July 25, 2022
New Delhi, July 25th, 2022: Japan International Cooperation Agency (JICA) has signed a loan agreement with the Government of India to provide an Official Development Assistance (ODA) loan of 100,000 million Japanese Yen (approx. INR 6,000 Crore) as Tranche 3 on the ‘Project for the Construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR).'
The objective of the project is to develop a high-frequency mass transportation system by constructing the High-Speed Rail between Mumbai and Ahmedabad, using Japan's Shinkansen technology (also known as the "Bullet Train"), thereby enhancing mobility in India and contributing to regional economic development.
The loan agreement was signed between Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and Mr. Watanabe Jun, Senior Representative, JICA India.
Speaking on this occasion, Mr. Watanabe Jun, Senior Representative, JICA India said, "The MAHSR project has contributed to the development of India's first High Speed Rail initiative. By introducing Japan's High Speed Rail technology, this project has emerged as a symbol of Japan-India collaboration. We have witnessed great progress in civil work so far. We believe that the day is approaching when the Shinkansen System adopted in the project will contribute to region-wide economic and social development, which will bring about income generation to local residents. With this project, we aim to simplify mobility and ease connectivity with a safe and reliable inter-city transport system. This Japan-India collaboration will ensure Transfer of Technology from Japan's High Speed Rail system to India, and also give a boost to "Make in India" initiative."
JICA has been supporting the project for the Mumbai - Ahmedabad High-Speed Rail by providing ODA loans. The loan agreement was signed on July 25th, 2022, which is subsequent to JPY 250,000 million (approximately INR 18,000 crore) package of JICA's commitment in 2017. National High Speed Rail Corporation Limited (NHSRCL) is the Executing Agency of the Project.
Established, by a specific law, as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to contribute to the promotion of international cooperation, as a sole Japanese governmental agency in charge of ODA implementation. JICA is the world's largest bilateral donor agency. JICA works as a bridge between Japan and emerging countries, and provides assistance in forms of loan, grant and technical cooperation so that the emerging countries can strengthen their capabilities.
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