The Japan International Cooperation Agency (JICA) today said it has extended 23,035 million Japanese Yen (Rs 1,336 crore approx) for building a part of the campus of newly established Indian Institute of Technology (IIT) Hyderabad.
"The Japanese Official Development Assistance (ODA) loan is extended at concessional rate of 1.40 per cent and carries a repayment period of 30 years with grace period of 10 years. The project is to be executed by IIT Hyderabad and expected date of (its) completion is 2018," an official release said.
The agreement between JICA and Indian government was signed in New Delhi by Shinya Ejima, Chief Representative, JICA India Office, and Rajesh Khullar, Joint Secretary (Bilateral Cooperation), Ministry of Finance, Government of India.
The loan proceeds would be utilised for constructing permanent campus building and procurement of high-end research equipment for the institute.
The agreement entails technical cooperation scheme, under which eminent professors from the University of Tokyo would be involved with preparation of concept designs and architectural plans for some of the important campus buildings to be covered under the loan.
"There is an increased need for developing higher education institutions in the area of science and technology which provide youth with needed skills and education for working in the rapidly developing Indian economy", the release quoted Ejima as saying.
"This project is a result of understanding reached between the Prime Ministers of India and Japan, where it was agreed to not just fund institute of technical eminence but should also involve sharing of technical knowledge," the release added.
