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Japan enters into USD 76 million loan deal with India
The Ministry of Shipping stated on Friday that the Government of India has entered into a USD 76 million loan deal with the Japan International Cooperation Agency (JICA) for a project at Alang-Sosiya ship recycling yards which will help the yards to comply with international safety and environmental regulations.

It was also stated that the total cost of the project will be USD 111 million, out of which USD 76 million will be provided as a soft loan from JICA. Of the remaining amount, USD 25 million will be borne by the Government of Gujarat and the balance of USD 10 million will be shared by the Ministry of Shipping and Government of Gujarat.

The project is being executed by the Gujarat Maritime Board (GMB) and is likely to be
completed by 2022.

This project will attract more business at the recycling facilities at Alang and this will enhance India’s position in the global ship – recycling industry. It will also safeguard the marine and the coastal environment as it will prevent fire accidents in oil and chemical tankers by using advanced decontamination technology.

The government said the project is expected to result in increase in direct employment from 50, 000 to 92, 000 people and in-direct employment from 1.5 lakh to 3 lakh people.
Posted on: 2017-09-26 11:28:49





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