Koreans to transfer technology for Super Communication Expressway
The Indian-South Korean Governments have signed an agreement for the Economic Development Cooperation Fund (EDCF) loan of Won245.081 billion (approx. Rs.1,495.68 crore) for the Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project.
The project is to enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System (ITMS) and traffic centre, to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS) and to establish a sustainable model of ITS and its O&M through transfer of technology from the Koreans.
South Korea was designated as India’s Official Development Assistance (ODA) partner for development cooperation in October, 2016.
This is the first project funded by EDCF loan by the Korean Government.
The bilateral relationship between the two countries was upgraded to ‘Special Strategic Partnership’ in the year 2015. This further consolidates and strengthens the Special Strategic Partnership between India and South Korea, said the Finance Ministry on 30 Nov 2022. fiinews.com
