Signing of Exchange of Notes and Loan Agreements on Japan’s Official Development assistance Loan to India

The Notes were exchanged today between Dr.C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and H.E. Mr. Kenji Hiramatsu, Ambassador of Japan to India on Japanese official development assistance loan for (i) Chennai Metro Project (Phase 2) (I) for JPY 75.519 billion, (ii) Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India for JPY 15.000 billion and (iii) Project for Dairy Development for JPY 14.978 billion. The Government of Japan has committed JICA Official Development Assistance totalling Yen 105.497 billion (=Rs.6668.46 crore approx.) for the three projects.

Subsequent to the Exchange of Notes, Loan Agreements for the (i) Chennai Metro Project (Phase 2) (I), and (ii) Project for Dairy Development were signed between Dr.C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative, JICA, New Delhi.

The Chennai Metro Project (Phase 2)(I) aims to meet growing traffic demand by building Mass Rapid Transit System, to mitigate worsening road traffic / traffic pollution and eventually lead to balanced regional development and enhancement of metropolitan atmospheric environmental condition in Chennai Metropolitan Area.

 The Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India aims to contribute to promotion of SDGs in India especially in social development by supporting the efforts by the Government of India to strengthen policy framework and implementation mechanism, thereby supporting India in achieving SDGs by 2030.

 The Project for Dairy Development aims to increase sales of milk and dairy products by increasing farmers' access to organised market, upgrading dairy processing facilities and marketing infrastructure and enhancing the capacity of producers owned institutions, thereby contributing to increase in returns to milk producers in the project area.

India and Japan have had a long and fruitful history of bilateral development cooperation 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.

[Exchange Rate: Yen 100 = ₹ 63.21]