The arrangement between Government of India and Government of Republic of Korea regarding the Economic Development Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (approx. Rs. 1,495.68 crore) for Establishment of Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project was signed here today.

The objectives of the project are to enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System (ITMS) and traffic centre, to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS) and to establish a sustainable model of ITS and its O&M through transfer of technology from the Republic of Korea.

Republic of Korea was designated as India’s Official Development Assistance (ODA) partner for development cooperation in October, 2016. This is the first project funded by EDCF loan by the Government of Republic of Korea.

The bilateral relationship between the two countries was upgraded to ‘Special Strategic Partnership’ in the year 2015. This further consolidates and strengthens the Special Strategic Partnership between India and Republic of Korea.

[Exchange Rate : 100 Won = Rupees 6.12]

Economic Development Cooperation Fund loan supports intelligent transport system project, enhancing traffic and toll management via technology transfer. Economic Development Cooperation Fund (EDCF) loan arrangement executed to finance establishment of an Intelligent Transport System and associated ITS infrastructure on the Nagpur-Mumbai Super Communication Expressway, including an Intelligent Traffic Management System, traffic centre, and Toll Collection System, with provision for a sustainable operation and maintenance model through technology transfer from the Republic of Korea; Korea designated as India's Official Development Assistance partner and this is the first EDCF-funded project.