Patna Metro to be financed by Japanese funds

New Delhi: India and Japan on Tuesday exchanged notes for providing development assistance for projects to be executed in Bihar, West Bengal and Rajasthan.
The notes were exchanged between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, and Suzuki Hiroshi, Ambassador of Japan to India, an official statement said.
The projects for which Japan will provide financial assistance to India include Patna Metro Rail Construction Project (I) of JPY 98.612 billion (Rs. 5,509 crores approx.), project for forest and biodiversity conservation for climate change response in West Bengal of JPY 9.308 billion (Rs. 520 crores approx.) and Rajasthan water sector livelihood improvement project (II) of JPY 18.894 billion (Rs. 1,055.53 crore approx.).
Patna Metro Rail Construction Project aims to cope with the increase of traffic demand in Patna by constructing the new metro corridor 1 & 2, thereby contributing to improvement of the urban environment and development of the economy as well as mitigation of climate change.
Project for Forest and Biodiversity Conservation for Climate Change Response in West Bengal aims to mitigate and adapt to climate change, conserve and restore ecosystems by ecosystem-based climate change measures, biodiversity conservation and restoration, livelihood improvement activities and institutional strengthening, thereby contributing to sustainable socio-economic development in state.
Rajasthan water sector livelihood improvement project aims to improve livelihoods of farmers as well as promote gender mainstreaming in agriculture and irrigation sector in the state, by improving water use efficiency and agriculture productivity, through improvement of existing irrigation facilities and agriculture support services based on participation of both male and female farmers, thereby contributing to socio-economic development in the state.
This is tranche-II loan for the project, the statement said.