Japan commits 371 bn yen assistance for infra projs in India

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Japan commits 371 bn yen assistance for infra projs in India

New Delhi, Mar 31 (PTI) Japan has committed an “official development assistance” of 371.345 billion yen (about Rs 21,590 crore) under 2016-2017 for various infrastructure projects, including the dedicated freight corridor, in India.

The notes in this regard were exchanged here today between S Selvakumar, Joint Secretary, Department of Economic Affairs; and Kenji Hiramatsu, Ambassador of Japan to India, according to a finance ministry statement.

Total commitment of JICA ODA during two financial years 2015-16 and 2016-17 is 761.40 billion yen, which is 43.50 per cent of the total target for five years, it said.

For FY 2016-17, the ODA loan assistance has been committed to several projects including Mumbai Trans Harbour Link Project (JPY 144.795 billion), Dedicated Freight Corridor Project (Procurement of Electric Locomotives) (JPY 108.456 billion) and Eastern Peripheral Expressway Intelligent Transport System (ITS) Installation Project (JPY 6.87 billion).

The Mumbai Metropolitan Region Development Authority (MMRDA), a State Government entity, has been allowed to borrow directly from Japan International Cooperation Agency (JICA) Official Development Assistance (ODA) loan for Mumbai Trans Harbour Link (MTHL) project.

The estimated project cost for Mumbai Trans-Harbour Link (MTHL) is Rs.17,854 crore, out of which JICA loan portion is expected to be Rs 15,109 crore.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958, it said.

In the last few years, the economic partnership between India and Japan has steadily progressed, it said, adding, this further consolidates and strengthens the Strategic and Global Partnership between India and Japan.

This is published unedited from the PTI feed.