NEW DELHI: Japan will give development assistance loan worth Rs. 5,479 crore to India for Chennai and Ahmedabad Metro projects, the Finance Ministry said. The agreements were signed by S Selvakumar, joint secretary, department of economic affairs, and Yutaka Kikuta, deputy chief of mission of Japan to India. While Rs 4,410 crore will be provided for the Ahmedabad metro project, Rs 1,069 will be given for the fourth phase of the Chennai project, “the Finance Ministry said in a statement”.
In last few years, economic cooperation between India and Japan has strengthened and grown into strategic partnership, it said. With overall consensus and popular support for the greater cooperation between India and Japan, the partnership is poised for a great future, it added.
The agreement were signed by the joint secretary in the department of economic affairs S Selvakumar and Yutaka Kikuta, Deputy Chief of Mission of Japan to India. The Indian government attaches highest importance to infrastructure projects, the release said. “In this regard, Government of India is continuously making efforts to obtain bilateral and multilateral funding to meet this financial requirement,” it said. “Within urban infrastructure, provision of metro rail gains more importance because of its environment friendly nature. It reduces the traffic congestion in the cities where the traffic is over flowing and also reduces Green House Gas Emission,” the statement said.