Revanth Seeks Soft Loans from Japan for Metro-2 and Musi Project
By : DC Correspondent
Update: 2024-02-22 19:07 GMT
HYDERABAD: Chief Minister A. Revanth Reddy on Thursday sought loans from Japan International Cooperation Agency (JICA) for developmental projects in Hyderabad such as Hyderabad Metro Rail expansion and Musi Riverfront development programme.
During his meeting with JICA India chief representative Mitsunori Saito at the Secretariat, Revanth Reddy explained his government's plans to develop the second phase of the Hyderabad Metro Rail project, connecting the Shamshabad airport from the four corners of the city. He submitted proposals on proposed new metro routes covering 70 km under Phase-2.
He also informed Saito about the government's plans to take up the Musi river rejuvenation project by developing the riverfront area on par with River Thames in London.
Official sources said that Revanth Reddy sought financial assistance from JICA as it extends soft loans with low interest rates and a longer repayment period, which financial institutions in India cannot match.
Official sources said that Revanth Reddy sought financial assistance from JICA as it extends soft loans with low interest rates and a longer repayment period, which financial institutions in India cannot match.
The meeting comes against the backdrop of JICA signing a loan agreement with the government of India to extend the Official Development Assistance (ODA) loan for JPY 23,697 million (about `1,336 crore) to promote the start-up ecosystem and innovation and aid in job creation. JICA will facilitate Japanese start-ups to venture into Telangana state, conducting proof of concept (PoC) for their businesses. Deputy CM Mallu Bhatti Vikramarka, ministers N. Uttam Kumar Reddy, Ponguleti Srinivas Reddy and senior officials were present during the meeting.