These projects are to be implemented in the states of Punjab, Karnataka, and Maharashtra, according to an official release by the Ministry of Finance
The Notes were exchanged on March 24 between the two countries. Representational Pic
The Government of Japan has pledged an Official Development Assistance (ODA) loan of JPY 275.858 billion (around Rs 16,420 crore) to fund four major projects in India, spanning urban transport, healthcare, and agriculture sectors.
According to ANI, these projects are to be implemented in the states of Punjab, Karnataka, and Maharashtra, according to an official release by the Ministry of Finance.
The Notes were exchanged on March 24 between Alok Tiwari, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, and Keiichi Ono, the ambassador of Japan to India.
Key infrastructure and development projects to be backed by Japan
The projects include:
- Bengaluru Metro Rail Project (Phase 3) (I) – JPY 102.480 billion
- Mumbai Metro Line 11 Project (I) – JPY 92.400 billion
- Project for Strengthening Tertiary Healthcare Delivery, Medical Education System & Nursing Education System in Maharashtra (I) – JPY 62.294 billion
Project for Promoting Sustainable Horticulture in Punjab – JPY 18.684 billion
As per the news agency, loan agreements have also been signed between the Government of India and the Japan International Cooperation Agency (JICA).
About the Bengaluru Metro Phase 3
According to the release, the Bengaluru Metro Rail Project (Phase 3) (I) aims to address increasing traffic demand in the Bengaluru Metropolitan Region by expanding the mass rapid transportation system. The project is expected to promote regional economic development, improve the urban environment, and mitigate climate change by relieving traffic congestion and reducing pollution caused by the growing number of motor vehicles.
Mumbai Metro expansion
Similarly, the Mumbai Metro Line 11 Project (I) seeks to cope with rising traffic demand in Mumbai through mass rapid transport expansion, thereby promoting regional economic development, improving the urban environment, and mitigating climate change by reducing congestion and vehicular pollution.
The Project for Strengthening Tertiary Healthcare Delivery, Medical Education System and Nursing Education System in Maharashtra (I) aims to improve access to and the quality of medical care in Maharashtra by strengthening the healthcare system through the construction of tertiary care facilities, hospitals, medical colleges, and nursing schools. This initiative will further contribute to the promotion of Universal Health Coverage (UHC) in India.
Punjab's horticulture gets a push
The Project for Promoting Sustainable Horticulture in Punjab seeks to promote sustainable horticulture and improve farmers’ incomes by diversifying into high-value horticulture crops, developing infrastructure for a stronger value chain, and enhancing capacity development. The project also aims to support environmental conservation and sustainable socio-economic development in Punjab.
India and Japan have shared a long and fruitful history of bilateral development cooperation since 1958. Economic cooperation, a key pillar of India-Japan relations, has steadily progressed in recent years, further consolidating and strengthening the strategic and global partnership between the two countries.
(With ANI inputs)
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