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Saturday, 16 September 2017

India Signs Loan Deal with Japan


The Government of India signed a loan deal worth $76 million with Japan International Cooperation Agency (JICA) for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards.

The total cost of the project will be $ 111 million, out of which $76 million will be provided as a soft loan from JICA. Out of the remaining amount, $25 million as taxes and fees will be borne by Government of Gujarat and the balance $10 million will be shared by Ministry of Shipping & Government of Gujarat. The project will be executed by Gujarat Maritime Board (GMB) and is likely to be completed by 2022.

Important Takeaways from Above News-
  • Tokyo is the Capital of Japan.
  • The Japanese Yen is the third most traded currency in the world.
  • Shinzo Abe is the PM of Japan.
Source- Press Information Bureau (PIB)

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