India to receive Rs 6,916 crore loan from Japan | Latest News India - Hindustan Times
close_game
close_game

India to receive Rs 6,916 crore loan from Japan

PTI | By, New Delhi
Mar 30, 2007 02:12 PM IST

India will be receiving a soft loan of Rs 6,916 crore from Japan this fiscal for 11 projects in power, forestry, urban transport and port sectors.

India will be receiving a soft loan of Rs 6,916 crore from Japan this fiscal for 11 projects in power, forestry, urban transport and port sectors.

HT Image
HT Image

"We are happy to extend official development assistance amounting to Yen 1,84,893 million (Rs 6,916 crore) to India, an increase of 18.93 per cent over Rs 5,910 crore assistance given last year," Japanese Ambassador to India Yasukuni Enoki said after the agreement for the loan was inked in the capital today.

Hindustan Times - your fastest source for breaking news! Read now.

Finance Ministry Joint Secretary (bilateral cooperation) Sanjay Krishna signed the document on India's behalf.


India will pay 1.3 per cent annual interest on the loan for the general projects, except for Visakhapatnam port expansion project and Bangalore distribution upgradation project for which interest rate would be 0.75 per cent a year.


The repayment period will be 30 years for the general projects and 15 years for other projects.


Enoki said, India was the biggest bilateral loan recipient from Japan, which has committed Rs 92,622 crore assistance as of current fiscal.


Appreciating the implementation of Delhi Metro project with Japanese assistance, the ambassador said it was a shining example of bilateral cooperation.


Following Prime Minister Manmohan Singh's visit to Japan, he said Tokyo will also extend financial assistance for the Delhi-Mumbai freight and industrial corridor projects.


Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On