Regulations for Loans by the International Cooperation and Development Fund Article 5

A loan may be entirely financed by the Fund or partly financed thereby through cofinancing arrangements.The cofinancing arrangements prescribed in the preceding paragraph refer to loans that are extended directly or indirectly to borrowers prescribed in the preceding article by the Fund jointly with intergovernmental organizations, international non-governmental organizations, or foreign entities or groups.An indirect loan as prescribed in the preceding paragraph shall refer to a situation where the Fund cooperates for co-financing with intergovernmental organizations, international non-governmental organizations or foreign entities or groups either by extending loans to such organizations, entities or groups for them to on-lend the loan proceeds to the borrowers or by participating in the risk of such organizations, entities or groups when they extend loans to the borrowers.