The Notes were exchanged between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of India and H.E. Mr. Kenji Hiramatsu, Ambassador of Japan to India. The Govt. of Japan has committed Official Development Assistance loan of an amount of JPY 242.2 billion (approx. Rs.14,251 Crores at Exchange Rate: Rs.1 = JPY 1.70). The ODA loan assistance has been committed to Transmission System Strengthening Project in Madhya Pradesh (JPY 15. 45 Billion); Odisha Integrated Sanitation Improvement Project (II) (JPY 25.7 Billion); Dedicated Freight Corridor Project (Phase 1) (III) (JPY 103.6 Billion); North East Road Network Connectivity Improvement Project (Phase 1) (I) (JPY 67.1 Billion); and Jharkhand Horticulture Intensification by Micro Drip Irrigation Project (JPY 4.65 Billion). The Govt. of Japan has committed a total of JPY 390 Billion in the current financial year which is the highest amount committed in a year.
India and Japan have had mutually beneficial economic development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has strengthened and grown into strategic partnership.With general political consensus and popular support for the greater cooperation between Indian and Japan the partnership is poised for a great future.