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OECF Japan renamed

LAHORE: Overseas Economic Cooperation Fund (OECF) of Japan has been renamed as Japan Bank for International Cooperation (JABIC) and with that there has been noticeable shift in its policy towards countries seeking financial assistance.

The bank sources said that with the change in name, JABIC will also follow the World Bank line by asking for macro-economic policy outlines and other parametres before making any commitment.

So far, the institution limited its interest only to the objectives and other details of the development projects while deciding matters relating to financial assistance to the countries.

Japan is one of the leading donor countries involved in Pakistan's development efforts and most of its aid to Pakistan was channeled through the OECF.-Fortuna