Japan to provide Rs 5,536-crore loan for metro rail projects

India and Japan on Friday exchanged notes for Japan's Official Development Loan Assistance (ODA) worth Rs 5,536 crore for Chennai and Ahmedabad metro rail projects.

"India and Japan exchange notes for Japan's Official Development Loan Assistance worth Rs 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project," said an official release.

The notes were exchanged in New Delhi between S Selvakumar, Joint Secretary, Department of Economic Affairs and Yutaka Kikuta, from the Embassy of Japan to India.

The Japanese government has committed Official Development Assistance (ODA) loan of an amount of about Rs 1,080 crore for the Chennai Metro Rail Project (IV phase) and Rs 4,456 crore for Ahmedabad Metro Project.

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 India and Japan, the partnership is poised for a great future, said the release.