• India and Japan on December 21, 2018, signed Trade of Notes and Personal loan Agreements on Japan’s Official Progress Guidance Loan to India.
• The Notes were exchanged involving Dr C.S. Mohapatra, Extra Secretary in Section of Economic Affairs, Union Ministry of Finance and Kenji Hiramatsu, Ambassador of Japan to India on Japanese official improvement help financial loan for 3 projects.
These 3 initiatives are:
• Chennai Metro Project (Stage 2) (I) for Japanese Yen (JPY) 75.519 billion
Software for Japan-India Cooperative Steps in direction of Sustainable Growth Targets in India for JPY 15.000 billion Job for Dairy Development for JPY 14.978 billion.
• For these a few tasks, Japan has dedicated JICA Official Enhancement Help of all around Rs. 6668.46 crores jointly.
Financial loan Agreements
• Both of those the sides also signed Financial loan Agreements for Chennai Metro Job (Section 2) (I) and Project for Dairy Improvement.
• The agreements were being signed between Dr C.S. Mohapatra, Added Secretary of the Department of Financial Affairs, Union Ministry of Finance and Katsuo Matsumoto, Chief Representative of JICA, New Delhi.
Chennai Metro Undertaking
• The Chennai Metro Undertaking (Phase 2)(I) aims to meet growing targeted traffic desire by setting up Mass Swift Transit Method.
• It will mitigate worsening road visitors and website traffic pollution.
• Sooner or later, it will lead to well balanced regional growth and enhancement of metropolitan atmospheric environmental issue in Chennai Metropolitan Region.
Mains Paper 2: International Relations
Prelims level: India, Japan sign Exchange of Notes
Mains level: Key highlights of these agreements