India and Japan signed the Exchange of Notes and Loan Agreements between Dr.C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr Katsuo Matsumoto, Chief Representative, JICA, New Delhi. The development assistance loan is for the following three projects:
(i) Chennai Metro Project (Phase 2) (I) for JPY 75.519 billion).
(ii) Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India for JPY 15.000 billion.
(iii) Project for Dairy Development for JPY 14.978 billion.
The Government of Japan has committed JICA Official Development Assistance totalling Yen 105.497 billion (=Rs.6668.46 crore approx.) for the three projects.
The Chennai Metro Project (Phase 2)(I) aims to meet growing traffic demand by building Mass Rapid Transit System, to mitigate worsening road traffic/traffic pollution and 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 Sustainable Development Goals in India aims to contribute to the promotion of SDGs in India especially in social development by supporting the efforts by the Government of India to strengthen policy framework and implementation mechanism, thereby supporting India in achieving SDGs by 2030.
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.