February 20, 2024: The government of Japan has pledged an official development assistance loan totaling 232.209 billion Japanese Yen for nine projects spanning various sectors in India. One of these projects receiving the loan commitment is Phase-2 of the Chennai Peripheral Ring Road.
Projects for which Japan will extend loans
- The North-East Road Network Connectivity Improvement Project (Phase 3) (Tranche-II): Dhubri-Phulbari bridge (JPY 34.54 billion)
- The North-East Road Network Connectivity Improvement Project (Phase 7): NH 127B (Phulbari-Goeragre section) (JPY 15.56 billion)
- The project for promoting start-up and innovation in Telangana (JPY 23.7 billion)
- Construction of Chennai Peripheral Ring Road (Phase 2) (JPY 49.85 billion)
- Promoting Sustainable Horticulture in Haryana (Tranche I) (JPY 16.21 billion)
- Climate Change Response and ecosystem Services Enhancement in Rajasthan (JPY 26.13 billion)
- Establishment of the Medical College Hospital at Nagaland Institute of Medical Sciences and Research, Kohima (JPY 10 billion)
- Improvement of Urban Water Supply System in Uttarakhand (JPY 16.21 billion); and
- Dedicated Freight Corridor Project (Phase 1) (Tranche V) (JPY 40 billion)
"The road network connectivity projects seek to enhance infrastructure development in India's North-East region, while the Chennai Peripheral Ring Road project aims to ease traffic congestion and bolster connections to the southern part of the state. The Nagaland project will enhance tertiary-level medical services by establishing a Medical College Hospital, contributing to universal health coverage. A distinctive initiative in Telangana will foster entrepreneurial skills, with a focus on women and rural populations, supporting the expansion of MSMEs. In Haryana, the project will promote sustainable horticulture and increase farmer incomes by encouraging crop diversification and developing infrastructure. The forestry project in Rajasthan aims to improve ecosystem services through afforestation and biodiversity conservation. In the mountainous state of Uttarakhand, the project aims to ensure a steady water supply to urban areas. The fifth phase of the Dedicated Freight Corridor project will aid in constructing a new dedicated freight railway system and modernizing the intermodal logistics system to handle increased freight traffic," stated the Ministry of Finance.
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. Economic partnership, a key pillar of India-Japan relations, has steadily progressed in the last few years. Exchange of Notes for these important projects will further strengthen the Strategic and Global Partnership between India and Japan.
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