India, Japan sign Rs 18.17-bn loan agreement for development project in WB

India and Japan on Friday signed a loan agreement of Rs 18.17 bn for the construction of the Turga Pumped Storage in West Bengal.

The deal was signed by the Additional Secretary of the Department of Economic Affairs (DEA), C.S. Mohapatra, and Katsuo Matsumoto, chief representative of the Japan International Cooperation Agency (JICA).

The objective of the project is to strengthen the capability to respond to fluctuation in supply and demand of power and to improve the stability of the power supply by constructing pumped storage facilities, thereby contributing to industrial development and improvement of living standards in the state of West Bengal.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958.

In the last few years, the economic cooperation between India and Japan has steadily progressed. This further consolidates and strengthens the strategic and global partnership between India and Japan.