On March 27, 2020 Japanese government funding agency (JICA) signs an agreement worth Rs 15,295 crore with India to provide an Official Development Assistance (ODA) for 3 rail infrastructure projects.Key Points:
- Japanese ODA loans are long-term low-interest rate loans advanced to the developing countries.
- JICA granted Rs 8,553 crore for Dedicated Freight Corridor(phase-1); Rs 4,262 crore for Mumbai Trans Harbour Link Project(II) and Rs 2,480 crore for the Mumbai Metro Line 3 Project(III).
Dedicated Freight Corridor
i.The project aims to cope up the increasing demand for freight transport in India by setting up a new dedicated freight railway line between Delhi and Mumbai so that to promote comprehensive regional economic growth on the freight corridor as the backbone of the Delhi-Mumbai Industrial Corridor (DMIC) Development plan.
ii.A new 950-km freight line (Rewari to Vadodara) connecting the major cities in Gujarat, Rajasthan, and Haryana states has been constructed.
iii.The project will help India to create the largest industrial belt in the DMIC region by merging the industrial parks and harbours of the states between Delhi & Mumbai to promote foreign exports and direct investment.
iv.The executing agency of the project is Dedicated Freight Corridor Corporation of India Ltd (DFCCIL)
Mumbai Trans Harbour Link Project
i.The Construction of the Mumbai Trans Harbour Link(MTHL) project will connect Mumbai with Navi Mumbai. It aims to mitigate traffic congestion & promote economic development.
ii.This loan agreement is the 2nd allotment & 1st was signed on March 31, 2017, for Rs 7,912 crore.
Mumbai Metro Line 3 Project
i.The objective of the project is to cope with the increase in traffic demand in the city by expanding the mass rapid transportation system, so as to promote regional economic growth & improve urban environment by reducing traffic jams & motor pollution.
ii.The line-3 connects the area Colaba-Bandra- Santacruz Electronic Export Processing Zone (SEEPZ) covers a total of 33.7 km & entails 26 stations.
iii.It plans to connect southern Mumbai with the major activity areas like the Bandra Kurla Complex (BKC), Airport (Domestic and International), Maharashtra Industrial Development Corporation (MIDC) area, SEEPZ (Industrial Hub) and area along the Jogeshwari-Vikhroli Link Road (JVLR).
iv.The project is to be completed by 2021.
Prime Minister (PM)– Shinzo Abe