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Japan extends Rs 12,814 crore loan for 9 infra projects in India

IANS | February 20, 2024 03:09 PM

NEW DELHI: The Goverment of Japan on Tuesday committed Official Development Assistance (ODA) loan to the tune of approximately Rs 12, 814 crore for nine projects across various sectors in India.

The notes for the agreement were exchanged between Vikas Sheel, Additional Secretary, Finance Ministry on behalf of India and Suzuki Hiroshi, Ambassador of Japan to India.

The nine projects, for which the ODA loan assistance has been committed to, are -- the North East Road Network Connectivity Improvement Project (Phase 3) (Tranche II): Dhubri-Phulbari bridge; the North East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-Goeragre section); the Project for Promoting Start-up and Innovation in Telangana; the Project for the Construction of Chennai Peripheral Ring Road (Phase 2); the Project for Promoting Sustainable Horticulture in Haryana (Tranche I); the Project for Climate Change Response and ecosystem Services Enhancement in Rajasthan; the Project for the Establishment of the Medical College Hospital at Nagaland Institute of Medical Sciences and Research, Kohima; the Project for the Improvement of Urban Water Supply System in Uttarakhand; and the Dedicated Freight Corridor Project (Phase 1) (Tranche V).

The road network connectivity projects aim to improve infrastructure development in India’s North East region, while the Chennai peripheral ring road project aims to alleviate traffic congestion and strengthen connections to the southern part of the state. The project in Nagaland will help develop tertiary level medical service delivery by developing a Medical College Hospital contributing towards universal health coverage, according to a Finance Ministry statement.

The assistance also covers a unique project in Telangana which will help discover entrepreneurial skills with focus on women and rural population and support business expansion of MSMEs.

In Haryana, the project will promote sustainable horticulture and improve farmer's income by promoting crop diversification and infrastructure development. The forestry project in Rajasthan will enhance ecosystem services through afforestation, forest and biodiversity conservation.

In the mountainous state of Uttarakhand, the project aims to provide stable water supply to urban towns. The fifth tranche of the Dedicated Freight Corridor project will help in construction of new dedicated freight railway system and bring about modernisation of intermodal logistics system enabling handling of increase freight traffic.

“Economic partnership, a key pillar of India-Japan relations has steadily progressed in the last few years. Exchange of Notes for these important projects will further strengthen the Strategic and Global Partnership between India and Japan, ” the Finance Ministry said.

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