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)