JICA to work towards reducing time for projects' appraisal

It has agreed to give a grant of Rs 150 crore for metro projects in the country

JICA President Shinichi Kitaoka today said the Japanese funding agency would work towards reducing the time taken for appraisal of projects for financing and supporting new metro projects.

JICA, which has provided loans for metro projects in the country, would also consider relaxing minimum procurement norms as well as speed up the Varnasi Convention Centre Project, he said.

The assurance came during a meeting of a high-level delegation of Japan International Cooperation Agency (JICA), led by Kitaoka and Urban Development Minister M Venkaiah Naidu here.

JICA would consider India's suggestions, including sourcing of equipment and rolling stock for metro projects from India in respect of projects financed by it, in consonance with the spirit of Make In India, an official release said.

Underscoring that under Make in India campaign, several foreign and Indian companies have expanded their production bases in India, Naidu pitched for encouraging Japanese companies to also do so.

Seeking speedy execution of Convention Centre Project in Varanasi for which JICA has agreed to give a grant of Rs 150 crore, Naidu said the central government suggested that it could be named 'India-Japan Friendship Convention Centre' in recognition of the time tested and growing cooperation between the two countries.