The Japan International Cooperation Agency (JICA) has solidified its collaboration with the Central government through the signing of a substantial loan agreement. This agreement entails an Official Development Assistance (ODA) loan of 400 billion Japanese Yen, equivalent to approximately Rs 22,627 crore, designated as tranche five for the construction of the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project.
Described as a historic milestone by JICA, this loan stands as the most extensive commitment through a single project loan agreement across the globe, as articulated in the agency's statement released on Thursday.
JICA has been a steadfast supporter of the MAHSR bullet train project, extending ODA loans totaling JPY 1 trillion and 50 billion (Rs 59,396 crore) since 2017. This financial support transcends monetary assistance and encompasses a comprehensive array of technical contributions. These contributions span feasibility studies, intricate design work, training initiatives conducted in Japan, collaboration on station area development, and the active involvement of Japanese Shinkansen experts collaborating with the executing agency, the National High-Speed Rail Corporation Limited (NHSRCL), JICA outlined.
The project's primary objective revolves around establishing a high-frequency mass transportation system by erecting the High-Speed Rail connecting Mumbai and Ahmedabad, leveraging Japan's state-of-the-art Shinkansen technology, commonly known as the Bullet Train. This initiative aims to elevate mobility standards in India and significantly contribute to regional economic development.
Saito Mitsunori, Chief Representative of JICA India, expressed satisfaction at the substantial progress evident in the MAHSR project. With the latest loan agreement marking a pivotal moment, Mitsunori emphasized the commitment to support NHSRCL and all involved stakeholders in ensuring the project's successful fruition. JICA reaffirmed its enduring dedication to bolstering mobility and fostering regional economic advancement in India.
(With Agency Inputs)
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