India and Japan on 6 June 2011 signed seven agreements in New Delhi under which Japan will provide soft loans worth 8632 crore rupees for a number of projects including the Bangalore Metro Rail. The loans are to be given under the Official Development Assistance (ODA) programme of the Japan International Cooperation Agency (JICA). The agreements in this regard were signed by department of economic affairs joint secretary Prabodh Saxena and Ambassador of Japan to India Akitaka Saki.
The agreements cover many sectors, including energy, power, financial services, urban transport, road safety and forestry. A loan of 1024.36 crore would be given to Madhya Pradesh for a transmission system modernization project while a loan of 1031.74 crore would be extended to Andhra Pradesh for a high voltage distribution system project. Moreover, a loan of 1271.11 crore was allotted to Bihar for a national highway improvement project and 874.06 crore was given to Rajasthan for its biodiversity and forestry project.
JICA also provided 1665 crore each for the second phase of the micro, small and medium enterprises energy saving project and the new and renewable energy development project. It would also provide 1100.67 crore for the second phase of the Bangalore Metro rail project.
It should be noted that India is the highest recipient of ODA from Japan at present.
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