Japan pledges fresh loans to India: Official
Japan said on Monday it would offer some 185.58 billion yen (1.8 billion dollars) in low-interest loans to India to help fund infrastructure projects, including expanding the New Delhi metro.
By Agencies |
TOKYO: Japan said on Monday it would offer some 185.58 billion yen (1.8 billion dollars) in low-interest loans to India to help fund infrastructure projects, including expanding the New Delhi metro.
With the fresh aid, Japanese loans to India will total 225.13 billion yen for the year to March 31, making the country the top recipient of yen loans for the fifth straight year, a foreign ministry official said.
The fresh loans will fund projects including expanding the New Delhi subway, building electric wire networks in northern India and constructing a highway in southern India, the ministry said.
The loans will also cover programmes aimed at forest preservation and poverty reduction, it said.
Japan has been increasingly keen to develop relations with India in part to compensate for frequent tension with China.
India is eager for investment in infrastructure. Officials have said hundreds of billions of dollars is needed to improve the creaky infrastructure if India is to keep up its growth of more than eight percent a year.
The metro system in New Delhi has become a showpiece for India with a 65-kilometre (40-mile) first phase finished nearly three years ahead of schedule in 2005, well within its 2.3 billion-dollar budget and without scandal.
With the fresh aid, Japanese loans to India will total 225.13 billion yen for the year to March 31, making the country the top recipient of yen loans for the fifth straight year, a foreign ministry official said.
The fresh loans will fund projects including expanding the New Delhi subway, building electric wire networks in northern India and constructing a highway in southern India, the ministry said.
The loans will also cover programmes aimed at forest preservation and poverty reduction, it said.
Japan has been increasingly keen to develop relations with India in part to compensate for frequent tension with China.
India is eager for investment in infrastructure. Officials have said hundreds of billions of dollars is needed to improve the creaky infrastructure if India is to keep up its growth of more than eight percent a year.
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The metro system in New Delhi has become a showpiece for India with a 65-kilometre (40-mile) first phase finished nearly three years ahead of schedule in 2005, well within its 2.3 billion-dollar budget and without scandal.
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