IIT Hyderabad to receive loan worth Rs 1501.72 crore from Japan
Updated: Aug 02, 2013 05:18:10pm
Hyderabad, Aug 2 (KNN) The Indian Institute of Technology, Hyderabad (IITH) will get a number of basic infrastructure facilities and scaling up of quality education to the tune of Rs 1776.50 crore thanks to the Government of Japan.
The Government of Japan will extend a highly concessional loan of Rs 1501.72 crore for the project which was approved yesterday by the Cabinet Committee on Economic Affairs (CCEA).
“The project costing Rs 1776.50 crore will be financed out of the ODA loan of Rs 1501.72 crore from the Government of Japan. The balance of Rs 274.77 crore represent 15.5 per cent non-eligible portion of the project as the Indian portion to be met from grants by MHRD over a period of four years starting from 2013-14 to 2016-17,” said an official notification.
The project would create value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty. This will enhance cooperation between the two nations in the area of science and technology and human resource development, the notification added.
For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution viz. IIT, Hyderabad with benefits for the Indian economy.
IIT Hyderabad is one of the eight new IITs established by the government in 2008.
The collaboration is an externally-aided central sector project resulting from the broader Indo-Japan Collaboration and an agreement between the Indian Prime Minister and Japan for a Japanese loan to fund specific IIT Hyderabad projects.
Collaboration between IIT Hyderabad (IITH) and Japan started based on the commitment to initiate a working group for setting up a new IIT in August 2007 between then Prime Minister of Japan Shinzo Abe and Prime Minister of India Manmohan Singh.
Following the policy decision, the Government of Japan established the IITH consortium of Japan in August 2009 as the umbrella organization of government, academia, and industry from Japan aiming at promoting collaboration with IITH.
The Government of Japan will extend a highly concessional loan of Rs 1501.72 crore for the project which was approved yesterday by the Cabinet Committee on Economic Affairs (CCEA).
“The project costing Rs 1776.50 crore will be financed out of the ODA loan of Rs 1501.72 crore from the Government of Japan. The balance of Rs 274.77 crore represent 15.5 per cent non-eligible portion of the project as the Indian portion to be met from grants by MHRD over a period of four years starting from 2013-14 to 2016-17,” said an official notification.
The project would create value addition through collaborative interactions with academics and the industry of Japan and exchange of students and faculty. This will enhance cooperation between the two nations in the area of science and technology and human resource development, the notification added.
For the Indian side, the project would also help in creation of a number of basic infrastructure facilities and faster scaling up of a quality institution viz. IIT, Hyderabad with benefits for the Indian economy.
IIT Hyderabad is one of the eight new IITs established by the government in 2008.
The collaboration is an externally-aided central sector project resulting from the broader Indo-Japan Collaboration and an agreement between the Indian Prime Minister and Japan for a Japanese loan to fund specific IIT Hyderabad projects.
Collaboration between IIT Hyderabad (IITH) and Japan started based on the commitment to initiate a working group for setting up a new IIT in August 2007 between then Prime Minister of Japan Shinzo Abe and Prime Minister of India Manmohan Singh.
Following the policy decision, the Government of Japan established the IITH consortium of Japan in August 2009 as the umbrella organization of government, academia, and industry from Japan aiming at promoting collaboration with IITH.
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