CURRENT AFFAIRS

Detailed explanation-1: -On March 31, the Japan International Cooperation Agency (JICA) signed loan agreements with the Government of India in Delhi, to provide Japanese ODA loans of up to a total of 312.258billion yen for the following seven projects.

Detailed explanation-2: -Japan initiated its economic cooperation with India in 1958. The cooperation began by ODA Loan, which was the first ODA Japan had ever provided not only for India but for any country. ODA Loan has since been the prevalent form of Japan’s ODA for India, claiming approximately 99% of the entire ODA.

Detailed explanation-3: -Goal and Significance of Japan’s ODA Japan also believes that steady development of India is a key to maintaining stability in Asia, and improving the economic condition of the poor, who constitute 30% (about 300 million) of India’s population, is important to achieving Millennium Development Goals.

Detailed explanation-4: -Official development assistance (ODA) is defined as government aid that promotes and specifically targets the economic development and welfare of developing countries. The DAC adopted ODA as the “gold standard” of foreign aid in 1969 and it remains the main source of financing for development aid.

Detailed explanation-5: -On July 25, the Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India in Delhi to provide Japanese ODA loan of up to a total of 100, 000 million yen for the Project for the Construction of Mumbai-Ahmedabad High Speed Rail (III).