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NEW DELHI: Japan International Cooperation Agency (JICA), has signed an agreement with the Indian Government to provide an official development assistance loan of Rs. 22,627 crore as fifth tranche for financing the construction of Mumbai-Ahmedabad High-Speed Rail Project. It is the largest loan commitment ever by the Japanese government agency in its history.
The estimated cost of the 508-km Mumbai-Ahmedabad High-Speed Rail Project is at about Rs 1.25 lakh crore and JICA is slated to fund about 88% of the financing requirement.
“JICA has been supporting the MAHSR (Mumbai-Ahmedabad High-Speed Rail) project by providing ODA (Official Development Assistance) loans with the cumulative commitment amount of Japanese Yen 1 trillion (Rs. 59,396 crore) since 2017,” the Japanese government agency said in a statement
“Extending beyond financial aid, this assistance includes a range of technical contributions, such as feasibility studies, fundamental and intricate design work, training programmes in Japan, collaboration on station area development, and the deployment of Japanese Shinkansen experts to work alongside the executing agency, the National High-Speed Rail Corporation Ltd,” it said.
Apart from the Mumbai-Ahmedabad High-Speed Rail Corridor, the government is planning to have high-speed rail connectivity at three major cities of India-New Delhi, Chennai and Kolkata.
National High Speed Rail Corporation Ltd, a 100% subsidiary of Rail Vikas Nigam Ltd, is currently undertaking the execution of the Mumbai-Ahmedabad corridor.
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