IIT Hyderabad to get Rs 1,336-cr loan from Japanese agency

IIT, Hyderabad
The Japan International Cooperation Agency (JICA) will grant a loan of Rs 1,336 crore to act as an aid in constructing some part of the campus of the recently built Indian Institute of Technology, Hyderabad (IIT, Hyderabad). 
Chief representative of JICA's Indian office Shinya Ejima and joint secretary (bilateral cooperation) in the ministry of finance, government of India, Rajesh Khullar has signed the agreement for Japanese Official Development Assistant (ODA) loan.

The loan is at a concessional rate of 1.40 per cent and needs to be paid in a period of 30 years. The repayment has a grace period of 10 years, besides that. As per a JICA statement, IIT Hyderabad expects the completion date of the project to be 2018.

The loan is meant to be utilised for the purpose of constructing a permanent campus building and for attaining high-end research equipments for the institute.
Some eminent professors from the University of Tokyo will help in the preparation of concept designs and architectural plans for some of the important part of the campus building.

As a result of mutual understanding between the prime ministers of the two countries, the sharing of technical knowledge across the nations along with loan funding has taken place.
Ejima is optimistic about seeing IIT build with quality infrastructure. He also believes that with the technical help to be received from University of Tokyo, the quality and quantity of higher academic institutions in the areas of science and engineering in India.

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