India on Friday (28) signed two loan agreements with Japan for construction of a Metro project in Kolkata and a high-speed rail project between Mumbai and Ahmedabad, according to an official.
As per the agreements, the Japan International Cooperation Agency (JICA) would provide a loan of £592.84 million for the construction of the Mumbai-Ahmedabad high-speed rail project and an amount of £171.67m for the Kolkata East-West Metro Project.
The additional secretary Dr. CS Mohapatra, representing India’s Ministry of Finance and Katsuo Matsumoto, chief representative, Japan International Cooperation Agency (JICA) signed the loan agreements for the projects.
The objective of the Mumbai-Ahmedabad High-Speed Rail Project is to develop mass and high frequent transportation system by constructing high-speed rail between Mumbai and Ahmedabad with the use of Japanese technologies, thereby improving the connectivity in India.
The objective of the Kolkata East West Metro Project is to cope with the increasing traffic in Kolkata metropolitan area by extending the mass rapid transit system and improving urban environment through mitigation of traffic jams and decrease the pollution caused by increasing motor vehicles.
India and Japan have had a long and fruitful history of bilateral development co-operation 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.