Japan International Cooperation Agency (JICA), one of the biggest global funding agencies supported by the Japanese Government, has agreed to give a loan of ₹1,336-crore to promote job creation and support start-up ecosystem in Telangana.
The JICA has formalised a Loan Agreement with the Government of India in this regard.
The project is aimed at discovering and promoting potential entrepreneurs, including women and those in rural areas, by providing capacity building, infrastructure development, financial support, and market creation subprojects.
“This initiative is strategically designed to extend support not only to urban entrepreneurs but also to women and aspiring business leaders in rural areas, fostering inclusive economic growth,” a statement said here on Tuesday.
The loan agreement was signed between Vikas Sheel, Additional Secretary (Department of Economic Affairs, Union Ministry of Finance) and SAITO Mitsunori, Chief Representative, JICA India.
Start-up ecosystem
“This is the JICA’s maiden attempt to support a State Government in bolstering innovation and the start-up ecosystem through an ODA loan,”it said.
The project will have three components of ‘finding entrepreneurs’’, ‘support for start-ups and commercialisation, and ‘support for business expansion.
JICA will facilitate Japanese start-ups to venture into Telangana, conducting Proof-of-Concept (PoC) for their businesses. “This is expected to attract investments from Japanese companies, further enriching the collaborative landscape between the two countries,”it said.
The project will be implemented by the Information Technology, Electronics and Communications Department, Government of Telangana.