Japan commits Rs. 14,251-cr infra financing

Injecting yet another booster to the country's infrastructure sector, Japan's Official Development Assistance has recently committed loans worth Rs 14,251-cr for 5 infrastructure projects in India, including the Dedicated Freight Corridor Project, said official sources claiming that out of the total loan, DFC Phase-1 and 3 will get a staggering sum worth Rs 6,170cr. Besides, North East Road Network Connectivity Improvement Project will get JPY 67.1 billion; and Jharkhand Horticulture Intensification by Micro Drip Irrigation Project (JPY 4.65 billion). The loans, under Official Development Assistance (ODA) have also been committed for projects including Transmission System Strengthening Project in Madhya Pradesh (JPY 15.45 billion); Odisha Integrated Sanitation Improvement Project (II) and that the funds are being extended through Japan International Cooperation Agency (JICA) whereas ODA is broadly divided into bilateral aid - in which assistance is given directly to developing countries and multilateral aid - which is provided through international organizations. JICA provides bilateral aid in the form of Technical Cooperation, Japanese ODA Loans and Grant Aid. On this score, official notes have been exchanged between Joint Secretary, Department of Economic Affairs, Government of India, S Selvakumar and Ambassador of Japan to India, Kenji Hiramatsu, a finance ministry sources claimed.