India and Japan signed the Loan Agreement worth Rs. 1817 crore for construction of Turga Pumped Storage (I)’ Hydel Project. On completion, this project will contribute to Industrial Development and Living Standard Improvement in the West Bengal.
This loan agreement was signed between Union Ministry of Finance, Government of India and Mr Katsuo Matsumoto, Chief Representative Japan International Cooperation Agency (JICA). The objective of the project is to strengthen capacities 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, thereby contributing to industrial development and improvement of the Living Standard of people in West Bengal.
India and Japan have the long and fruitful history of bilateral development cooperation since 1958. In 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.