NEW DELHI: The finance ministry on Tuesday said the Japanese government has committed a loan of 232.209 billion yen (about Rs 12,800 crore) for nine projects related to various sectors in India.
The projects included North East Road Network Connectivity, Project for Promoting Start-up and Innovation in Telangana, Project for the Construction of Chennai Peripheral Ring Road, Project for Promoting Sustainable Horticulture in Haryana and Project for Climate Change Response and ecosystem Services Enhancement in Rajasthan.
Japan International Cooperation Agency (JICA) signed a loan agreement amounting to 49,847 million Japanese Yen (approximately Rs 2,809 crore) for the construction of the Chennai Peripheral Ring Road Project (Phase 2) .
The Chennai Peripheral Ring Road is placed as one of the priority projects in the “Comprehensive Integrated Master Plan for Chennai-Bengaluru Industrial Corridor (2015)” based on agreement between Government of Japan and Government of India.
JICA signed the loan agreement for the 1st phase of the project in March 2018.
SAITO Mitsunori, chief representative of JICA India office said, “The traffic volume in Chennai has been increasing steeply with rapidly growing urbanisation, resulting in continuous severe traffic congestions. Chennai metropolitan area accommodates lots of industrial companies and factories supported by its location, namely, critical cross-point for road as well as marine transportation for importing/exporting industrial goods and materials from/to other cities in India and South-East Asia.’’