India gets Rs 8582 cr from Japan for infra projects

New Delhi, May 9 (UNI) India's economic ties with Japan got a big boost in 2007-08 with the latter commiting to provide Rs 8,582 crore for nine infrastructure projects in the country.

Of this highest-ever official development assistance (ODA) by Japan to India, up 22 per cent from the previous year, Rs 3,500 crore were disbursed in 2007-08, an increase of 70 per cent over the disbursement made in 2006-07, finance ministry said in a statement today.

Nine ODA-funded projects include Kolkata Metro and Phase-II of Delhi Metro.

Besides, the two governments are also negotiating for Delhi-Mumbai dedicated freight corridor along with industrial corridor between the two cities and Chennai Metro. The corridor between two metros will require about 100 billion dollars.

The two countries have also signed currency swap agreement to meet any short-term liquidity, thus further deepening economic relations between two countries.

The depth of relationship achieved another milestone with the setting up of high level policy dialogue on economic development and India-Japan strategic dialogue on economic issues. These two forums will meet every year.

UNI SAA AK KN1804