India and Japan-India Cooperative Actions (JICA) signed the loan agreements under the Japanese Official Development Assistance Loan Program. The Loan Agreements were signed by Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Union Ministry of Finance, and Katsuo Matsumoto, Chief Representative, JICA in New Delhi.
The agreements under the Japanese Official Development Assistance Loan were singed for two projects. These are:
(i) Project for the Construction of Chennai Peripheral Ring Road (Phase 1) for Japanese Yen 40.074 billion (around Rs 2470 Crore)
(ii) Program for Japan-India Cooperative Actions towards Sustainable Development Goals in India for Japanese Yen 15.000 billion (around Rs 950 Crore).
• The Project aims to meet increasing traffic demands in Chennai metropolitan area by constructing the Chennai Peripheral Ring Road (Section 1).
• It also includes installation of the Intelligent Transport Systems, thereby contributing to mitigation of Traffic Congestion.
• It aims to promote the Regional Economic Development.
• The Program for Japan-India Cooperative Actions towards Sustainable Development Goals (SDGs) aims to contribute to promotion of SDGs in India especially in social development.
• It will support the efforts of the Central Government to strengthen the Policy Framework and Implementation Mechanism, thereby supporting India in achieving SDGs by 2030.