Sharma meets Japanese PM, $9 bn infra fund mooted

Union Minister for Commerce and Industry, Anand Sharma meeting the Prime Minister of Japan, Naoto Kan, in Tokyo on Feb 15.

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SME Times News Bureau | 16 Feb, 2011
India has proposed to set up a USD 9 billion revolving fund in partnership with Japan, to help finance Delhi Mumbai Industrial Corridor Project, which is estimated to cost over USD 100 billion.

Commerce and Industry Minister Anand Sharma proposed the fund with equal contribution from the two countries during his meeting with Japanese Prime Minister Naoto Kan in Tokyo Tuesday.

"The Japanese prime minister agreed to enhance the financial contribution of Japan and was positively receptive to the suggestion," the commerce and industry ministry said in a statement here.

Sharma, who is on a two-day official visit to Tokyo, "urged for greater Japanese investments in areas of core infrastructure and capital goods equipment, including power generation where Japanese companies have a technological edge".

India and Japan are scheduled to sign a Comprehensive Economic Partnership Agreement (CEPA) in Tokyo Wednesday.

The Delhi Mumbai Industrial Corridor Project, a flagship initiative of Indo-Japan partnership, has now moved decisively from the stage of master planning to project implementation, the statement said.