JICA was established by the Law concerning the Independent Administrative Institution Japan International Cooperation Agency (Law No.136 of December 6, 2002). The current organization was formed on October 1, 2003 as outlined in the International Cooperation (Independent Governmental) Agency Act of 2002. Its predecessor, the (Japan) International Cooperation Agency (also known as "JICA"), was a semigovernmental organization under the jurisdiction of the Ministry of Foreign Affairs, formed in 1974. A major component of the comprehensive overhaul of Japan's ODA that the Japanese government (Diet) had decided on in November, 2006 is the merger in 2008 between JICA and that part of the Japan Bank for International Cooperation (JBIC) which currently extends concessional loans to developing countries.