Signing of arrangement regarding Republic of Korea’s Economic Development Cooperation Fund (EDCF) loan to India
The arrangement between Government of India and Government of Republic of Korea regarding the Economic Development Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (approx. Rs. 1,495.68 crore) for Establishment of Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project was signed here today.
The objectives of the project are to enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System (ITMS) and traffic centre, to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS) and to establish a sustainable model of ITS and its O&M through transfer of technology from the Republic of Korea.
Republic of Korea was designated as India’s Official Development Assistance (ODA) partner for development cooperation in October, 2016. This is the first project funded by EDCF loan by the Government of Republic of Korea.
The bilateral relationship between the two countries was upgraded to ‘Special Strategic Partnership’ in the year 2015. This further consolidates and strengthens the Special Strategic Partnership between India and Republic of Korea.
[Exchange Rate : 100 Won = Rupees 6.12]