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Construction : Newsmakers | April 2016 | Source : CW-India

Infra booster

Indian infrastructure will soon get a Japanese boost with Takema Sakamoto, Chief Representive, Japan International Cooperation Agency (JICA), India, signing a pact with Sanjeev Ghai, Chief General Manager, IIFCL. The pact delegates JICA to provide ¥50 billion (Rs 2,866 crore) Official Development Assistance (ODA) loan for the implementation of PPP infrastructure financing projects in the country. The assistance will promote such developments in the field of non-fossil power projects by providing long term finance to private or public enterprises and the banks or public financial institutions. The terms of these ODA loans are quite concessional with the repayment period, after a grace period of six years, being 14 years and the rate of interest being a floating rate of the London interbank offered rate for six month deposits in Japanese Yen. With such assistance, it won´t be long before India achieves its target of ¥3.5 trillion of public and private investment and financing from Japan, including ODA, to India within five years.
 
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