India & Japan Sign Loan Agreement For Railway Projects In India
Two Loan Agreements were signed between Dr C.S. Mohapatra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative, JICA, New Delhi on Japanese Official Development Assistance loan for Construction of Mumbai-Ahmedabad High Speed Rail Project (I) of Yen 89.457 billion (Rs.5591 crore approx.) and Kolkata East-West Metro Project (III) of Yen 25.903 billion (Rs.1619 crore approx.) [Exchange Rate: Yen 100 = Rs.62.50].
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.
The objective of the Mumbai-Ahmedabad High-Speed Rail Project (I) is to develop mass and high frequent transportation system by constructing high-speed rail between Mumbai and Ahmedabad with the use of Japanese high-speed rail technologies, thereby improving the connectivity in India.
The objective of the Kolkata East-West Metro Project (III) is to cope with the increase in traffic demand in Kolkata metropolitan area by extending the mass rapid transit system and improving urban environment through mitigation of traffic jams and a decrease of pollution caused by increasing motor vehicles.