Japan extends Rs1,165-cr ODA loan for Orissa transmission project

Japan has extended a 21.787 billion (Rs1,165 crore approx) loan as Official Development Assistance (ODA) to India for the Odisha transmission system improvement project.

S Selvakumar, joint secretary in the department of economic affairs and Japan's ambassador to India Takeshi Yagi exchangeed the notes today.

''Through the exchange of notes, Japan has committed JICA ODA loan for an amount of 21.787 billion (Rs1,165 crore approx at exchange rate of  Re1=Yen 1.87),'' an official release said, adding that the funds will be used for the Odisha Transmission System Improvement Project.

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

This latest loan further consolidates and strengthens the Strategic and Global Partnership between India and Japan, the release added.