India and Japan signs loan Agreement for Turga Hydel Project

India and Japan signed a Rs 1,817 crore loan agreement for the construction of the Turga pumped storage hydel power project at Purulia in West Bengal. The project will contribute to the industrial development and living standards in the state.”The objective of the project is to strengthen the capability to respond to the fluctuation in supply and demand of power and to improve the stability of the power supply by constructing the pumped storage facilities.

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Key Highlights 

  • This loan agreement was signed between Union Ministry of Finance, Government of India and Mr. Katsuo Matsumoto, Chief Representative Japan Internation Cooperation Agency (JICA).
  • The objective of the project is to strengthen capacity to respond to the fluctuation in supply and demand of power. It also seeks to improve the stability of power supply by constructing pumped storage facilities, contributing to industrial development and improvement of the Living Standard of people in West Bengal.

Background

India and Japan have the long and fruitful history of bilateral development cooperation since 1958.the last few years, the economic cooperation between India and Japan has steadily progressed, which has further consolidated and strengthened Strategic and Global Partnership between them.

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