Monday, October 6, 2008

New Development Agency

In Japan, Sadako Ogata, the former UN High Commissioner for Refugees, received a huge influx of financial resources for her aid organization—the Japan International Cooperation Agency. The agency swallowed a government bank that offers grants and low-interest loans, effectively raising its available financial reservoirs by $10.3 billion. The amount, which is approximately 2.5 times that of USAID, makes it the world’s largest bilateral development agency. Ogata plans on collaborating with other aid agencies and nations to fight poverty and provide relief to crisis areas, such as Sudan, Afghanistan, and Iraq.