India to get multibillion-dollar loan from Japan for infrastructure projects

Posted By: Staff
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New Delhi, Mar 29 (ANI): India is to get a loan of 105 billion rupees from Japan for six infrastructure projects, which also includes the second phase of the Delhi Mass Rapid Transport System.

In this regard, an MoU was signed between Alok Sheel, Joint Secretary, Department of Economic Affairs of India and Hideaki Domichi, Ambassador of Japan to India, here today.

The funds will be sanctioned during the next fiscal year 2010-11, and in 2011-12.

"I am pleased that we are here to sign the document for the Japanese Yen loan for the year 2009-10 and this year, the amount of the Yen loan would become 218 billion Japanese Yen (105 billion rupees). The loan includes the main loans for the Dedicated Freight Corridor for the Phase I," said Domichi.

Sheel said the collaboration would further enhance Japanese investment in India and help develop India's infrastructure and manufacturing capacity.

"We hope that India-Japan collaboration in the Dedicated Freight Corridor would substantially enhance Japanese investment in India and help develop infrastructure and manufacturing capacity of India. I am hopeful that it will fully leverage the ample availability of skilled human resource and public-private partnership police of the Government of India. Japanese collaboration in these projects will become a shining example of India-Japan partnership," said Sheel.

Further, 16.48 billion rupees would go towards Delhi Mass Rapid Transport System (phase II), 11.46 billion towards Kolkata East-West Metro Project, 29 million rupees towards Chennai Metro Project and 44.22 billion towards Dedicated Freight Corridor Project of Indian Railways.

In addition, 1.5 billion rupees would go towards Rengali Irrigation projects in Orissa and 2.6 billion rupees towards Sikkim Bio-Diversity Conservation and Forest Management Project.

With this exchange of notes between India and Japan, the cumulative commitment of Japan for the developmental projects in India would reach 1,558 billion rupees. (ANI)

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