Business Daily from THE HINDU group of publications
Monday, Apr 02, 2007
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Business Daily from THE HINDU group of publications Monday, Apr 02, 2007 ePaper |
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Industry & Economy
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Overseas Borrowings Government - Foreign Relations Japan plans extending loans twice a year K.R. Srivats
New Delhi April 1 Japan may take up official development assistance (ODA) commitments to India twice in a financial year as against the prevailing practice of annually Exchanging Notes for such commitments. "While the quantum of ODA would not increase or change, this would certainly speed up the process of implementing projects," a senior Finance Ministry official said. The official pointed out that projects proposed by various ministries could be considered for assistance in a speedier manner and need not wait for the end of a financial year. Japan could take commitments twice in a year (say in September and March), the Finance Ministry official said. Japanese ODA loans to India come through the Japan Bank for International Cooperation (JBIC). The ODA loans are untied loans (no requirement for sourcing of equipment from Japanese companies), a JBIC official said.
Soft loan
Japan on Friday agreed to provide soft loan package of Rs 6,916 crore to India as its ODA loan for the financial year 2006-07. These loans would go towards funding 11 projects. The annual commitment taken so far has been during the end of the concerned financial year.
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