Japan commits Rs1959 cr under ODA loan package to India

Japan has committed up to 30.703 billion yen (Rs1,958.85 crore) as the first tranche of its loan package under the Official Development Loan Assistance (ODA) to India for the financial year 2013.

Japanese ambassador to India Takeshi Yagi and joint secretary in the department of economic affairs of the ministry of finance Rajesh Khullar on Tuesday exchanged notes for the Rs1,958.85-crore loan package.

The loans, being provided by the Japan International Cooperation Agency (JICA) under its overseas development assistance (ODA) loan package, will be used to fund two projects in Andhra Pradesh and Tamil Nadu.

The loan amount of Rs1,958.85 crore includes Rs1,129.45 crore assistance for Campus Development Project of Indian Institute of Technology, Hyderabad and a Rs829.40 crore loan for Tamil Nadu Investment Promotion Programme

India and Japan have had a long and history of bilateral development cooperation since 1958. In the last few years the economic partnership between India and Japan has steadily progressed.

This further consolidates and strengthens the strategic and global partnership between India and Japan.