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Japan would provide an Official Development Assistance of Yen 134,466 million (equivalent to Rs.5,600 crore approximately) as loan to India for the FY 2004-05. An Exchange of Notes to this effect was done here today between Shri S.G.Mankad, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Mr. Yasukuni Enoki, Ambassador of Japan to India.
The loan has been provided to fund 8 projects in power, irrigation, environment and forests, water supply, urban transport and tourism sectors. The annual rate of interest would be 1.3 per cent for the general projects and 0.75 per annum for power and environment sector project. The repayment period would be twenty years for the general projects except the power project, and thirty years for the environment and forests project. For the power project, repayment period will be ten years.
India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. This is expected to be further strengthened and broad based towards a comprehensive economic partnership.
Indo-Japan bilateral development cooperation has seen remarkable and progressive expansion in recent years. The Government of Japan provided Yen 125,004 million for projects in FY 2003, in which India became the largest recipient of the Japanese ODA. Till the FY 2003-04, Japan has provided approximately Yen 2193 billion on commitment basis as ODA to India. At present, 34 projects are being implemented in India with Japanese loan assistance amounting to about 462 billion Yen which is approximately Rs.19,408 crore.
BSC/BY/CS-173/05
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