Japan signs loan of 50 billion yen for infra projects

Japan International Cooperation Agency (JICA) has signed a ODA loan amount of Yen 50 billion (Rs.2620 crore approx.) for the PPP infrastructure financing project of India Infrastructure Finance Company Limited (IIFCL). The loan was cleared following exchange of Notes between Rajesh Khullar, Joint Secretary in the  Department of Economic Affairs, Ministry of Finance and Ambassador of Japan Takeshi Yagi in New Delhi.

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 further consolidates and strengthens the Strategic and Global Partnership between India and Japan.

Earlier, Foreign Minister of Japan Fumio Kishida, called on Prime Minister Narendra Modi in New Delhi.

Prime Minister Modi reiterated that India-Japan relationship is close to his heart and he attaches the highest importance to it. Prime Minister Modi recalled his successful visit to Japan in September 2014 and his meeting with Prime Minister Shinzo Abe on the sidelines of G-20 Summit in Brisbane in November 2014, and said that he looked forward to strengthening the bilateral relationship in the years to come. Highlighting the growing business opportunities in India, and referring to the increasing number of Japanese business operating in India, Prime Minister Modi expressed his strong support for closer economic ties with Japan. He referred to the successful operationalization of  “Japan Plus” mechanism to facilitate Japanese businesses in India as a symbol of the importance India attaches to relations with Japan. He also welcomed the progress in key areas of bilateral cooperation since his visit to Japan.