written off directly. There were no write-offs from the above-mentioned outstanding balance of loan claims for the fiscal year ended March 31, 2021.

The allowance for claims on debtors other than Bankrupt borrowers, Substantially bankrupt borrowers, and Potentially bankrupt borrowers is provided primarily based on the default rate, which is calculated based on the actual defaults during a certain period in the past. The allowance for possible losses on specific overseas loans is provided based on the expected loss amount taking into consideration the political and economic situation of these countries.

All claims are assessed initially by the operational departments (including regional departments) based on internal rules for self-assessment of asset quality and an allowance is provided based on the results of the assessments. In addition, these self-assessments results are reviewed by the internal audit department, which is independent from the operational departments.

(2) Provision for contingent losses

Provision for contingent losses is provided to prepare for the occurrence of contingent losses for a portion of the undisbursed balance of loan commitments, which JICA is absolutely obligated to extend. The amount of the provision is estimated based on the possibility of losses in the future.

F-50

5. Standard and method for the valuation of securities

(1) Shares of affiliated companies

Shares of affiliated companies are recognized at an amount equivalent to JICA’s percentage share of the net assets of such companies based upon the most recent financial statements.

If the acquisition cost based on the moving average method exceeds the fair value, the difference between the acquisition cost and the fair value is treated as a loss for the fiscal year and recorded in Statement of Income. If the fair value exceeds the acquisition cost based on the moving average method, the difference between the acquisition cost and the fair value is included directly in Net assets.

(2) Other investment securities

[1] Securities whose fair value can be readily determined

Such investment securities are stated at fair value with changes in net unrealized gains or losses included directly in Valuation and translation adjustments of Net assets. Cost of securities sold is determined by the moving average method.

[2] Securities whose fair value cannot be readily determined

Such investment securities are carried at cost based on the moving average method. Cost of securities sold is determined by the moving average method.

Investments in limited partnerships and other similar partnerships, which are regarded as securities under Article 2, Clause 2 of the Japanese Financial Instruments and Exchange Law, Act No. 25 of 1948, are recognized at an amount equivalent to JICA’s percentage share of the net assets of such partnerships, based upon the most recent financial statements available depending on the report date stipulated in the partnership agreement.

(3) Securities held as trust assets in money-held-in trust account

The securities are valued in the same way as (2) above.

(Change in Accounting Policies)

In the previous fiscal years, shares of affiliated companies were stated at cost, determined using the moving average method. (However, when the amount corresponding to the equity holding has fallen below the cost at acquisition, the amount corresponding to the equity holding was used.)

Pursuant to the revision of Accounting Standards for Incorporated Administrative Agencies, shares of affiliated companies are recognized at an amount equivalent to JICA’s percentage share of the net assets of such companies based upon the most recent financial statements.

The differences between the acquisition cost and the fair value are recorded either in the Statement of Income or directly in Net assets.

There is no impact on profit or loss due to this revision.

6. Standard and method for the valuation of derivative transactions

All derivative financial instruments are carried at fair value.

F-51

7. Method for amortization of discount on bonds payable

Discount on bonds payable is amortized over the duration of the bonds.

8. Translation standard for foreign currency-denominated assets and liabilities into yen

Foreign currency monetary claims and liabilities are translated into Japanese yen mainly at the spot exchange rate at the balance sheet date. Exchange differences are recognized in profit or loss.

9. Method of hedge accounting

(1) Method of hedge accounting

Interest rate swaps are accounted for using the deferral hedge accounting method or the exceptional accrual method. Currency swaps are accounted for by the assignment method.

(2) Hedging instruments and hedged items

[1] Hedging instruments...Interest rate swaps

Hedged items...Loans and foreign currency bonds

[2] Hedging instruments...Currency swaps

Hedged items...Foreign currency loans and foreign currency bonds

(3) Hedging policy

JICA enters into interest rate swaps or currency swaps for the purpose of hedging interest rate or currency fluctuation risks.

(4) Method of evaluation of hedge effectiveness

Hedges that offset market fluctuations of loans are assessed based on discrepancies with regard to maturity and notional principal and others between hedged loans and hedging instruments.

As for interest rate swaps that satisfy the requirements of the exceptional accrual method and currency swaps that satisfy the requirements of the assignment method, JICA is not required to periodically evaluate hedge effectiveness.

10. Accounting treatment for consumption taxes

Consumption taxes and local consumption taxes are included in transaction amounts.

F-52

Notes to the financial statements

Finance and Investment Account

(Balance Sheet)

1. Joint obligations

JICA is jointly liable for obligations arising from the following bonds issued by the former Japan Bank for International Cooperation which was succeeded by the Japan Bank for International Cooperation:

Fiscal Investment and Loan Program (FILP) Agency Bonds ¥ 20,000,000,000

2. Financial assets received as collateral

The fair value of financial assets received as collateral at JICA’s disposal was ¥4,803,421,200.

3. Undisbursed balance of loan commitments

Most of JICA’s loans are long term. Ordinarily, when receiving a request for disbursement of a loan from a borrower, corresponding to the intended use of funds as stipulated by the loan agreement, and upon confirming the fulfillment of conditions prescribed under the loan agreement, JICA promises to loan a certain amount of funds within a certain range of the amount required by the borrower, with an outstanding balance within the limit of loan commitments. The undisbursed balance of loan commitments as of March 31, 2021 was ¥7,272,140,180,942.

(Statement of Administrative Service Operation Cost)

1. Cost being borne by the public for the operation of Incorporated Administrative Agency

Administrative service operation cost	¥	101,064,384,929
Self-revenues, etc.	¥	(134,071,960,932)
Opportunity cost	¥	9,816,466,635
Cost being borne by the public for
the operation of Incorporated Administrative Agency	¥	(23,191,109,368)

2. Method for computing opportunity cost

(1) Interest rate used to compute opportunity cost concerning government investment

0.120% with reference to the yield of 10-year fixed-rate Japanese government bonds at March 31, 2021.

(2) Method for computing opportunity cost for public officers temporarily transferred to JICA

Of the estimated increase in retirement allowance during service rendered in JICA, costs are calculated in accordance with JICA’s internal rules.

F-53

(Statement of Cash Flows)

The funds shown in the statement of cash flows are deposit accounts and checking accounts.

1. Breakdown of balance sheet items and ending balance of funds

(as of March 31, 2021)

Cash and deposits	¥220,490,351,756
Time deposits	¥0
Ending balance of funds	¥220,490,351,756

2. Description of significant non-cash transactions

(1) Assets acquired under finance leases
Tools, furniture, and fixtures	¥6,821,112
(2) Additional asset retirement obligations

  Additional asset retirement obligations were recorded in the current fiscal year.

  As a result, the increase in assets and liabilities is as follows:

Buildings	¥35,237,409
Asset retirement obligations	¥35,237,409

(Financial instruments)

1. Status of financial instruments

(1) Policy regarding financial instruments

The Finance and Investment Account undertakes financial cooperation operations by providing debt and equity financing. In undertaking these operations, it raises funds by borrowing from the Japanese Government under the FILP, borrowing from financial institutions, issuing bonds, and receiving capital investment from the Japanese Government. From the perspective of asset-liability management (ALM), derivative transactions are entered into for mitigating the adverse impact caused by interest rate and foreign exchange fluctuations.

(2) Details of financial instruments and related risks

The financial assets held in the Finance and Investment Account are loans mainly to the Developing Area, and are exposed to credit risk attributed to defaults by its borrowers and interest rate risk. Securities, investment securities, shares of affiliated companies and money held in trust are held for policy-oriented purposes, and are exposed to credit risk of issuers and others, interest rate risk, and market price volatility risk.

Borrowings and bonds are exposed to liquidity risk as their payments or repayments cannot be duly serviced in such a situation where the account is unable to have access to markets for certain reasons.

In addition to the above, foreign currency claims and liabilities are exposed to foreign exchange fluctuation risk.

F-54

(3) Risk management system for financial instruments

[1] Credit risk management

The Finance and Investment Account has established and operates a system for credit management. This system encompasses credit appraisal, credit limit setting, credit information monitoring, internal rating, guarantee and collateral setting, problem loan management, etc., in accordance with integrated risk management rules and various credit risk-monitoring rules. This credit management is carried out by the operational departments (including region department), in addition to the Credit Risk Analysis and Environmental Review Department and General Affairs Department. Additionally, the Risk Management Committee of the Finance and Investment Account and Board Meeting convene on a regular basis for the purpose of deliberating or reporting. Moreover, the Office of Audit monitors the status of credit management.

The credit risks of issuers of investment securities and shares of affiliated companies and trustees of money held in trust are monitored by the Private Sector Partnership and Finance Department, which regularly confirms their credit information, etc.

Counterparty risk in derivative transactions is monitored by regularly confirming the exposure and credit standing of counterparties and by securing collateral as necessary.

[2] Market risk management

(i) Interest rate risk management

Interest rates are determined in accordance with the methods prescribed by laws or statements of operational procedures. Interest rate swap transactions are conducted to hedge against the risk of interest rate fluctuations in light of their possible adverse impact.

(ii) Foreign exchange risk management

Foreign currency claims and liabilities are exposed to foreign exchange fluctuation risk; as such, foreign currency claims are funded by foreign currency liabilities, and currency swaps and other approaches are employed to avert or reduce foreign exchange risk.

(iii) Price volatility risk management

Stocks and other securities that are held for policy-oriented purposes are monitored for changes in value affected by the market environment or financial condition of the companies, exchange rates, and other factors.

This information is reported on a regular basis to the Risk Management Committee of the Finance and Investment Account and Board Meeting.

[3] Liquidity risk management related to fund raising

The Finance and Investment Account prepares a funding plan and executes fund raising based on the government-affiliated agencies’ budgets, as resolved by the National Diet of Japan.

[4] Derivative transaction management

Pursuant to rules concerning swaps, derivative transactions are implemented and managed by separating the sections related to execution of transactions, assessment of hedge effectiveness, and logistics management based on a mechanism with an established internal system of checks and balances.

F-55

2. Fair value of financial instruments

Balance sheet amount, fair value, and difference at the balance sheet date are as follows:

(Unit: Yen)

	Balance sheet amount*1	Fair value	Difference
(1) Loans	13,341,709,724,403
Allowance for loan losses	(176,362,554,433)
	13,165,347,169,970	13,641,596,750,199	476,249,580,229
(2) Claims probable in bankruptcy, claims probable in rehabilitation, and other	87,062,884,239
Allowance for loan losses	(87,062,884,239)
	—	—	—
(3) Borrowings from government fund for FILP (including current portion of borrowings)	(2,622,751,986,000)	(2,658,216,055,917)	35,464,069,917
(4) Bonds (including current portion of bonds)	(908,210,600,000)	(952,564,773,087)	44,354,173,087
(5) Derivative transactions*2
Derivative transactions not qualifying for hedge accounting	(2,553,663,459)	(2,553,663,459)	—
Derivative transactions qualifying for hedge accounting	(7,951,175,645)	(7,951,175,645)	—
	(10,504,839,104)	(10,504,839,104)	—

*1 Liabilities are shown in parentheses (    ).

*2 Derivatives transactions recorded in Assets and Liabilities are netted, these derivatives after netting are presented above. The figures in parentheses (    ) indicate net liabilities.

(Note 1) Method for calculating fair values of financial instruments

[1] Loans

The fair values of loans with floating interest rates are calculated at their book values, as policy interest rates (bank rates) are immediately reflected in their floating interest rates, and therefore, fair value approximates book value. On the other hand, fair values of loans with fixed interest rates are calculated by discounting the total amount of the principal and interest using a rate that combines a risk-free rate with the respective borrowers’ credit risk. As for hedged loans for which the assignment method is applied, the fair value of such currency swaps is applied.

[2] Claims probable in bankruptcy, claims probable in rehabilitation, and other

Regarding claims probable in bankruptcy, claims probable in rehabilitation, and other, the estimated uncollectible amount is calculated based on the expected recoverable amount through collateral and guarantees. Therefore, fair value approximates the balance sheet amount, less the current estimated uncollectible amount, and hence is calculated accordingly.

[3] Borrowings from government fund for FILP (including current portion of borrowings)

The fair value of borrowings from government fund for FILP (including current portion of borrowings) is calculated by discounting the total amount of principal and interest using interest rates expected to be applied to new borrowings for the same total amount.

F-56

[4] Bonds (including current portion of bonds)

The fair value of bonds (including current portion of bonds) is determined using market observable prices if available. For bonds without market observable prices, the fair values are calculated by discounting contractual cash flows at the risk free rate. As for hedged bonds for which the exceptional accrual method and assignment method are applied, the fair value of such interest rate swaps and currency swaps is applied.

[5] Derivative transactions

Derivative transactions are interest rate-related transactions (interest rate swaps), and fair values are based on discounted present values. Interest rate swaps for which the exceptional accrual method is applied and currency swaps for which the assignment method is applied are accounted for together with the corresponding loan or bond. The fair value of these hedging instruments is included in the fair value of the underlying loans or bonds.

(Note 2) The following are financial instruments whose fair values are deemed to be extremely difficult to determine. They are not included in the fair value information of financial instruments.

	(Unit: Yen)
	Balance sheet amount
Investment securities *1	6,644,809,096
Shares of affiliated companies *1	76,088,813,760
Money held in trust *2	60,952,968,634
Undisbursed balance of loan commitments *3	0

*1 These financial instruments have no market prices, and the calculation of their fair values is deemed to be impractical.

*2 The money held in trust is composed of the assets in the trust for which it is difficult to determine the fair value.

*3 The fair values of the undisbursed balances of loan commitments are deemed to be extremely difficult to determine. The main reason is the difficulty of reasonably estimating future extensions of loans, because of the extremely diverse range of implementation formats for projects in the Developing Area where these loans are provided.

(Money held in trust)

1. Money held in trust for the purpose of investment

Not applicable.

2. Money held in trust for the purpose of investment and held-to-maturity

Not applicable.

3. Other (other than for the purpose of investment and held-to-maturity)

F-57

					(Unit: Yen)
	Balance sheet  amount	Acquisition  cost	Difference	The amount  by which the  balance sheet amount  exceeds the acquisition  cost	The amount by which  the balance sheet  amount does not  exceed the  acquisition cost
Money held in trust for others	60,952,968,634	53,856,137,974	7,096,830,660	7,096,830,660	0

(Note) “The amount by which the balance sheet amount exceeds the acquisition cost” and “The amount by which the balance sheet amount does not exceed the acquisition cost” are the breakdown of “Difference”.

(Retirement benefits)

1. Overview of retirement benefit plans

To provide retirement benefits for employees, JICA has a defined benefit pension plan comprised of a defined benefit corporate pension plan and a lump-sum severance indemnity plan, and a defined contribution plan comprised of a defined contribution pension plan.

2. Defined benefit pension plan

(1) The changes in the retirement benefit obligation are as follows:

	(Unit: Yen)
Retirement benefit obligation at the beginning of the fiscal year		6,495,427,271
Current service cost		273,328,292
Interest cost		33,582,100
Actuarial differences		99,278,855
Retirement benefit paid		(376,713,019)
Past service cost		0
Contribution by employees		16,293,328
Retirement benefit obligation at the end of the fiscal year		6,541,196,827

(2) The changes in the plan assets are as follows:

	(Unit: Yen)
Plan assets at the beginning of the fiscal year		2,269,775,603
Expected return on plan assets		45,395,512
Actuarial differences		357,754,384
Contribution by the company		109,430,168
Retirement benefit paid		(98,309,550)
Contribution by employees		16,293,328
Plan assets at the end of the fiscal year		2,700,339,445

F-58

(3) Reconciliation of the retirement benefit obligations and plan assets and provision for retirement benefits and prepaid pension expenses in the balance sheets

	(Unit: Yen)
Funded retirement benefit obligation		2,868,131,662
Plan assets		(2,700,339,445)
Unfunded benefit obligations of funded pension plan		167,792,217
Unfunded benefit obligations of unfunded pension plan		3,673,065,165
��
Subtotal		3,840,857,382
Unrecognized actuarial differences		0
Unrecognized past service cost		0
Net amount of assets and liabilities in the balance sheets		3,840,857,382
Provision for retirement benefits		3,840,857,382
Prepaid pension expenses		0
Net amount of assets and liabilities in the balance sheets		3,840,857,382

(4) Components of retirement benefit expenses

	(Unit: Yen)
Current service cost		273,328,292
Interest cost		33,582,100
Expected return on plan assets		(45,395,512)
Realized actuarial differences		(258,475,529)
Amortization of past service cost		0
Extraordinary additional retirement payments		0
Total		3,039,351

(5) Major components of plan assets

Percentages of components to the total are as follows:

Bonds	28%
Stocks	44%
General account of life insurance company	17%
Others	11%
Total	100%

(6) Method of determining the long-term expected rate of return on plan assets

The long-term expected rate of return on plan assets is determined based on components of plan assets, the actual historical returns, and market condition, etc.

(7) Assumptions used

Principal assumptions used in actuarial calculations at the end of the fiscal year

Discount rate	Defined benefit corporate pension plan	0.23%
	Retirement benefits	0.74%
Long-term expected rate of return on plan assets		2.00%

F-59

3. Defined contribution plan

The amount of contribution required to be made to the defined contribution plan is ¥12,430,013.

(Lease transactions)

Future minimum lease payments related to operating lease transactions

Future minimum lease payments due within one year of the balance sheet date	¥	129,367
Future minimum lease payments corresponding to periods more than one year from the balance sheet date	¥	0

(Asset retirement obligations)

1. Overview of asset retirement obligations

In accordance with a building lease agreement, JICA has the obligation to restore the head office building to its original state. Restoration costs are reasonably estimated and recognized as asset retirement obligations.

2. Amount and calculation method of asset retirement obligations

The estimate for the asset retirement obligations assumes a five-year lease period for the projected period of use and a discount rate between (0.048)% and 0.529%.

3. Changes in the total amount of asset retirement obligations in the current fiscal year

	(Unit: Yen)
Balance at the beginning of the fiscal year		70,374,150
Increase related to acquisition of tangible assets		35,237,409
Adjustment resulting from passage of time		(1,409)
Decrease due to settlement of asset retirement obligations		—
Balance at the end of the fiscal year		105,610,150

(Additional information)

With regard to the impact of COVID-19 pandemic, allowance for loan losses of ¥263,425 million and provision for contingent losses of ¥2,889 million were recorded based on the circumstances of each debtor and based on the assumption that the economy will gradually recover from next year with additional fiscal stimulus and progress in vaccination.

These assumptions are consistent with the baseline scenario of the World Economic Outlook (WEO) announced by the International Monetary Fund (IMF) in April 2021. Since the situation related to COVID-19 is expected to remain highly uncertain worldwide, JICA may need to increase the allowance for loan losses and provision for contingent losses in subsequent fiscal years if, for example, the debtors’ credit rating deteriorates beyond current expectations over the medium to long term.

(Significant contractual liabilities)

Contract liabilities JICA is obliged to pay during the next fiscal year and thereafter are ¥6,268,972,140.

(Significant subsequent events)

N/A

F-60

The Accompanying Supplementary Schedules

Finance and Investment Account

(1) Details of acquisition and disposal of non-current assets, depreciation, and accumulated impairment losses

																										(Unit: Yen)
Type		Balance at the beginning of the period			Increase during the period		Decrease during the period		Balance at the end of the period			Accumulated depreciation				Accumulated impairment losses						Net assets at the end of the period			Remarks
														Depreciation during the period				Impairment losses during the period		Impairment losses not included in expenses
Tangible assets     (Depreciation     included in     expenses)	Buildings		4,030,423,078			65,240,968		8,678,771		4,086,985,275			1,343,663,861		120,688,015		664,850,656		0		0		2,078,470,758
	Structures		98,256,953			0		0		98,256,953			34,951,348		4,925,597		11,670,468		0		0		51,635,137
	Machinery and equipment		199,154,780			1,768,956		0		200,923,736			79,380,291		3,892,296		102,287,680		0		0		19,255,765
	Vehicles		551,924,127			52,996,250		16,678,637		588,241,740			313,114,564		62,148,051		0		0		0		275,127,176
	Tools, furniture, and fixtures		779,093,874			21,808,517		469,416,172		331,486,219			206,675,789		152,700,561		0		0		0		124,810,430
	Total		5,658,852,812			141,814,691		494,773,580		5,305,893,923			1,977,785,853		344,354,520		778,808,804		0		0		2,549,299,266
Tangible assets   (Non-depreciable  assets)	Land		12,703,270,000			0		0		12,703,270,000			0		0		6,091,196,973		0		0		6,612,073,027
	Construction in progress		321,626			3,528,634		321,626		3,528,634			0		0		0		0		0		3,528,634
	Total		12,703,591,626			3,528,634		321,626		12,706,798,634			0		0		6,091,196,973		0		0		6,615,601,661
Total tangible   assets	Buildings		4,030,423,078			65,240,968		8,678,771		4,086,985,275			1,343,663,861		120,688,015		664,850,656		0		0		2,078,470,758
	Structures		98,256,953			0		0		98,256,953			34,951,348		4,925,597		11,670,468		0		0		51,635,137
	Machinery and equipment		199,154,780			1,768,956		0		200,923,736			79,380,291		3,892,296		102,287,680		0		0		19,255,765
	Vehicles		551,924,127			52,996,250		16,678,637		588,241,740			313,114,564		62,148,051		0		0		0		275,127,176
	Tools, furniture, and fixtures		779,093,874			21,808,517		469,416,172		331,486,219			206,675,789		152,700,561		0		0		0		124,810,430
	Land		12,703,270,000			0		0		12,703,270,000			0		0		6,091,196,973		0		0		6,612,073,027
	Construction in progress		321,626			3,528,634		321,626		3,528,634			0		0		0		0		0		3,528,634
	Total		18,362,444,438			145,343,325		495,095,206		18,012,692,557			1,977,785,853		344,354,520		6,870,005,777		0		0		9,164,900,927
Intangible assets   (Depreciation   included in   expenses)	Trademark rights		731,316			0		0		731,316			567,183		59,685		0		0		0		164,133
	Software		7,950,951,806			475,295,035		0		8,426,246,841			4,251,476,472		1,600,143,524		0		0		0		4,174,770,369
	Total		7,951,683,122			475,295,035		0		8,426,978,157			4,252,043,655		1,600,203,209		0		0		0		4,174,934,502
Intangible assets   (Non-depreciable   assets)	Software in progress		355,029,191			584,775,719		98,830,196		840,974,714			0		0		0		0		0		840,974,714
	Total		355,029,191			584,775,719		98,830,196		840,974,714			0		0		0		0		0		840,974,714
Total intangible   assets	Trademark rights		731,316			0		0		731,316			567,183		59,685		0		0		0		164,133
	Software		7,950,951,806			475,295,035		0		8,426,246,841			4,251,476,472		1,600,143,524		0		0		0		4,174,770,369
	Software in progress		355,029,191			584,775,719		98,830,196		840,974,714			0		0		0		0		0		840,974,714
	Total		8,306,712,313			1,060,070,754		98,830,196		9,267,952,871			4,252,043,655		1,600,203,209		0		0		0		5,015,909,216
Investments and   other assets	Investment securities		3,875,388,472			3,113,791,639		344,371,015		6,644,809,096			0		0		0		0		0		6,644,809,096
	Shares of affiliated companies		46,732,120,903			29,356,692,857		0		76,088,813,760			0		0		0		0		0		76,088,813,760
	Money held in trust		52,912,364,816			16,496,837,395		8,456,233,577		60,952,968,634			0		0		0		0		0		60,952,968,634
	Claims probable in bankruptcy, claims probable in rehabilitation, and other		87,062,884,239			0		0		87,062,884,239			0		0		0		0		0		87,062,884,239
	Allowance for loan losses (non-current)		(87,062,884,239	)		0		0		(87,062,884,239	)		0		0		0		0		0		(87,062,884,239	)
	Long-term prepaid expenses		1,311,036			18,155,042		14,109,876		5,356,202			0		0		0		0		0		5,356,202
	Long-term guarantee deposits		679,312,894			9,943,255		6,679,282		682,576,867			0		0		0		0		0		682,576,867
	Total		104,200,498,121			48,995,420,188		8,821,393,750		144,374,524,559			0		0		0		0		0		144,374,524,559

F-61

(2) Details of securities

Securities recorded under investments and other assets

(Unit: Yen)   

	Name	Acquisition cost		Amount equivalent to JICA’s percentage share of the net assets of the  affiliated companies		Balance sheet amount		Valuation difference recognized in the Statement of Income of the period			Valuation difference on shares of affiliated companies			Remarks
Shares of      affiliated      companies	Sumatra Pulp Corporation		2,758,289,455		1		1		0			0
	Japan Saudi Arabia Methanol Co., Inc.		7,149,297,104		21,205,832,186		21,205,832,186		0			14,056,535,082
	SPDC Ltd.		7,269,880,619		21,538,912,171		21,538,912,171		0			14,269,031,552
	KAFCO Japan Investment Co., Ltd.		2,436,204,983		2,496,210,503		2,496,210,503		0			60,005,520
	Nippon Amazon Aluminum Co., Ltd.		25,066,535,300		23,947,381,825		23,947,381,825		(84,912,049	)		0
	JAPAN ASEAN Women Empowerment Fund		6,040,658,393		6,216,101,725		6,216,101,725		0			175,443,332
	Ship Aichi Medical Service Limited		748,809,600		684,375,349		684,375,349		(33,295,973	)		0
	Total		51,469,675,454		76,088,813,760		76,088,813,760		(118,208,022	)		28,561,015,486
Other      investment       securities	Type and name		Acquisition cost		Fair value		Balance sheet amount		Valuation difference recognized in the Statement of Income of the period			Valuation difference on available-for-sale securities		Remarks
	Prototype Carbon Fund		1		-		1		0			0
	The First MicroFinanceBank Ltd.		218,880,000		-		172,992,000		0			(45,888,000	)
	Myanmar Japan Thilawa Development Ltd.		321,372,900		-		297,564,300		0			(23,808,600	)
	Gojo & Company, Inc.		999,997,307		-		999,997,307		0			0
	WASSHA Inc.		29,203,406		-		29,203,406		0			0
	MGM Sustainable Energy Fund L.P.		944,002,674		-		1,103,370,674		165,533,921			(6,165,921	)
	Asia Climate Partners LP		399,958,824		-		0		(399,958,824	)		0		The amount of valuation difference recognized in the Statement of Income of the period includes the amount of loss on liquidation of investment securities.
	IFC Middle East and North Africa Fund, LP		493,525,564		-		339,982,650		(155,765,155	)		2,222,241
	MGM Sustainable Energy Fund II L.P.		1,186,286,977		-		1,269,208,274		50,070,566			32,850,731
	I&P Afrique Entrepreneurs II LP		230,480,185		-		137,361,597		(100,240,286	)		7,121,698
	WWB Capital Partners II, L.P.		169,478,468		-		146,053,387		(30,815,587	)		7,390,506
	Covid-19 Emerging and Frontier Markets MSME Support Fund		2,054,847,000		-		2,149,075,500		0			94,228,500
	Total		7,048,033,306		-		6,644,809,096		(471,175,365	)		67,951,155
Total      balance       sheet      amount							82,733,622,856

* Acquisition cost of other securities related to the investment to investment limited partnership and other equivalent funds includes the amount equivalent to JICA’s percentage share of the accumulated profit/loss amount for the previous term.

F-62

(3) Details of loans

(Unit: Yen)
Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period				Balance at the end of the period		Remarks
					Collection, etc.		Write-off
Loans		12,614,846,099,374		1,427,731,671,588		700,868,046,559		0		13,341,709,724,403
Claims probable in bankruptcy, claims probable in rehabilitation, and other		87,062,884,239		0		0		0		87,062,884,239
Total		12,701,908,983,613		1,427,731,671,588		700,868,046,559		0		13,428,772,608,642

F-63

(4) Details of borrowings

(Unit: Yen)

Classification

Balance at the beginning of the period

Increase during the period

Decrease during the period

Balance at the end of the period

Average interest rate (%)

Maturity date

Remarks

Borrowings from government fund for Fiscal Investment and Loan Program

2,069,182,358,000

667,500,000,000

113,930,372,000

2,622,751,986,000 (104,069,412,000)

0.468

April 2021- January 2060

* Figures in parentheses (    ) indicate the amount of borrowings repayable within one year.

F-64

(5) Details of bonds

(Unit: Yen)   

Security name	Balance at the beginning of  the period		Increase during the period		Decrease during the period		Translation  Adjustments		Balance at the end of  the period		Coupon  (%)		Maturity date	Remarks
FILP Agency Bonds
FILP Agency Bonds (1st)		30,000,000,000		0		0		—		30,000,000,000 (                    0)		2.470	September 2028
FILP Agency Bonds (2nd)		30,000,000,000		0		0		—		30,000,000,000 (                    0)		2.341	June 2029
FILP Agency Bonds (3rd)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		2.134	December 2029
FILP Agency Bonds (4th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		2.079	June 2030
FILP Agency Bonds (5th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		1.918	September 2030
FILP Agency Bonds (6th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		2.098	December 2030
FILP Agency Bonds (7th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		1.991	June 2031
FILP Agency Bonds (8th)		15,000,000,000		0		0		—		15,000,000,000 (                    0)		1.554	September 2026
FILP Agency Bonds (9th)		5,000,000,000		0		0		—		5,000,000,000 (                    0)		2.129	September 2041
FILP Agency Bonds (11th)		10,000,000,000		0		0		—		10,000,000,000 (10,000,000,000)		1.140	December 2021
FILP Agency Bonds (12th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.901	June 2022
FILP Agency Bonds (13th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.752	June 2032
FILP Agency Bonds (14th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.825	September 2022
FILP Agency Bonds (15th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.724	September 2032
FILP Agency Bonds (17th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.720	December 2022
FILP Agency Bonds (18th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.868	June 2023
FILP Agency Bonds (19th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.725	June 2033
FILP Agency Bonds (20th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.787	September 2023
FILP Agency Bonds (21st)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.734	September 2033
FILP Agency Bonds (23rd)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.684	February 2024
FILP Agency Bonds (24th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.655	June 2024
FILP Agency Bonds (25th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.520	June 2034
FILP Agency Bonds (26th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.588	September 2024
FILP Agency Bonds (27th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.451	September 2034
FILP Agency Bonds (29th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.583	June 2025
FILP Agency Bonds (30th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.299	June 2035
FILP Agency Bonds (31st)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.530	September 2025
FILP Agency Bonds (32nd)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.212	September 2035
FILP Agency Bonds (33rd)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		1.130	December 2035
FILP Agency Bonds (34th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.245	February 2026
FILP Agency Bonds (35th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.080	June 2026
FILP Agency Bonds (36th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.313	June 2036
FILP Agency Bonds (37th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		0.100	September 2026
FILP Agency Bonds (38th)		15,000,000,000		0		0		—		15,000,000,000 (                    0)		0.590	September 2046
FILP Agency Bonds (39th)		5,000,000,000		0		0		—		5,000,000,000 (                   0)		0.744	February 2037
FILP Agency Bonds (40th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.220	June 2027
FILP Agency Bonds (41st)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.602	June 2037
FILP Agency Bonds (42nd)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		0.597	September 2037
FILP Agency Bonds (43rd)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		0.625	December 2037
FILP Agency Bonds (44th)		15,000,000,000		0		0		—		15,000,000,000 (                    0)		0.200	June 2028
FILP Agency Bonds (45th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.559	June 2038
FILP Agency Bonds (46th)		20,000,000,000		0		0		—		20,000,000,000 (                    0)		0.664	September 2038
FILP Agency Bonds (47th)		15,000,000,000		0		0		—		15,000,000,000 (                    0)		0.636	December 2038
FILP Agency Bonds (48th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.059	June 2029
FILP Agency Bonds (49th)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.333	June 2039
FILP Agency Bonds (50th)		12,000,000,000		0		0		—		12,000,000,000 (                    0)		0.055	September 2029
FILP Agency Bonds (51st)		18,000,000,000		0		0		—		18,000,000,000 (                    0)		0.538	December 2049
FILP Agency Bonds (52nd)		10,000,000,000		0		0		—		10,000,000,000 (                    0)		0.055	March 2030
FILP Agency Bonds (53rd)		0		10,000,000,000		0		—		10,000,000,000 (                    0)		0.160	June 2030
FILP Agency Bonds (54th)		0		13,000,000,000		0		—		13,000,000,000 (                    0)		0.445	June 2040
FILP Agency Bonds (55th)		0		10,000,000,000		0		—		10,000,000,000 (                    0)		0.150	September 2030
FILP Agency Bonds (56th)		0		12,000,000,000		0		—		12,000,000,000 (                    0)		0.459	September 2040
FILP Agency Bonds (57th)		0		10,000,000,000		0		—		10,000,000,000 (                    0)		0.130	December 2030
FILP Agency Bonds (58th)		0		5,000,000,000		0		—		5,000,000,000 (                    0)		0.420	December 2040
Subtotal		630,000,000,000		60,000,000,000		0		—		690,000,000,000 (10,000,000,000)

F-65

Continued from previous page

Security name

Balance at the beginning of  the period

Increase during the period

Decrease during the period

Translation Adjustments

Balance at the end of  the period

Coupon  (%)

Maturity date

Remarks

Government-guaranteed bonds

Japan International Cooperation Agency Government-guaranteed bonds (2nd)

52,665,400,000 [$500,000,000]

0 [                $0]

0 [                $0]

450,400,000

53,115,800,000 [$500,000,000] (                  0)

2.125

October 2026

Japan International Cooperation Agency Government-guaranteed bonds (3rd)

54,179,950,000 [$500,000,000]

0 [                $0]

0 [                $0]

788,200,000

54,968,150,000 [$500,000,000] (                  0)

2.750

April 2027

Japan International Cooperation Agency Government-guaranteed bonds (4th)

54,233,950,000 [$500,000,000]

0 [                $0]

0 [                $0]

788,200,000

55,022,150,000 [$500,000,000] (                  0)

3.375

June 2028

Japan International Cooperation Agency Government-guaranteed bonds (5th)

0 [$0]

53,703,500,000 [$500,000,000]

0 [                $0]

1,401,000,000

55,104,500,000 [$500,000,000]

1.000

July 2030

Subtotal

161,079,300,000 [$1,500,000,000]

53,703,500,000 [$500,000,000]

0 [                $0]

3,427,800,000

218,210,600,000 [$2,000,000,000] (                  0)

Total

791,079,300,000

113,703,500,000

0

3,427,800,000

908,210,600,000 (10,000,000,000)

* Figures in parentheses indicate the amount of bonds redeemable within one year. The amount in [    ] is denominated in a foreign currency.

F-66

(6) Details of provisions

											(Unit: Yen)
Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period				Balance at the end of the period		Remarks
					Intended use		Others
Provision for bonuses		336,838,488		340,773,166		336,838,488		0		340,773,166
Provision for contingent losses		2,042,877,932		2,889,391,466		0		2,042,877,932		2,889,391,466
Total		2,379,716,420		3,230,164,632		336,838,488		2,042,877,932		3,230,164,632

* Decrease during the period (Others) for the provision for contingent losses indicates the amount of reversal of the provision after revaluation, etc.

F-67

(7) Details of allowance for loan losses, etc.

													(Unit: Yen)
Classification	Balance of loans, etc.						Balance of allowance for loan losses						Remarks
	Balance at the beginning of the period		Increase or decrease during the period		Balance at the end of the period		Balance at the beginning of the period		Increase or decrease during the period		Balance at the end of the period
Loans		12,614,846,099,374		726,863,625,029		13,341,709,724,403		142,052,753,983		34,309,800,450		176,362,554,433
Claims probable in bankruptcy, claims probable in rehabilitation, and other		87,062,884,239		0		87,062,884,239		87,062,884,239		0		87,062,884,239
Total		12,701,908,983,613		726,863,625,029		13,428,772,608,642		229,115,638,222		34,309,800,450		263,425,438,672

* The standard for the accrual of allowance for loan losses is described in No. 4 of Significant Accounting Policies.

F-68

(8) Details of provision for retirement benefits

										(Unit: Yen)
Classification	Balance at the beginning of the period		Increase during the period			Decrease during the period		Balance at the end of the period		Remarks
Total retirement benefit obligations		6,495,427,271		422,482,575			376,713,019		6,541,196,827
Retirement benefits		3,655,415,133		296,053,501			278,403,469		3,673,065,165
Defined benefit corporate pension plan		2,840,012,138		126,429,074			98,309,550		2,868,131,662
Unrecognized past service cost and unrecognized actuarial differences		0		0			0		0
Plan assets		2,269,775,603		528,873,392			98,309,550		2,700,339,445
Provision for retirement benefits		4,225,651,668		(106,390,817	)		278,403,469		3,840,857,382

F-69

(9) Details of asset retirement obligations

									(Unit: Yen)
Classification	Balance at the beginning of the period		Increase during the period		Decrease during the period		Balance at the end of the period		Remarks
Obligation of restoration to original state based on building lease agreement		70,374,150		35,237,409		1,409		105,610,150	Specified expenses in Accounting Standards for Incorporated Administrative Agencies No. 91: None

F-70

(10) Details of liabilities for guarantee

									(Unit: Yen)
Classification	Balance at the beginning of         the period		Increase during         the period		Decrease during         the period		Balance at the end of the     period		Remarks
	Number         of bonds	Amount	Number         of bonds	Amount	Number         of bonds	Amount	Number         of bonds	Amount
FILP Agency Bonds (Public offering)	2	40,000,000,000	0	0	1	20,000,000,000	1	20,000,000,000

* JICA is jointly liable for obligations arising from the above bonds issued by the former Japan Bank for International Cooperation which was succeeded by the Japan Bank for International Cooperation.

F-71

(11) Details of remunerations and salaries of officers and employees

	(Unit: Thousands of yen, persons)
Classification	Remunerations or salaries				Retirement benefits
	Payment amount		Number of people		Payment amount		Number of people
Officers		52,775		13		2,588		2
Employees		4,447,106		1,960		293,383		133
Total		4,499,881		1,973		295,971		135

(Notes)	1. Payment standard of remunerations and retirement benefits to officers Remunerations and retirement benefits to officers are paid based on “Rules on Remuneration for Officers” and “Rules on Retirement Benefits for Officers” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.
	2. Payment standard of salaries and retirement benefits to employees Salaries and retirement benefits to employees are paid based on “Rules on Salaries for Employees” and “Rules on Retirement Benefits for Employees” in place for Incorporated Administrative Agency - Japan International Cooperation Agency.
	3. Number of people As for the number of people to whom remunerations or salaries are paid, the average number of JICA officers or employees during the period is used.
	4. Others There are no part-time officers or employees classified as external members.

F-72

(12) Details of main assets, liabilities, and expenses, other than those mentioned above

Operating and administrative expenses	(Unit: Yen)
Classification	Amount
Operating expenses	5,078,216,184
Information system-related expenses	2,248,103,306
Rent expenses on real estate	891,722,760
Travelling and transportation expenses	498,165,251
Other expenses	2,891,937,093
Total	11,608,144,594

F-73

(13) Details of affiliated companies

Corporation type and name	(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)				(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)
Items	KAFCO Japan Investment Co., Ltd.				Karnaphuli Fertilizer Company Limited
Outline of operations	Production of urea and ammonia in Chittagong, People’s Republic of Bangladesh				Production of urea and ammonia in Chittagong, People’s Republic of Bangladesh
Name of officers	Number of officers: 9 President and CEO: Hiroshi Nakagawa Executive Vice President: Ken Odajima (Deputy Director of Southeast Asia and Oceania of JICA, Seconded) Auditor: Hironobu Takahashi (Senior Assistant Director of Private Sector Partnership and Finance Department of JICA, Seconded)				-
Association chart on transactions between affiliated companies and JICA
		JICA		KAFCO Japan Investment Co., Ltd.		JICA		KAFCO Japan Investment Co., Ltd.
			(Equity Investment)				(Equity Investment)		(Equity Investment)
							Karnaphuli Fertilizer Company Limited
Assets	¥6,739,878,525
Liabilities	¥52,077,627
Capital	¥5,023,900,000
Retained earnings	¥1,663,900,898
Operating revenues	¥1,430,814,249
Ordinary (loss) income	¥1,308,346,245
Net (loss) income	¥1,164,054,820
Unappropriated (loss) income for the current fiscal year	¥1,164,826,672
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.	•  Number of company shares owned by JICA: 46,606 shares •  Acquisition cost: ¥2,436,204,983 •  Balance sheet amount: ¥2,496,210,503 (An increase of ¥60,005,520 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the production of urea and ammonia by the company •  Date of the initial investment: July 27, 1990				•  Number of company shares owned by JICA: - •  Acquisition cost: - •  Balance sheet amount: - •  Legal basis: - •  Applicable provision of the act: - •  Purpose of investment: - •  Date of the initial investment: -
Details of receivables and payables	N/A				-
Details of debt guarantee	N/A				-
Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	N/A				-
	(Note)   The above amount pertains to the period from September 1, 2019, through August 31, 2020.

F-74

Corporation type and name	(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)				(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)
Items	Nippon Amazon Aluminum Co., Ltd.				SPDC Ltd.
Outline of operations	Production of alumina and smelting ammonium in the State of Para, Federative Republic of Brazil				Production and sales of ethylene glycol and other petrochemical products in the Al Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia
Name of officers	Number of officers: 14 President and CEO: Kenji Kobayashi Auditor: Masatomo Ogane (Expert for Viet Nam, JICA, Seconded)				Number of officers: 18 President and CEO: Tsuyoshi Hagiwara Managing Director: Hajime Takeuchi (Director General of Latin America and the Caribbean Department of JICA, Seconded)
Association chart on transactions between affiliated companies and JICA
				Nippon Amazon Aluminum Co., Ltd
		JICA				JICA		SPDC Ltd.
			(Equity Investment)				(Equity Investment)
Assets	¥53,629,166,530				¥88,854,089,321
Liabilities	¥314,634,400				¥21,147,782,733
Capital	¥55,285,400,000				¥14,200,000,000
Retained earnings	(¥1,970,867,870)				¥53,506,306,588
Operating revenues	¥579,910,726				¥10,475,716,459
Ordinary (loss) income	(¥187,831,383)				¥9,078,853,798
Net (loss) income	(¥189,041,383)				¥8,177,125,268
Unappropriated (loss) income for the current fiscal year	(¥3,761,334,870)				¥31,456,306,588
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.	•  Number of company shares owned by JICA: 496,652,800 shares •  Acquisition cost: ¥25,066,535,300 •  Balance sheet amount: ¥23,947,381,825 (A decrease of ¥84,912,049 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the smelting of alumina and aluminum •  Date of the initial investment: August 29, 1978				•  Number of company shares owned by JICA: 2,107,500 shares •  Acquisition cost: ¥7,269,880,619 •  Balance sheet amount: ¥21,538,912,171 (An increase of ¥14,269,031,552 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the manufacturing of ethylene glycol and other petrochemical products •  Date of the initial investment: June 17, 1981
Details of receivables and payables	N/A				N/A
Details of debt guarantee	N/A				N/A
Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	N/A				N/A
	(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.				(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.

F-75

Corporation type and name	(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)					(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)
Items	Eastern Petrochemical Company					Sumatra Pulp Corporation
Outline of operations	Production and sales of ethylene glycol and other petrochemical products in the Al Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia					Construction of a pulp mill to manufacture wood pulp from afforested acacia mangium, and production and sale of wood pulp in Muara Enim, South Sumatra, Republic of Indonesia
Name of officers	-					Number of officers: 6 President and CEO: Takahiro Horita Executive Vice President: Hironobu Takahashi (Senior Assistant Director of Private Sector Partnership and Finance Department of JICA, Seconded) Auditor: Tsutomu Kudo (Senior Deputy Director General of Private Sector Partnership and Finance Department of JICA, Concurrent position)
Association chart on transactions between affiliated companies and JICA
		JICA		SPDC Ltd.			JICA		Sumatra Pulp Corporation
			(Equity Investment)		(Equity Investment)			(Equity Investment)
			Eastern Petrochemical Company
Assets						¥22,479,409
Liabilities						¥797,203,462
Capital						¥100,000,000
Retained earnings						(¥874,724,053)
Operating revenues						¥63,996,352
Ordinary (loss) income						(¥29,115,953)
Net (loss) income						(¥29,295,953)
Unappropriated (loss) income for the current fiscal year						(¥874,724,053)
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.	•  Number of company shares owned by JICA: - •  Acquisition cost: - •  Balance sheet amount: - •  Legal basis: - •  Applicable provision of the act: - •  Purpose of investment: - •  Date of the initial investment: -					•  Number of company shares owned by JICA: 114,032 shares •  Acquisition cost: ¥2,758,289,455 •  Balance sheet amount: ¥1 (No changes from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the pulp manufacturing business •  Date of the initial investment: April 21, 1995
Details of receivables and payables	-					N/A
Details of debt guarantee	-					N/A
Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	-					N/A
						(Note)   The above amount pertains to the period from April 1, 2019, through March 31, 2020.

F-76

Corporation type and name	(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)				(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)
Items	Japan Saudi Arabia Methanol Co., Inc.				JSMC PANAMA S.A.
Outline of operations	Production of methanol in the Al-Jubail Industrial Area, Eastern Province of Kingdom of Saudi Arabia				Transportation of methanol business
Name of officers	Number of officers: 12 Chairman: Nariyuki Nagaoka Managing Director and General Manager of the General Affairs Department: Hideyuki Maruoka (Senior Deputy Director General of Infrastructure Engineering Department of JICA, Seconded) Full-time auditor: Yasuo Fujita (Deputy Director of the Institute of JICA, Seconded)				-
Association chart on transactions between affiliated companies and JICA
		JICA		Japan Saudi Arabia         Methanol Co., Inc.		JICA		Japan Saudi Arabia              Methanol Co., Inc.
			(Equity Investment)				(Equity Investment)		(Equity Investment)
							JSMC PANAMA S.A.
Assets	¥155,369,933,369
Liabilities	¥85,390,687,154
Capital	¥2,310,000,000
Retained earnings	¥67,950,835,215
Operating revenues	¥26,378,869,426
Ordinary (loss) income	¥727,955,187
Net (loss) income	¥3,056,282,736
Unappropriated (loss) income for the current fiscal year	¥65,221,824,507
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.	•  Number of company shares owned by JICA: 1,386,000 shares •  Acquisition cost: ¥7,149,297,104 •  Balance sheet amount: ¥21,205,832,186 (An increase of ¥14,056,535,082 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the methanol manufacturing business •  Date of the initial investment: December 17, 1979				•  Number of company shares owned by JICA: - •  Acquisition cost: - •  Balance sheet amount: - •  Legal basis: - •  Applicable provision of the act: - •  Purpose of investment: - •  Date of the initial investment: -
Details of receivables and payables	N/A				-
Details of debt guarantee	N/A				-
Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	N/A				-
	(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.

F-77

Corporation type and name	(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)				(Affiliated companies pursuant to Paragraph 2 (2), Article 120 of the Accounting Standards for Incorporated Administrative Agencies)
Items	JAPAN ASEAN Women Empowerment Fund				Ship Aichi Medical Service Limited
Outline of operations	Investment and / or loan to Microfinance Institutes for empowerment of women in ASEAN countries				Establishment and operation of a private general hospital in Dhaka, People’s Republic of Bangladesh
Name of officers	Number of officers: 3 Chairperson:         Peter Fanconi Director:               Christophe Grünig Director:               Tetsuro Uemae				Number of officers: 9 Executive Chairman: Dr. Moazzem Hossain Director: Yuho Hayakawa (Chief Representative of JICA Bangladesh Office, Concurrent position)
Association chart on transactions between affiliated companies and JICA
		JICA		JAPAN ASEAN Women Empowerment Fund		JICA		Ship Aichi Medical Service Limited
			(Equity Investment)				(Equity Investment)
Assets	¥23,861,931,683				¥6,675,681,169
Liabilities	¥1,107,291,592				¥2,529,099,811
Capital	¥22,680,094,159				¥4,493,180,250
Retained earnings	¥74,545,931				(¥346,598,892)
Operating revenues	¥1,311,959,667				¥86,975,176
Ordinary (loss) income	¥888,419,260				(¥270,122,161)
Net (loss) income	¥888,419,260				(¥274,892,151)
Unappropriated (loss) income for the current fiscal year	¥74,545,931				(¥346,598,892)
Number of company shares owned by JICA, acquisition cost, balance sheet amount, etc.	•  Number of company shares owned by JICA: 5,623.44 shares •  Acquisition cost: ¥6,040,658,393 •  Balance sheet amount: ¥6,216,101,725 (An increase of ¥1,089,328,725 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the fund •  Date of the initial investment: October 21, 2016				•  Number of company shares owned by JICA: 560,000 shares •  Acquisition cost: ¥748,809,600 •  Balance sheet amount: ¥684,375,349 (A decrease of ¥33,295,973 from the end of the previous fiscal year) •  Legal basis: Item 2 (b), Paragraph 1, Article 13 of the Act of the Incorporated Administrative Agency - Japan International Cooperation Agency •  Applicable provision of the act: To lend a person designated by the Minister for Foreign Affairs, such as an organization like a juridical person in Japan or the Developing Area, the funds required for the execution of their Development Projects or making capital contributions to such persons where there is a special necessity in order to effectuate Development Projects. •  Purpose of investment: Capital contribution to the establishment and operation of a private general hospital •  Date of the initial investment: May 22, 2019
Details of receivables and payables	N/A				N/A
Details of debt guarantee	N/A				N/A
Amounts and ratios in relation to gross sales, order placement by JICA, etc. (Amounts and ratios of competitive contracts, planning competitions and public selections, and non-competitive negotiated contracts)	N/A				N/A
	(Note)   The above amount pertains to the period from January 1, 2020, through December 31, 2020.				(Note)   The above amount pertains to the period from July 1, 2019, through June 30, 2020.

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