February 20, 2024: The government of Japan has committed an official development assistance loan of an amount of 232.209 billion Japanese Yen for nine projects in various sectors in India. Among the projects for which the country has committed the loan is the Chennai Peripheral Ring Road Phase-2.
Projects for which Japan will extend loans
- The North-East Road Network Connectivity Improvement Project (Phase 3) (Tranche-II): Dhubri-Phulbari bridge (JPY 34.54 billion)
- The North-East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-Goeragre section) (JPY 15.56 billion)
- The project for promoting start-up and innovation in Telangana (JPY 23.7 billion)
- Construction of Chennai Peripheral Ring Road (Phase 2) (JPY 49.85 billion)
- Promoting Sustainable Horticulture in Haryana (Tranche I) (JPY 16.21 billion)
- Climate Change Response and ecosystem Services Enhancement in Rajasthan (JPY 26.13 billion)
- Establishment of the Medical College Hospital at Nagaland Institute of Medical Sciences and Research, Kohima (JPY 10 billion)
- Improvement of Urban Water Supply System in Uttarakhand (JPY 16.21 billion); and
- Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40 billion)
“The road network connectivity projects aim to improve infrastructure development in India’s North-East region while the Chennai Peripheral Ring Road project aims to alleviate traffic congestion and strengthen connections to the southern part of the state. The project in Nagaland will help develop tertiary level medical service delivery by developing a Medical College Hospital contributing towards universal health coverage. A unique project in Telangana will help discover entrepreneurial skills with focus on women and rural population and support business expansion of MSMEs. In Haryana, the project will promote sustainable horticulture and improve farmer’s income by promoting crop diversification and infrastructure development. The forestry project in Rajasthan will enhance ecosystem services through afforestation, forest and biodiversity conservation. In the mountainous state of Uttarakhand, the project aims to provide a stable water supply to urban towns. The fifth tranche of the Dedicated Freight Corridor project will help in construction of a new dedicated freight railway system and bring about modernisation of the intermodal logistics system enabling handling of increased freight traffic,” the ministry of finance said in a statement.
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. Economic partnership, a key pillar of India-Japan relations, has steadily progressed in the last few years. Exchange of Notes for these important projects will further strengthen the Strategic and Global Partnership between India and Japan.
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