The Notes were exchanged here today between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of India and Mr.Yutaka Kikuta, Charge d’ Affaires a.i., Embassy of Japan to India. The Government of Japan has committed Official Development Assistance (ODA) loan of an amount of JPY 19.981 billion (= approx. ₹ 1080 crore) for the Chennai Metro Rail Project (IV) and JPY 82.434 billion (=approx. ₹ 4456 Crore) for the Ahmedabad Metro Project.

India and Japan have had mutually beneficial economic development cooperation since 1958. In the last few years, the economic cooperation between India and Japan has strengthened and grown into strategic partnership. With general political consensus and popular support for the greater cooperation between India and Japan, the partnership is poised for a great future.

Exchange Rate: Re.1 = Yen 1.85.

Official Development Assistance loan facilitates funding for Chennai and Ahmedabad metro projects, enabling bilateral infrastructure cooperation. Exchange of Notes records Japan's commitment of Official Development Assistance loans in yen to finance the Chennai Metro Rail Project (IV) and the Ahmedabad Metro Project, specifies the yen amounts with rupee equivalents, identifies the officials who exchanged the Notes, and states the rupee yen exchange rate.