India & Japan sign Loan Agreement worth Rs 1,817 cr

Speed Post News Network

New Delhi : A Loan Agreement was signed here on November 2, 2018, by C S Mohapatra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India, and Katsuo Matsumoto, Chief Representative, JICA, New Delhi, on Japanese Official Development Assistance loan for the construction of Turga Pumped Storage (I) of Yen 29.442 Billion (Rs 1,817 crore approximately).

The objective of the Project is to strengthen the capability to respond to fluctuation in supply and demand of power and to improve stability of the power supply by constructing the pumped storage facilities thereby contributing to the Industrial Development and Living Standard Improvement in the State of West Bengal.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has steadily progressed. This further consolidates and strengthens the Strategic and Global Partnership between India and Japan, according to a PIB release.