Chennai Ring Road funding
The Japanese Official Development Assistance Loan Program is supporting two projects in India with a loan of Rs.3,420 crore.
The first project is the Construction of Chennai Peripheral Ring Road (Phase 1) which aims to meet increasing traffic demands in Chennai metropolitan area by constructing the Chennai Peripheral Ring Road (Section 1) and installing Intelligent Transport Systems, thereby contributing to mitigation of Traffic Congestion and promoting Regional Economic Development.
It is for JPY 40.074 billion (Rs.2470 Crore approx.), said the Finance Ministry in a release on 18 Jan 2019.
The second is a Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India for JPY 15.000 billion (Rs.950 Crore approx.).
The Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) 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 the Policy Framework and Implementation Mechanism, thereby supporting India in achieving SDGs by 2030.
The Loan Agreements were signed by Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs in the Ministry and Katsuo Matsumoto, Chief Representative, JICA, in New Delhi 18 Jan 2019.
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
