The Japanese government has committed to lend an amount of approximately Rs.14,251
The Dollar Business Bureau
The Japanese government has committed to lend an amount of approximately Rs.14,251 crore (JPY 242.2 billion) to India under the official loan development assistance (ODA). The notes for the same were exchanged between Mr. Kenji Hiramatsu, Ambassador of Japan to India and Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of India. The ODA loan assistance has been confined to assist loans for various projects in India - The Transmission System Strengthening Project in Madhya Pradesh for JPY 15.45 billion, North East Road Network Connectivity Improvement Project for JPY 67.1 billion; Odisha’s integrated sanitation improvement for JPY 25.7 billion and the Jharkhand Horticulture Intensification by Micro Drip Irrigation Project for JPY 4.65 billion are the projects that ODA is committed to. In the current year the Government of Japan has committed to a total of JPY 390 billion. Since 1958, India and Japan have been in a mutually beneficial economic understanding, where they aided each other in the development of their economies. However, in the last few years the cooperation between the two has strengthened and developed into a strategic partnership. With political agreements and support for significant cooperation between both the countries, the partnership is confident of a new future.
March 31, 2016 | 05:00pm IST