PM Modi lauds Japanese ODA loans for assisting projects in India

New Delhi, Dec. 12 (ANI): Prime Minister Narendra Modi on Saturday lauded the efforts of Japan’s Official Development Assistance (ODA) in providing the yen loan to India to improve the connectivity of transportation in the country.

Appreciating that India is one of the largest recipients of Japan’s ODA, Prime Minister Modi thanked the people of Japan for their contribution to the building of social and physical infrastructure in India that is key to the country’s development and modernisation.

Prime Minister Modi also welcomed the Japanese ODA loans of about 100 billion yen for the metro projects both in Chennai and Ahmedabad.

He further welcomed the ongoing surveys regarding Mumbai Trans Harbour Link and the modernisation of ship recycling yards in Gujarat, and an expected survey for Tuticorin Outer Harbour.

Meanwhile, Japanese Prime Minister Shinzo Abe also expressed his intention to support India’s efforts by sharing its advanced skills and technologies and through active mobilisation of Japanese public and private sector involvement, including the ODA.

Prime Minister Abe also expressed his nation’s intention to provide ODA loans for the improvement of road network connectivity in northeastern states of India, the peripheral ring road surrounding Bengaluru, and the horticulture irrigation in Jharkhand.

The two Prime Ministers also recognised the invaluable role played by Japan’s ODA in broadening, deepening and strengthening bilateral relations.

The two sides expressed their expectation that the total commitment of Japanese ODA yen loan to India in FY 2015 may reach around 400 billion yen, the highest ever provided to India, and concurred to accelerate their respective efforts with a view to achieving this goal.

The two Prime Ministers also confirmed the importance of securing appropriate implementation of ODA projects.

The two Prime Ministers further concurred to take the Chennai Bengaluru Industrial Corridor (CBIC) project to the next stage of concrete implementation including by utilising ODA loan schemes and other facility measures. Indian side expressed a hope to attract USD 5.5 billion of investment and other support. (ANI)

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