Photo: @Bangalorereal1/X
New Delhi, March 27: The Japan government has committed an Official Development Assistance (ODA) loan of JPY 275.858 billion, which is around Rs 16,420 crore, to India for four major projects across urban transport, healthcare and agriculture sectors, Ministry of Finance said on Friday.
The funding will support key infrastructure and development projects in states like Karnataka, Maharashtra and Punjab.
A major portion of the loan will go towards expanding metro rail networks in big cities. The Bengaluru Metro Rail Project (Phase 3) will receive JPY 102.480 billion to improve urban transport in Bengaluru.
The project aims to ease rising traffic congestion, improve connectivity and reduce pollution by promoting the use of public transport.
“This shall promote regional economic development, improve urban environment and eventually will mitigate climate change, through relief of traffic congestion and decrease of pollution caused by increasing motor vehicles,” the ministry said.
Similarly, the Mumbai Metro Line 11 Project will get JPY 92.400 billion to expand the metro network in Mumbai.
The project is expected to help manage increasing traffic demand, improve urban mobility and support environmental sustainability by reducing vehicle emissions.
In the healthcare sector, JPY 62.294 billion has been allocated for strengthening tertiary healthcare and medical education systems in Maharashtra.
The project will focus on building hospitals, medical colleges and nursing schools to improve access to quality healthcare and support the goal of universal health coverage in India.
Another JPY 18.684 billion will be used for promoting sustainable horticulture in Punjab.
The project aims to help farmers shift towards high-value crops, improve infrastructure and strengthen the agricultural value chain, which is expected to boost farmers’ income and support environmentally sustainable development.
India and Japan share a long-standing partnership in development cooperation, which dates back to 1958.
Economic cooperation has remained a key pillar of their relationship, and this latest funding further strengthens their strategic and global partnership.
--IANS