Japan commits official development assistance loan of JPY 232.209 bn for nine projects across various sectors in India
Feb 20, 2024
New Delhi [India], February 20 : The Government of Japan has pledged Official Development Assistance (ODA) loan assistance totaling Japanese Yen (JPY) 232.209 billion for nine projects spanning various sectors in India.
According to a press release by the Ministry of Finance, the exchange of notes cementing this commitment took place today between Vikas Sheel, Additional Secretary of the Department of Economic Affairs, Ministry of Finance, and Suzuki Hiroshi, Ambassador of Japan to India.
The ODA loan assistance has been allocated to the following projects:
North East Road Network Connectivity Improvement Project (Phase 3) (Tranche II): Dhubri-Phulbari Bridge (JPY 34.54 billion)
North East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-Goeragre Section) (JPY 15.56 billion)
Project for Promoting Start-up and Innovation in Telangana (JPY 23.7 billion)
Project for the Construction of Chennai Peripheral Ring Road (Phase 2) (JPY 49.85 billion)
Project for Promoting Sustainable Horticulture in Haryana (Tranche I) (JPY 16.21 billion)
Project for Climate Change Response and Ecosystem Services Enhancement in Rajasthan (JPY 26.13 billion)
Project for the Establishment of the Medical College Hospital at Nagaland Institute of Medical Sciences and Research, Kohima (JPY 10 billion)
Project for the Improvement of Urban Water Supply System in Uttarakhand (JPY 16.21 billion)
Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40 billion)
These projects span a wide range of sectors and regions across India, demonstrating Japan's commitment to supporting India's development goals, read the press release.
The road network connectivity projects aim to enhance infrastructure development in the North East region, while the Chennai Peripheral Ring Road project seeks to alleviate traffic congestion and strengthen connections in Tamil Nadu.
The initiative in Nagaland will bolster tertiary-level medical service delivery, contributing to universal health coverage, while the project in Telangana will foster entrepreneurship and innovation, particularly among women and rural populations, read the presss release.
Moreover, the project in Haryana aims to promote sustainable horticulture and improve farmers' income through crop diversification and infrastructure development.
The initiative in Rajasthan focuses on enhancing ecosystem services through afforestation and biodiversity conservation, while the project in Uttarakhand aims to provide stable water supply to urban towns, read the press release.
Lastly, the Dedicated Freight Corridor project will modernise the intermodal logistics system, enabling the handling of increased freight traffic.
The exchange of notes underscores the longstanding and mutually beneficial partnership between India and Japan, which dates back to 1958, read the release.
This cooperation, particularly in the economic sphere, has witnessed significant progress in recent years. The implementation of these crucial projects will further strengthen the strategic and global partnership between the two countries, fostering sustainable development and prosperity in the region.
