Japan to give India Rs 69.16 bn as loan

Japan will grant a loan of Rs. 69.16 billion (about 185 billion yen) to fund India's 11 developmental projects in power transmission, environment, forestry, water supply and sewerage, urban transport and port sectors.

A part of its official development assistance (ODA) to India, the loan has increased by 18.93 per cent in 2006 over the previous year, an official statement by the union finance ministry said on Friday.

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“The rate of interest would be 1.3 per cent per annum for general projects, except for the Vishakapatnam port expansion project and Bangalore distribution upgradation project, for which the rate of interest would be 0.75 per cent per annum,” the statement said.

The loan repayment period would be 30 years for general projects, and 15 years for other projects

(Source: Times of India)

-Mumbaikar