Japan OKs Rs 5,500 cr for Mumbai-Ahmedabad bullet train project

Mumbai: Clearing the air on the stoppage of funds for the Mumbai-Ahmedabad bullet train project, the Japan International Cooperation Agency (JICA) has approved the loan, amounting to 80,547 million Japanese yen or approximately Rs 5,500 crore on Friday. An agreement was signed between JICA and the union government, wherein Japan was to provide an official development assistance (ODA) loan for the bullet train project – Prime Minister Narendra Modi’s dream project. The JICA has also approved a loan of 25,903 Japanese yen or Rs 1,600 crore for building a metro rail system between Howrah Maidan and Salt Lake Sector V, including an underwater section, as part of the ‘Kolkata East-West Metro Project’.

It was reported last week in the media that JACA had withheld its decision to release funds for the bullet train project on the grounds that farmers from Maharashtra and Gujarat had opposed land acquisition for the project.

Free Press Journal