Japan agrees 316 Billion Yen loan for India

Japan has announced to provide 316 Billion Yen loan for seven major infrastructure projects in India including Mumbai-Ahmadabad Bullet Train, projects in Delhi, North East and Chennai. This was announced after the 13th India Japan Annual Bilateral Summit led by Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe in Tokyo on Monday.

Both the sides discussed wide range of issues of mutual interest and reviewed the prevailing regional and international situations. After the summit, both countries announced that an agreement has been made for establishing a 22 mechanism in which the defense and foreign ministers of both the countries could interact on furthering cooperation. Another agreement on having greater cooperation and exchange of information in Maritime domain awareness between the Indian Navy and Japan Maritime Self Defense Force was also signed by the two nations.

After the summit the two sides exchanged 32 MoUs. A Letter of Intent was also exchanged in which 57 Japanese companies conveyed their decision to make an investment of about 2.5 billion US Dollars in India. 15 Indian companies have also come forward to invest in Japan. India and Japan also concluded a 75 billion dollar Bilateral Currency Swap Agreement with a view to enhance financial and economic cooperation.

In a major fillip to the International Solar Alliance, Japan announced that it has ratified the framework agreement for the International Solar Alliance. Japan is the 71st country to sign the agreement to join the global alliance and the 48th to ratify it. The Prime Minister has since returned home this morning.

(Featured image: League of India)