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.”
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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