Japan International Cooperation Agency (JICA) extends an Official Development Assistance (ODA) loan of INR 22,627 Crores for the Mumbai-Ahmedabad High Speed Rail Project (V).
More Details:
- In a historic move, The Japan International Cooperation Agency (JICA) has inked a significant loan agreement with the Government of India, extending an Official Development Assistance (ODA) loan of 400 billion Japanese Yen (approx. INR 22,627 Crore) as tranche five for the ‘Project for the Construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR).’ This marks the largest commitment amount through a single project loan agreement in the history of JICA, across the globe.
- Since 2017 JICA has been a steadfast supporter of the MAHSR project contributing to ODA loans with the cumulative commitment amount of JPY 1 trillion and 50 billion (INR 59,396 crore). Extending beyond financial aid, this assistance includes a range of technical contributions, such as feasibility studies, fundamental and intricate design work, training programmes in Japan, collaboration on station area development, and the deployment of Japanese Shinkansen experts to work alongside the executing agency, the National HighSpeed Rail Corporation Limited (NHSRCL).
- The primary objective of the project is to establish a high-frequency mass transportation system by constructing the High-Speed Rail connecting Mumbai and Ahmedabad, utilising Japan’s cutting-edge Shinkansen technology (also known as the “Bullet Train”). This initiative aims to significantly enhance mobility in India and foster regional economic development.
Expressing his satisfaction, Mr. SAITO Mitsunori, Chief Representative, JICA India said, “I am happy to witness great progress in the MAHSR project. As we mark the signing of the latest loan agreement, we are once again reminded to renew our commitment to support the NHSRCL and various stakeholders towards achieving the goal of the successful completion of the project. JICA continues to remain committed to bolstering mobility and supporting regional economic development in India.”
About JICA:
- Established by law, as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to contribute to the promotion of international cooperation, as the sole Japanese governmental agency in charge of ODA implementation.
- JICA is the world’s largest bilateral donor agency and works as a bridge between Japan and emerging countries, providing assistance in the form of loans, grants, and technical cooperation, to enable the emerging countries to strengthen their capabilities.
This collaboration signifies a remarkable stride in Indo-Japanese relations, highlighting the shared vision of advancing infrastructure and technology to pave the way for a more connected and prosperous future.
Source: JICA- Press Release | Images Credit: NHSRCL
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