Japan extends 44.17 bn soft loan to India

Monday, 31 March 2003, 08:00 Hrs
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Japan Friday extended a soft loan of 111,239 million yen (44.17 billion) to India for seven projects in the areas of power, urban transportation, tourism, environment and conservation.

NEW DELHI: Japanese Ambassador to India Akira Hayashi and Adarsh Kishore, additional secretary in the finance ministry, signed an agreement on this here.

The areas identified for assistance include development of infrastructure, reduction of poverty through agriculture and rural development, improving the environment through afforestation and improving the quality of water.

The loans carry an interest rate of 1.8 percent with repayment spread over 30 years. The interest rate for environment related projects would be 0.75 percent with repayment spread over 40 years.

This is the first Japanese loan to India after the Pohkran nuclear tests of 1998.

Source: IANS

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