NEW DELHI : The Economic Development Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (approx. Rs. 1,495.68 crores) to establish Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway project was signed between the Government of India and Government of Republic of Korea on Wednesday.
“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,” said the Ministry of Finance.
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 ministry added.
The Economic Development Co-operation Fund (EDCF) was established in 1987 and plays an important role as Korea’s representative aid fund. As an OECD DAC member, the government of Korea is continuously reflecting the demands of developing countries for infrastructure expansion and endeavor to establish a new development cooperation model and raise the level of aid quality.
The EDCF supports partner countries in providing of loans for their economic development. The EDCF’s loans are administered by the Export-Import Bank of Korea under the supervision of the Ministry of Strategy and Finance.
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,” the ministry said.
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