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Japan, India ink deal for first tranche of rail loan

Japan, India ink deal for first tranche of rail loan
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First Published: Tue, Oct 27 2009. 11 47 PM IST
Updated: Tue, Oct 27 2009. 11 47 PM IST
New Delhi: The Japanese government singed an agreement on Tuesday with the government of India for the first tranche—Rs133 crore—of a Rs17,700 crore loan for building the western arm of the dedicated freight corridor.
The project is expected to decongest existing railway lines, catalyse industrial investments of around $50 billion (Rs2.4 trillion) and create new jobs along the rail route.
The western corridor is one-half of a marquee infrastructure project first conceived in 2005 by the first United Progressive Alliance government. It comprises two lines being constructed by the railways to transport goods and will connect India’s largest port in Mumbai to New Delhi through the western corridor (1,483km) and link Dankuni in West Bengal with Ludhiana in Punjab through the eastern freight corridor (1,806km).
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First Published: Tue, Oct 27 2009. 11 47 PM IST