JICA gives Rs 467 crore for Metro projects

Japan International Cooperation Agency (JICA) has given Rs 467.12 crore to Delhi Metro Rail Corporation (DMRC) for construction work of Phase III projects.
The loan amount sanctioned by JICA was conveyed to DMRC by the Ministry of Urban Development.
"The amount has been released to DMRC for meeting the cost of MRTS Phase III projects," said an official of Urban Development Ministry.
The official said, "The amount is placed at the disposal of DMRC to meet the expenditure under the 'Pass through Assistance' against loan agreement for Delhi MRTS Phase III between JICA and President of India for an amount not exceeding Japanese Yen 127917 million, as principle.

"The interest payable by Government of India is 1.4 % per annum on the principle disbursed and outstanding, which may vary from time to time."
He also said that a total amount of Rs 19,166.47 crore has been released earlier as 'Pass through Assistance' to DMRC by Ministry.

"Since the loan from JICA is available on reimbursement basis only, DMRC is required to regularly file reimbursement claims in regard to the expenditure incurred for making payments to agencies," the official said.
He added that an account of payments made by JICA and by the DMRC to contractors/CAAA should be maintained showing clearly the relationship of each transaction i.E payments by DMRC and JICA & vice versa.

"An audited statements of accounts incorporating the expenditure against the amount released as 'Pass Through Assistance' may also be furnished by DMRC in respect of every finacial year," he added.
A few days back, Central government also released its equity contribution of Rs 250 crore to the Delhi Metro Rail Corporation (DMRC) for construction work of Phase III projects.