Japan commits Rs8632 crore loan for 7 projects
Japan has committed Rs8632 crore loan package to fund seven projects in India. Both the countries exchanged notes worth Yen 155.549 billion (about Rs8632 crore) at a simple ceremony in New Delhi. The loan commitment is for the second batch of FY 2010 JICA (Japan Interaction Cooperation Agency) ODA (Official Development Assistance).
The fund will be utilised for the following projects:
• Andhra Pradesh High Voltage Distribution System Project (Power Sector): Rs1031.74 crore
• Madhya Pradesh Transmission System Modernization Project (Power Sector): Rs1024.36 crore
• Micro, Small and Medium Enterprises Energy Saving Project (Phase 2) (Financial Services Sector): Rs1665 crore
• New and Renewable Energy Development Project (Energy Sector): Rs1665 crore
• Bangalore Metro Rail Project (II) (Urban Transport Sector): Rs1100.67 crore
• Bihar National Highway Improvement Project (Road Sector): Rs1271.11 crore
• Rajasthan Forestry and Biodiversity Project (Phase2) (Forestry Sector): Rs874.06 crore
With this exchange of notes, the cumulative commitment of ODA from Japan has reached JPY 3320.369 billion. However, India continues to be the highest recipient of ODA from Japan.
India and Japan have had a long history of bilateral development cooperation since 1958. In the last few years, relations between India and Japan have steadily progressed based on India-Japan Global Partnership. The visits of the Indian Prime Minister to Japan in 2006, 2008 and 2010 and the visit of Japanese Prime Minister to India in 2007 and 2009 have further strengthened the India-Japan Global Partnership by adding greater substance to the bilateral relations based on India-Japan Global Partnership.