Japanese Agency Extends Record Loan Of Rs 18,750 Crore For Mumbai-Ahmedabad High-Speed Rail
Japan International Cooperation Agency (JICA) has announced that a loan of Rs 18,750 crore will be provided to India as tranche 4 for the construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR).
This official development assistance (ODA) loan marks the largest amount committed through a single project loan agreement in JICA’s history.
JICA made the announcement on Wednesday (29 March) after signing the agreement with India.
The Japanese agency has been helping with the MAHSR project by offering ODA loans worth Rs 40,625 crore since 2017, and providing technical assistance such as feasibility studies, training in Japan, and sending Japanese Shinkansen experts to the National High Speed Rail Corporation Limited (NHSRCL), the executing agency of the project.
The MAHSR project’s aim is to increase mobility and regional economic development in India by creating a high-frequency mass transportation system: a high-speed rail between Mumbai and Ahmedabad, constructed with Japan’s Shinkansen technology, commonly known as the bullet train.
JICA India chief representative Mitsunori sees the MAHSR project as a symbol of Japan-India collaboration.
As per another agreement signed with the Government of India, JICA will provide an ODA loan of 98,612 million yen (Rs 5,509 crore) for the Phase 1 of the Patna Metro Rail project.