India and Japan exchanged notes and signed loan agreements worth more than Rs 6,600 crore for three projects -- to develop the second phase of Chennai Metro, to help India on Sustainable Development Goals (SDGs) and for a dairy project.
"The Government of Japan has committed JICA (Japan International Cooperation Agency) Official Development Assistance (ODA) totalling Yen 105.497 billion (equal to Rs 6,668.46 crore, approximately) for three projects," the Finance Ministry said in a statement.
The Japanese loan for Chennai Metro Project is for Japanese Yen 75.5 billion while Japanese Yen 15.0 billion is for Program for Japan-India Cooperative Actions towards SDGs in India and Japanese Yen 14.9 billion is for Project for Dairy Development, it said.
"The Chennai Metro Project (Phase 2)(I) aims to meet growing traffic demand by building Mass Rapid Transit System, to mitigate worsening road traffic/traffic pollution and eventually lead to balanced regional development and enhancement of metropolitan atmospheric environmental condition in Chennai Metropolitan Area," it said.
The Ministry said the cooperative actions programme aims to promote SDGs in India especially in social development by supporting government efforts to strengthen policy framework and implementation mechanism, thereby supporting India in achieving SDGs by 2030.
It said the dairy development project aims to increase sale of milk and dairy products by increasing farmers' access to organised market, upgrading dairy processing facilities and marketing infrastructure and enhancing the capacity of producers owned institutions.
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