Japan ready to invest USD 4.5 bn in DMIC project in India

New Delhi, Dec 29 (PTI) Japan has expressed its intention to invest USD 4.5 billion in the Delhi-Mumbai Industrial Corridor (DMIC) project in India 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 1,483 km long project across seven Indian states in the north and the west. Noting the significant progress made by India’s contribution of a Rupees 175 billion (about USD 3.5 bn) 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. PTI