IIT Hyderabad gets Rs 1,336 cr loan from JICA

Loan at concessional rate of 1.4%, carries repayment period of 30 years with grace period of 10 years

The Japan International Cooperation Agency on Wednesday extended a loan of Rs 1,336 crore to the government to fund the building of Indian Institute of Technology, Hyderabad.

“The Japan International Cooperation Agency (JICA) today signed agreement with the Government of India to provide Rs 1,336 crore approximately of Japanese Official Development Assistance (ODA) loan for building of part of the campus of newly established Indian Institute of Technology (IIT) Hyderabad.

The loan is at concessional rate of 1.40% and carries a repayment period of 30 years with grace period of 10 years. The project is to be executed by IIT Hyderabad and expected date of completion is 2018”, a release from JICA said. The loan will be used for constructing permanent campus building and procurement of high-end research equipment for the institute.