Japan to extend $22.6 billion in infrastructure loans to India
20 Nov 2012
The Japanese government will extend a fresh loan of about $22.6 billion for the second phase of dedicated freight corridor and an infrastructure project in South India, Prime Minister Yoshihiko Noda told his Indian counterpart Manmohan Singh today.
Manmohan Singh who held separate meeting with his Japanese counterpart on the sidelines of the ASEAN summit in Pnom Penh, Cambodia, said while India welcomed Japan's offer of credit, India's priority was investments by Japanese companies.
The Indian prime minister cited Japanese investments in infrastructure projects in India such as the Delhi Metro Rail Corporation, which was a ''fine example'' that other cities now want to emulate.
An earlier meeting between the two on 16 November had to be cancelled in view of the announcement of elections in Japan and the possibility of Noda and his Liberal Democrats loosing power.
Noda told the Indian prime minister that Japan would be announcing its assistance for the second phase of the dedicated freight corridor and an infrastructure project in South India.
Japan's Overseas Development Assistance (ODA) would provide 184 billion yen (around $22. 6 billion) for the two project, sources said.