JICA Signs Loan Agreement to Boost Telangana Start-ups
Hyderabad: Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India to extend the Official Development Assistance (ODA) loan for JPY 23,697 million (about Rs 1,336 crore). This aims to promote the start-up ecosystem and innovation and aid in job creation in urban as well as rural areas in Telangana.
The loan agreement for the project was signed between Vikas Sheel, additional secretary, department of economic affairs, and Saito Mitsunori, chief representative, JICA India.
The loan. It will be used to promote potential entrepreneurs by providing capacity building, infrastructure development, financial support, and market creation subprojects.
JICA will facilitate Japanese startups to venture into Telangana, conducting proof of concept (PoC) for their businesses. The facilitation by JICA is anticipated to attract investments from Japanese companies, further enriching the collaborative landscape between Japan and India.
"Our initiative aims to enhance socio-economic development in collaboration with the Government of Telangana. This is the very first project in which JICA supports promotion of the start-up ecosystem and innovation by ODA loan in the world. JICA remains steadfast in its commitment to bolster India's pursuit of innovation and growth, thereby contributing to the overall well-being of the people in Telangana," said Mitsunori.
The project, to be led by Telangana’s information technology, electronics and communications department, underscores the robust partnership between Japan and India in enhancing the start-up ecosystem, a release said.