New Delhi: The cabinet has approved the utilization of Japanese assistance under the Japan International Cooperation Agency (JICA) for the Delhi Mumbai Industrial Corridor (DMIC) projects. The utilization of JICA would be allowed through Special Terms for Economic Partnership (STEP) of Japanese official development assistance loans.The government of India has been planning the Delhi Mumbai Industrial Corridor (DMIC) project as a global investment destination via development of 1483 Km long Freight Corridor as the backbone for the Industrial Development. It is predicted that development of cities situated on DMIC will attract huge investment of around $ 90-100 billion with about 3 million employment opportunities.JICA will consult Japanese companies to finance the DMIC project through STEP loan and it will also promote the project in Japanese companies to bring more active participation of Japanese companies. This tie-up between Indian government and Japanese government will enable many Japanese companies to establish their manufacturing facilities in India.According to the conditions of the STEP loans, about 30 per cent of the goods to be sourced from Japan can be procured from local companies situated in India where Japanese companies will have about 10 percent or more equity. This condition will encourage many Japanese companies to create joint ventures with Indian companies.The ODA loan under the STEP scheme will be available at an interest rate of 0.1 per cent for which repayment period would be 40 percent to cover 100 percent of the project cost. The scheme will also provide a moratorium of 10 years.займ на карту без отказов круглосуточновзять кредит онлайн