Japan signs ¥300 billion loan agreement for Mumbai-Ahmedabad Bullet Train Project

Anushka Khare Posted on: 2023-03-21 07:10:00 Viewer: 1,961 Comments: 0 Country: India City: New Delhi

Japan signs ¥300 billion loan agreement for Mumbai-Ahmedabad Bullet Train Project

New Delhi, India (Urban Transport News): SUZUKI Hiroshi, Ambassador of Japan to India, and Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, exchanged notes in New Delhi on 20th March 2023, concerning the provision of yen loan for the construction of Mumbai-Ahmedabad High Speed Rail Corridor (loan provision of up to 300.000 billion yen).

"This project is to provide a loan to the Government of India for the construction of a high speed rail with the introduction of Japan’s Shinkansen system between Mumbai in the state of Maharashtra and Ahmedabad in the state of Gujarat. It is expected that the new high speed train will cover a distance of approximately 500 kilometers between Mumbai and Ahmedabad in two hours, as compared to five hours required by the current express train service. Through the realization of a mass passenger transportation system, this project will contribute to the efficiency of the transportation network and promote economic development in a broad range of areas," said official statement issued by Japan Government.

"There were two documents signed on the sidelines- Renewal of MOC (Memorandum of Cooperation) in the Japanese language, essentially focussing on higher level language learning and second agreement was Exchange of notes on JICA loan for 300 billion on Mumbai-Ahmedabad high-speed railway project," said Foreign Secretary Vinay Kwatra at a special briefing on the visit of Japanase Prime Minister PM Fumio Kishida to India,

Earlier in 2022, JICA signed a loan agreement with the Government of India to provide an Official Development Assistance (ODA) loan of 100,000 million Japanese Yen (approx. ₹6,000 Crore) as Tranche 3 on the 'Project for the Construction of Mumbai-Ahmedabad High-Speed Rail (MAHSR).'

The objective of the project is to develop a high-frequency mass transportation system by constructing the High-Speed Rail between Mumbai and Ahmedabad, using Japan's Shinkansen technology (also known as Bullet Train), thereby enhancing mobility in India and contributing to regional economic development.

"4th tranche of loan agreement between India, Japan signed during this visit.. (leaders took stock of) current status of implementation of the project", said Vinay Kwatra on the bullet train project.

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