BackJapan to extend Rs2,760 cr loan to India for river projects
India has signed a loan deal with Japan for the development of the second phase of the Rengali irrigation project in Odisha
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New Delhi: India has signed a ₹ 2,760 crore loan deal with Japan for the development the second phase of the Rengali irrigation project in Odisha and cleaning of river Mula-Mutha in Pune, Maharashtra.
The ‘Exchange of Notes’ on Japanese (Official Development Assistance) ODA Loan for the two projects totalling 53.02 billion Japanese yen was here. The pact was signed between ambassador of Japan to India Takeshi Yagi and joint secretary in Indian finance ministry Tarun Bajaj.
The Japanese ODA loan for Rengali Irrigation Project (Phase 2) will be provided to install irrigation facilities, organize and build the capacity of Water Users Associations, and extend technical guidance to the farmers in the area of River Burahmani in Odisha.
“It is expected that this loan will contribute to poverty alleviation by increasing and diversifying agricultural production and thus raising agricultural income from Rengali Irrigation Project (Phase 2)," embassy of Japan said in a statement. The loan will also be used for Pollution Abatement of River Mula-Mutha in Pune. The fund will be provided to develop sewage facility such as sewage treatment plant, sewage pipe and public toilets in Pune city.
It is expected that this loan will improve the sanitary environment of the citizens by enhancing quality of the river water, the embassy said. Japan, it added, has been cooperating and will continue to cooperate with India on the issue of climate change in order to develop fair and effective international framework by all countries.
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