Roads ministry in talks with Japanese fund for Rs2 trillion loan
A cabinet note will be moved for a Rs2 trillion loan from a Japan-based fund as part of a strategy to generate funds for India’s new integrated infrastructure planning initiative
- Transport strike gets off to tepid start
- WhatsApp limits forwarded messages to curb rumours
- WhatsApp to cap message forwarding to 5 chats in India to curb fake news
- No-confidence motion Live updates: Rahul Gandhi gives jaadu ki jhappi to PM Modi
- ePragati launched in AP for better online services for citizens
New Delhi: The ministry of road transport and highways is in talks with a Japan-based fund for a Rs2-trillion loan at low interest rates.
A cabinet note will be moved shortly for the same as part of a strategy to generate funds for India’s new integrated infrastructure planning initiative.
India has been trying to leverage its relationship with Japan to access technology and funds. Japan has pledged investments of around $33 billion between 2014 and 2019 in India’s manufacturing and infrastructure sectors.
“Fund requirements is not an issue. There is a fund from Japan which wants to offer this loan at around 5% rate of interest. We will prepare a cabinet note for the same,” said a senior government functionary requesting anonymity.
He declined to name the Japanese fund. Mint could not ascertain the fund’s name.
All Japanese government loans to an Indian government entity are extended through the Japan International Cooperation Agency (JICA). The Japan Bank for International Cooperation (JBIC) has also been active in India.
Editor's Picks »
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself