Japan has signed an agreement to provide Rs.8,383 crore for the ongoing construction of phase III of the Delhi Metro.The Japan International Cooperation Agency (JICA) signed a loan agreement with the Indian government to provide 1,40,000 million Japanese Yen (Rs.8,383 crore approximately) of Japanese Official Development Assistance (ODA) for phase III of the Metro.
This amount is the second tranche of the Rs.20,000 crore (approx) soft loan that was promised by the JICA for Metro’s phase 3.
Earlier in March 2012, JICA had signed an MoU with India to release the first instalment Rs.7,659 crore for the phase III, which has total route length of 140 km and is scheduled to be completed by 2016.
The agreement was signed by Shinya Ejima , Chief Representative of JICA in India and Rajesh Khullar of the finance ministry. The loan at a concessional rate of 1.40% has a repayment period of 30 years with grace period of 10 years, said JICA officials.
According to Ejima, “Delhi Metro is a shining example of Japan’s assistance to improve the urban transport in India. The first two phases which were funded by JICA were not only completed in record time but have set off modal shift in Delhi. The present second loan for the phase III will further expand the reach of Metro, and thereby reducing congestion and pollution and boosting economic growth.”
The amount would be released in the coming financial year, said an official.
The budgeted cost of Phase III of the Delhi Metro was approximately Rs.35,000 crore, which has now increased by about 10% due the addition of some corridors in the original plan and a steep rise in the cost of raw material, said a Delhi Metro Rail Corporation (DMRC) official.
“Financial support from JICA has been extremely helpful for Delhi Metro’s expansion,” said Anuj Dayal, chief spokesperson, DMRC.
Starting in 1997, JICA has provided 502,644 million Japanese Yen (Rs.30,098 crore approx) for the construction of Delhi Metro in all three phases.
This amount is the second tranche of the Rs.20,000 crore (approx) soft loan that was promised by the JICA for Metro’s phase 3.
Earlier in March 2012, JICA had signed an MoU with India to release the first instalment Rs.7,659 crore for the phase III, which has total route length of 140 km and is scheduled to be completed by 2016.
The agreement was signed by Shinya Ejima , Chief Representative of JICA in India and Rajesh Khullar of the finance ministry. The loan at a concessional rate of 1.40% has a repayment period of 30 years with grace period of 10 years, said JICA officials.
According to Ejima, “Delhi Metro is a shining example of Japan’s assistance to improve the urban transport in India. The first two phases which were funded by JICA were not only completed in record time but have set off modal shift in Delhi. The present second loan for the phase III will further expand the reach of Metro, and thereby reducing congestion and pollution and boosting economic growth.”
The amount would be released in the coming financial year, said an official.
The budgeted cost of Phase III of the Delhi Metro was approximately Rs.35,000 crore, which has now increased by about 10% due the addition of some corridors in the original plan and a steep rise in the cost of raw material, said a Delhi Metro Rail Corporation (DMRC) official.
“Financial support from JICA has been extremely helpful for Delhi Metro’s expansion,” said Anuj Dayal, chief spokesperson, DMRC.
Starting in 1997, JICA has provided 502,644 million Japanese Yen (Rs.30,098 crore approx) for the construction of Delhi Metro in all three phases.
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