October 30, 2018
New Delhi, October 30, 2018: Japan International Cooperation Agency (JICA) signed an agreement with the Government of India to provide an Official Development Assistance (ODA) loan of 150,000 million Japanese Yen (approx. INR 9,600 Crore) as Tranche 2 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 ODA loan agreement was signed between Shohei Hara, Director General, South Asia Department, JICA and Mr. Sujan R. Chinoy, Ambassador of India to Japan on October 29, 2018 at Tokyo.
Speaking on the occasion, Mr. Katsuo Matsumoto, Chief Representative, JICA India said, "We have signed the loan agreement for Tranche 1 in September, and taking into account the dynamic features of this project, we are signing Tranche 2 to further accelerate the implementation of the project. With the bullet train, the expected time for travel between Ahmedabad and Mumbai will be approximately 2 hours, connecting the heart of both cities. The intermediate stations have also been designed taking into account the characteristics of each city. The bullet train will help boost the development of the cities along its route. We also promised to pay high attention to environmental and social consideration in the project. By introducing the safe and reliable Japan's "Shinkansen System", we believe it will strongly promote wide economic and social development. "
The National High Speed Rail Corporation Limited (NHSRCL) is the Executing Agency of the Project.
A training institute, which will have the facilities and equipment to help trainees, will be set up so that operational and safety standards as well as the traveling experience will match the Shinkansen originals in Japan. Last year, in September 2017, JICA signed an agreement with the Government of India providing an ODA Loan of 10,453 million Japanese Yen (approx. INR 640 Crore) to develop a Training Institute at Vadodara, Gujarat, for the MAHSR.
This year, in September 2018, JICA has also signed an ODA loan agreement of 89,547 million Japanese Yen (approx. INR 5,500 Crore) as Tranche 1 on the ‘Project for the Construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR)'.
Established by a specific law as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to promote international cooperation as the 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 the form of loans, grants and technical cooperation, so that the emerging countries can strengthen their capabilities.
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