A Loan Agreement was signed here today between Shri C.S. Mohapatra, Additional Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative, JICA, New Delhi on Japanese Official Development Assistance loan for the construction of Turga Pumped Storage (I) of Yen 29.442 Billion (Rs. 1817 crore approximately) [Exchange RATE: 1 Rupee= JPY 1.62]

The objective of the Project is to strengthen the capability to respond to fluctuation in supply and demand of power and to improve stability of the power supply by constructing the pumped storage facilities, thereby contributing to the Industrial Development and Living Standard Improvement in the State of West Bengal.

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958.In the last few years, the economic cooperation between India and Japan has steadily progressed. This further consolidates and strengthens the Strategic and Global Partnership between India and Japan.

Loan agreement for pumped storage project secures ODA financing to bolster power supply stability and industrial development. A Loan Agreement was executed between the Government of India and JICA under Japanese Official Development Assistance to finance construction of the Turga Pumped Storage (I) project, providing concessional bilateral funding to strengthen the ability to manage power supply-demand fluctuations and improve stability of power supply in West Bengal, thereby supporting industrial development and living standard improvements through an ODA financing mechanism.