Japan pledges $35 bn for Indian infrastructure over Narendra Modi's 'ambitious' vision

Sep 01 2014, 21:47 IST
Comments 0
Shinzo Abe expressed his intention to realise USD 35 billion of public and private investment and financing from Japan to India in five years. (PTI) Shinzo Abe expressed his intention to realise USD 35 billion of public and private investment and financing from Japan to India in five years. (PTI)
SummaryIndia will get USD 35 billion from Japan over the next five years for developmental projects...

India will get USD 35 billion from Japan over the next five years for developmental projects, including building of smart cities and next generation infrastructure as also cleaning of the Ganga, as Premier Shinzo Abe today pledged to partner Prime Minister Narendra Modi's "ambitious" vision of inclusive development.

The two sides also signed five pacts covering defence exchanges, cooperation in clean energy, roads and highways, healthcare and women while vowing to take their relationship to newer level.

"Prime Minister Abe affirmed a broader and stronger Japanese partnership for Prime Minister Modi's bold and ambitious vision for accelerating inclusive development in India, particularly by transforming the infrastructure and manufacturing sectors," said the Tokyo Declaration for Japan-India Special Strategic and Global Partnership.

Shinzo Abe expressed his intention to realise 3.5 trillion Yen (Rs 2,10,000 crore, USD 35 billion) of public and private investment and financing from Japan, including Overseas Development Assistance (ODA), to India in five years, it said.

The fund will be used to finance appropriate public and private projects of mutual interest including in the areas of next generation infrastructure, connectivity, transport systems, Smart Cities, rejuvenation of the Ganga and other rivers, manufacturing, clean energy, skill development, water security, food processing and agro industry, agricultural cold chain, and rural development.

In this connection, Prime Minister Abe pledged ODA loan of 50 billion yen to India Infrastructure Finance Company Limited (IIFCL) for a public-private partnership infrastructure project in India.

Narendra Modi expressed his deep appreciation for Japan's continuous support for India's economic development and stated that "no country" other than Japan has done more for modernising India's infrastructure.

The USD 35 billion funding, at an average of USD 7 billion per year, would be the highest from any country and Narendra Modi expressed gratitude to Abe for this. "There is no limit to our cooperation. There is nothing lacking in our will...There is new enthusiasm and expectation," Modi said, adding he had decided to put Japan in the "fast-track" channel.

Addressing the media jointly with Shinzo Abe after their talks, Narendra Modi said the financial help from Japan is not limited to one or the other sector. "Prime Minister Abe understands my vision and agreed to help," he said.

Referring to his fruitful meeting with Abe, he said as soon as he mentioned the Ganga cleanup project of his government, the Japanese Prime Minister told him to just spell out the expectations

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...