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Wednesday, June 19, 2024

India and Japan officiate 300 billion JICA loan for Mumbai-Ahmedabad bullet train project

New Delhi, India: India and Japan have agreed upon and officially signed two documents for renewing the memorandum of cooperation on the Japanese language and the 300 billion Japan International Cooperation Agency (JICA) loan for the bullet train project between Mumbai and Ahmedabad. 

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New Delhi, India: India and Japan have agreed upon and officially signed two documents for renewing the memorandum of cooperation on the Japanese language and the 300 billion Japan International Cooperation Agency (JICA) loan for the Mumbai-Ahmedabad bullet train project. 

Within the framework of Japanese Prime Minister Fumio Kishida’s visit to India, Foreign Secretary Vinay Kwatra noted that India and Japan signed two new documents, including the Renewal of Memorandum of Cooperation(MoC) in the Japanese language, which essentially focuses on higher level language learning. 

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Another agreement about exchange of notes on JICA 300 billion loans for Mumbai-Ahmedabad bullet train project’.

Earlier in 2022, JICA agreed on a loan with the Government of India to provide an Official Development Assistance(ODA) loan of 100,000 million Japanese Yen as Tranche 3 on the Mumbai-Ahmedabad bullet train project.

With this project, India envisages an enhanced mobility with the development of a high-frequency mass transportation system by deploying Japan’s Shinkansen technology, ultimately implying regional economic development.

As Foreign Secretary Kwatra briefed, “the 4th tranche of loan agreement between India, Japan was signed during this visit.. The leaders took stock of the current status of implementation of the project.”

Notably, the Japanese Prime Minister Fumio Kishida is currently on an official visit to India, during which he met with his Indian counterpart, Narendra Modi. The relations with Japan hold a special significance for India. 

Narendra Modi, at the beginning of his tenure as the Prime Minister of India in 2014, officially visited Japan. The visit ended with the upgradation of the India-Japan relationship to a special strategic global partnership. 

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Meanwhile, Foreign Secretary Vinay Kwatra stated that India and Japan share values of democracy, freedom and respect for the rule of law, which is the basic foundation of Indo-Japanese relations.

 

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