Financial Daily from THE HINDU group of publications
Thursday, Apr 03, 2003
Financial Daily from THE HINDU group of publications Thursday, Apr 03, 2003 |
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Industry & Economy
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Economy Pact signed for Rs 4,450-cr Japanese line-of-credit Our Bureau
NEW DELHI, April 2 JAPAN would extend a line of credit of 111.239 billion yen (about Rs 4,450 crore) on soft term for seven projects in India for economic development, poverty reduction and environmental conservation sectors. An agreement to this effect was signed in Tokyo between Mr Kyosuke Shinozawa, Governor, Japan Bank for International Cooperation (JBIC) and Mr Aftab Seth, the Indian Ambassador to Japan, on March 31. JBIC is the agency responsible for Japanese government's international financial operations and overseas economic activities, including disbursement of ODA loans. The Japanese yen loan will have concessional terms, 0.75 to 1.8 per cent interest rate and repayment period spanning from 30 to 40 years with a ten-year grace period. The JBIC loans would be used by the Government of India to finance, among others, Yamuna Action Plan (II), Delhi Mass Rapid Transport System Project, Ajanta-Ellora Conservation and Tourism Development Project II in Maharasthra, Bakreshwar Thermal Power Station Units Extension Project in West Bengal, Simhadri Thermal Power Station Project in Andhra Pradesh and Rajasthan Forestry and Bio-Diversity Project and Punjab Afforest Ration Project. For Simhadri Thermal Power Station Project near Visakhapatnam, the Japanese loan amounts to 5684 million yen (Rs 227 crore) as fourth tranche for completion of the project. JBIC has already extended 59,484 billion yen (Rs 2379 crore) assistance to the project that would generate 1000 MW in the unit. NTPC is the project-implementing agency. A JBIC Representative Office statement issued here said the current loan agreements raise the level of Japanese financial assistance to India to the pre-1998 level. Flow of Japanese aid to India came down substantially after the Japanese government imposed economic measures in the wake of India's nuclear tests in 1998. JBIC's funding during the period of economic embargo measures was confined to the ongoing projects only.
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