India & Japan Sign JPY 191.736 Bn Loan Agreements For Six Development Projects

New Delhi, Mar 29 (KNN) The Government of India and the Government of Japan have formalised loan agreements totaling JPY 191.736 billion for six major development projects across India under Japan’s Official Development Assistance (ODA) program. 

The agreements, signed yesterday in New Delhi, target diverse sectors including forest management, water supply, urban transport, aquaculture, biodiversity conservation, and investment promotion.

The Japan International Cooperation Agency (JICA) and the Government of India executed six distinct loan agreements. 

The Tamil Nadu Investment Promotion Program (Phase 3) received JPY 36.114 billion to generate quality employment opportunities for youth by attracting investments, particularly foreign capital, while promoting emerging sectors and advanced manufacturing skills training in an inclusive and sustainable manner.

A significant allocation of JPY 52.556 billion was designated for the Construction of Chennai Seawater Desalination Plant (Phase II), which aims to enhance water security in the Chennai Metropolitan Area. 

The project will establish a seawater desalination facility with related water supply infrastructure, improving living conditions for residents, including economically disadvantaged communities, while simultaneously enhancing the investment environment.

The Project for Capacity Enhancement for Effective Forest Management received JPY 8.280 billion to strengthen forest personnel capabilities in implementing forest policies. 

The initiative encompasses research and development, pilot project implementation, training system improvements, and institutional strengthening focused on forest and biodiversity conservation and climate change mitigation.

The Delhi Mass Rapid Transport System Project (Phase 4 Additional Corridors) secured the largest portion of funding at JPY 79.726 billion. 

This extension of JICA’s ongoing support for Delhi Metro Rail will expand the mass rapid transportation network, stimulate regional economic development, and contribute to climate change mitigation by reducing traffic congestion and vehicular emissions.

In Assam, the State Aquaculture Promotion and Livelihood Improvement Project received JPY 3.580 billion to increase aquaculture production and enhance rural livelihoods for fisheries stakeholders. 

The project will promote aquaculture development, strengthen the fisheries supply chain, and build institutional capacity within the fisheries department.

The Punjab Biodiversity and Natural Resources Conservation Project was allocated JPY 11.480 billion to enhance ecosystem services and mitigate climate change impacts. 

The initiative will focus on increasing tree coverage outside forests, biodiversity conservation, integrated wetland management, livelihood improvement, and institutional strengthening.

Bilateral development cooperation between India and Japan dates back to 1958, with economic collaboration increasingly becoming a cornerstone of relations between the two nations in recent years. 

These new agreements further solidify and strengthen the Strategic and Global Partnership between India and Japan, reinforcing their shared commitment to sustainable development and mutual prosperity.

(KNN Bureau)

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