Japan commits Rs.14,251 crore development aid to India

Japan on Thursday committed an official development assistance (ODA) loan of 242.2 billion Japanese yen (around Rs.14,251 crore) to India, the finance ministry said.

"Japan has committed loan of an amount of 242.2 billion Japanese yen, at exchange rate of Re.1 equals 1.70 Japanese yen," the finance ministry said in a release. It added that the latest ODA loan takes the total assistance to 390 billion Japanese yen in FY16, which is the highest amount committed in a year.

"The notes were exchanged on Thursday between department of economic affairs and ambassador of Japan to India," the finance ministry said in a release.

The assistance loan has been committed for strengthening transmission system project in Madhya Pradesh, Odisha integrated sanitation improvement project, a dedicated freight corridor project, northeast road network connectivity improvement project, and Jharkhand horticulture intensification project.

In the last few years, the economic cooperation between India and Japan has strengthened and grown into strategic partnership.

"India and Japan have had mutually beneficial economic development cooperation since 1958. With general political consensus and popular support for the greater cooperation between Indian and Japan, the partnership is poised for a great future," the statement said.