NEW DELHI: The Japan government has committed an Official Development Assistance (ODA) loan of JPY 275.858 billion, which is around Rs 16, 420 crore, to India for four major projects across urban transport, healthcare and agriculture sectors, Ministry of Finance said on Friday.
The funding will support key infrastructure and development projects in states like Karnataka, Maharashtra and Punjab.
A major portion of the loan will go towards expanding metro rail networks in big cities. The Bengaluru Metro Rail Project (Phase 3) will receive JPY 102.480 billion to improve urban transport in Bengaluru.
The project aims to ease rising traffic congestion, improve connectivity and reduce pollution by promoting the use of public transport.
“This shall promote regional economic development, improve urban environment and eventually will mitigate climate change, through relief of traffic congestion and decrease of pollution caused by increasing motor vehicles, ” the ministry said.