New Delhi: Japan on Wednesday expressed intention to invest USD 4.5 billion (about Rs 23,400 crore) in the Delhi-Mumbai Industrial Corridor (DMIC) project over the next five years.
India's ambitious USD 90 billion DMIC project is aimed at creating industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is giving financial and technical aid for the project, which will cover seven states totalling 1,483 kilometers.
Noting the significant progress made by India’s contribution of a Rs 175 billion fund for development of trunk infrastructure for DMIC project, Noda announced the intention to "make available for the project Japan’s public and private finance totaling USD 4.5 billion dollar in the next five years," a joint statement said.
This includes appropriate financing from the Japan Bank for International Cooperation (JBIC) as well as official development assistance (ODA) loan, it said.
The two Prime Ministers felt that the DMIC Project would redefine the character of infrastructure growth in India through advanced technology and green growth, it said.
"The two Prime Ministers shared the vision for the development of the DMIC that the governments and private sectors of the two countries cooperate in a mutually complementary manner to develop an environmentally sustainable, long-lasting and technologically advanced infrastructure in the region of DMIC," it said.
The two leaders also felt that active involvement of Japanese agencies and companies would provide an impetus for the development of DMIC, the joint statement said.