India and Japan today exchanged notes concerning the provision of a loan of up to 300 billion yen for the construction of the Mumbai-Ahmedabad High-Speed Rail.
The notes were exchanged between Ajay Seth, Secretary of the Department of Economic Affairs and Japanese Ambassador Suzuki Hiroshi, coinciding with the visit of Japanese Prime Minister Fumio Kishida to India.
The project is to provide a loan to the Government of India for the construction of a high-speed rail with the introduction of Japan’s Shinkansen system between Mumbai and Ahmedabad.
The new high-speed train is expected to be able to travel the distance of 500 km between Mumbai and Ahmedabad in two hours, instead of the five hours required by the current express train service for that distance.
Through the realisation of a mass passenger transportation system, this project is expected to contribute to a more efficient transportation network and promote economic development in the broad target areas.
The two countries also signed a memorandum of cooperation in the field of Japanese language education in India.