South Korea To Invest In Nagpur-Mumbai Expressway

South Korea sent the proposal after finance minister Arun Jaitley visited Seoul in June.

Arun Jaitley, Bullet train, Fadnavis, Gadkari, India-Korea, Financial Dialogue, Mumbai-Nagpur Expressway, south korea, nagpur, nagpur news, mumbai, metro, BJP

Maharashtra chief minister Devendra Fadnavis's dream project, the Mumbai-Nagpur Expressway will soon be reality as South Korea is all set to invest in the 

South Korea in its first short has shown interest in investing in some big-ticket infrastructure projects in India.

According to The Prin, a source form the Central Government said, for the Rs 45,000-crore project the proposal has already made by Seoul and submitted to the Government of India.

And reacting to the proposal by September-end or early October, Fadnavis will visit South Korea to finalise the partnership.

Source: local press

The proposal from South Korea which was received after finance minister Arun Jaitley visited Seoul in June, was co-chaired the fifth India-Korea Financial Dialogue with his South Korean counterpart Kim Dong-Yeon.

A press statement released after the meeting reads, “The leaders agreed that in the face of uncertainty and the risk of rising protectionism, there was an urgent need for the two countries to increase efforts to stimulate investment flows, support for infrastructure development, bilateral trade, among others.”

Source: indiainternational

According to the agreement, the two countries will draw $9 billion in concessional credit and $1 billion as official development assistance (ODA) from Seoul for infrastructure projects in India which has already been signed between two countries.

State Road Development Corporation is planning to raise Rs 30,000 crore from loans for the expressway project. The MSRDC will arrange the rest of the expenditure from various state agencies.

To know more about the expressway project click here.

Information Source: The Print

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Sumaiya Sheikh (WRITER)

Sumaiya believes in expressing her thoughts with the sword of words. This management lover handled 30 and 100 volunteers for All India Interschool Personality Contest in 2013 & 2016 respectively, by Oxford Speakers’ Academy. A chatterbox, she also hosted three shows at All India Radio. This compotator represented KKSU in the inter-university debate competition - Indradhanushya.