Japan-India co-operative actions enlarge the loan assistance of Rs 6668.46 crores citing three Indian projects

NewsBharati    21-Dec-2018
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New Delhi, December 21: India and Japan today signed the two significant loan agreements extending the cooperation amidst leading to the infrastructural and social development of India. The Indian Ministry of Finance, represented by the assistant secretary Dr.C.S. Mohapatra, and Kenji Hiramatsu being Ambassador of Japan to India, exchanged currency as a base for the development assistance loan citing the three important projects in India. The Government of Japan has committed JICA Official Development Assistance totalling Yen 105.497 billion (=Rs.6668.46 crore approx.) for the three Indian projects.
The three Indian projects hailed by the JICA are Chennai Metro Project, Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India and Project for Dairy Development, counting to Japanese Yen 75.519 billion, 15.000 billion and 14.978 billion respectively.
 
Japan International Cooperation Agency (JICA) is actively providing assistance to construct infrastructure as well as poverty alleviation in India. “India is a big country with a population of 1.2 billion and the world's fourth largest GNI. While its rapid economic growth, enormous amount of investment is still necessary for development of infrastructure such as roads, railways and other urban transportation systems, power, water supply and sewerage. India also must take measures to reduce poverty for huge population living under poverty line.”, JICA said explaining it’s objectives.
 
Meanwhile two loan agreements between India and Japan were signed and authorised for the Chennai Metro Project (Phase 2) (I) and the project for Dairy Development. The Chennai Metro Project (Phase 2)(I) aims to meet growing traffic demand by building Mass Rapid Transit System, to mitigate worsening road traffic and pollution and eventually lead to balanced regional development and enhancement of metropolitan atmospheric environmental condition in Chennai Metropolitan Area.
 
Whereas the Project for Dairy Development aims to increase sales of milk and dairy products by increasing farmers' access to organised market, upgrading dairy processing facilities and marketing infrastructure and enhancing the capacity of producers owned institutions, thereby contributing to increase in returns to milk producers in the project area.
 
“The Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India aims to contribute to promotion of SDGs in India especially in social development by supporting the efforts by the Government of India to strengthen policy framework and implementation mechanism, thereby supporting India in achieving SDGs by 2030.”, reported the statement.
 
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has steadily progressed. This further consolidates and strengthens the Strategic and Global Partnership between India and Japan.