In a major funding push to the country’s highway sector, South Korea has expressed its interest to invest in big-ticket road infrastructure projects in India and the Mumbai-Nagpur Expressway is on top of its list for investment, said official sources, claiming that Seoul has already prepared a proposal for the Rs.45,000-crore project and submitted it to the Government of India. In this connection, the Maharashtra CM will travel to South Korea very shortly to seal the deal. The proposal from South Korea has come after finance minister Arun Jaitley visited Seoul in June. The leaders agreed that in the face of uncertainty and the risk of rising protectionism, there is an urgent need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, bilateral trade, among others. An agreement was signed between the two countries to draw $9 billion in concessional credit and $1 billion as official development assistance (ODA) from Seoul for infrastructure projects in India. It was also agreed upon to establish a mechanism at senior official level to identify good infrastructure projects in India for generating funds.
📅Published on:
21 September 2017
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