Chennai Metro 2-I gets Y75.519bn
Japan and India have signed and exchanged Notes and Loan Agreements as part of the Japanese’s funding aid for the three projects.
The signing on 21 Dec 2018 were for Japanese official development assistance loan for (i) Chennai Metro Project (Phase 2-I) for JPY75.519 billion, (ii) Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) in India for JPY15.000 billion and (iii) Project for Dairy Development for JPY 14.978 billion.
The Government of Japan has committed Japan International Cooperation Agency (JICA) Official Development Assistance totalling Yen105.497 billion (Rs.6,668.46 crore approximately).
Japanese Ambassador Kenji Hiramatsu and Dr. C. S. Mohapatra, Additional Secretary, Department of Economic Affairs, signed the notes and agreement in Delhi.
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. The project would eventually lead to balanced regional development and enhancement of metropolitan atmospheric environmental condition in Chennai Metropolitan Area.
The Program for Japan-India Cooperative Actions towards SDGs aims to contribute to promotion of SDGs especially in social development by supporting the efforts by the Indian Government to strengthen policy framework and implementation mechanism.
The 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.
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. fiinews.com
