India signs loan agreement with JICA for bullet train funding
New Delhi, Oct 1 (IBNS): The Indian government has signed a loan agreement with the Japan International Cooperation Agency (JICA) to fund the bullet train project, which was announced by Prime Minister Narendra Modi in 2017, media reports said.
The JICA has agreed to provide a loan of around Rs 5,500 crore for the Mumbai-Ahmedabad High-Speed Rail project.
Earlier media reports had stated the JICA stopped funding for the project.
JICA's India public relations team, however, clarified they have not stopped any funding for the project.
The total cost of the bullet train project is Rs. 1.10 lakh crore out of which Rs. 88000 crore will be charged at 0.1% interest by Japan.
Modi had launched the project along with Japanese Prime Minister Shinzo Abe.
The train will run between Ahmedabad and Mumbai from 2022.
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