Japan International Cooperation Agency (JICA) today signed an agreement to extend a loan of about Rs 1,336 crore for infrastructure development of the newly-established Indian Institute of Technology, Hyderabad.
The loan proceeds would be utilised for constructing a permanent campus building and procurement of high-end research equipment for the institute, according to a statement.
Professors from the University of Tokyo would be involved with preparation of concept designs and architectural plans for some of the important buildings on the campus to be covered under the loan, the statement reads.
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The loan comes at a concessional rate of 1.40 per cent and carries a repayment period of 30 years with a grace period of 10 years, according to the statement.
The development is a result of understanding reached between the Prime Ministers of India and Japan earlier. They had agreed to not just fund institute of technical eminence, but also involve sharing of technical knowledge.
JICA, together with top-level Japanese universities and major Japanese companies, has comprehensively assisted in development of IIT-Hyderabad through three technical cooperation projects and this loan.
As IITs attract the best and the brightest students in India, such initiatives act as a symbol of partnership between the two countries, the statement stated.