India has signed an agreement for Rs 10,500 crore (Yen 215.611 billion) official development assistance (ODA) from Japan. This includes Rs 1,648.36 crore for the second phase of Delhi mass rapid transport system project (DMRTS), Rs 4,422.83 crore for the dedicated rail freight corridor and Rs 2,933 crore for Chennai metro.
Notes for the ODA loan package were exchanged between Alok Sheel, joint secretary, Department of Economic Affairs, and Hideki Domichi, Japanese Ambassador to India, in New Delhi today.
Six projects will be covered under the loan, including Sikkim Biodiversity Conservation and Forest Management Project, Kolkata East-West Metro Project (II) and Rengali Irrigation Project (III). “With today’s exchange of notes, the cumulative commitment of ODA from Japan has reached Yen 3116.81 billion (Rs 15,5840 crore). India continues to be the highest recipient of ODA from Japan,” said a finance ministry statement.
The total cost of the Chennai Metro Project, appraised by Japan International Cooperation Agency (JICA) is Yen 378.138 billion, of which the Japanese government has committed Yen 21.751 billion for phase I and Yen 59.851 billion for phase II.
The total cost of phase I of DMRTS project, appraised by JICA, is Yen 274.612 billion and the government of Japan has committed almost 60 per cent amounting to Yen 162.751 billion. The total cost of phase II of DMRTS project is Yen 388.670 billion, of which the Japanese government will provide about 55 per cent.
In the case of the Dedicated Freight Corridor Project, ODA of Yen 92.868 will constitute about 19 per cent of the appraised JICA cost of Yen 498.565 billion for Phase I.