Japan agrees lending 316 billion Yen on seven major infrastructure projects

Embracing a unified liable spectrum of development between both the countries and also supporting India on making its infrastructure strong, Japan has agreed to provide loans of about 316 Billion Yen for seven major infrastructure projects in India. These include Mumbai-Ahmedabad Bullet Train, projects in Delhi, North East and Chennai.

The announcement of this development was made after the 13th India Japan Annual Bilateral Summit led by Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe in Tokyo last evening. Both the sides discussed wide range of issues of mutual interest and reviewed the prevailing regional and international situations.

After the summit, both countries announced that an agreement has been made for establishing a 22 mechanism in which the defence and foreign ministers of both the countries could interact on furthering cooperation. Another agreement on having greater cooperation and exchange of information in Maritime domain awareness between the Indian Navy and Japan Maritime Self Defence Force was also signed by the two nations.

After the summit the two sides exchanged 32 MoUs. A Letter of Intent was also exchanged in which 57 Japanese companies conveyed their decision to make an investment of about 2.5 billion US Dollars in India. 15 Indian companies have also come forward to invest in Japan. India and Japan also concluded a 75 billion dollar Bilateral Currency Swap Agreement with a view to enhance financial and economic cooperation.

In a major fillip to the International Solar Alliance, Japan announced that it has ratified the framework agreement for the International Solar Alliance. Japan is the 71st country to sign the agreement to join the global alliance and the 48th to ratify it.

Prime Minister Narendra Modi returned India this morning.