Japan commits loan of Rs 8,632 cr to 7 projects

Japan on Monday committed a loan package of Rs 8,632 crore (¥155.549 billion) to fund seven projects across the country. Mr Prabodh Saxena, Joint Secretary, Department of Economic Affairs in the Finance Ministry, and Mr Akitaka Saiki, Ambassador of Japan to India, exchanged the notes at a simple ceremony here on Monday. With today's exchange of notes, the cumulative commitment of ODA from Japan has reached ¥3,320.37 billion. India continues to be the highest recipient of ODA from Japan. The seven projects for which loan funds have been committed by Japan are Bangalore Metro Rail Project (II) (Urban Transport Sector) -- Rs 1,100.67 crore; Andhra Pradesh High Voltage Distribution System Project (Power Sector) – Rs 1,031.74 crore; Madhya Pradesh Transmission System Modernization Project (Power Sector) — Rs 1,024.36 crore; Micro, Small and Medium Enterprises Energy Saving Project (Phase 2) (Financial Services Sector) – Rs 1,665 crore; New and Renewable Energy Development Project (Energy Sector) — Rs 1,665 crore; Bihar National Highway Improvement Project (Road Sector) – Rs 1,271.11 crore and Rajasthan Forestry and Biodiversity Project (Phase2) (Forestry Sector) – Rs 874.06 crore.