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Japan International Cooperation Agency (JICA) signed an agreement with the Government of India to provide Official Development Assistance (ODA) Loan of approximately Rs 500 crore for upgradation of environmental management for ship recycling in Gujarat.
The ODA loan's conditions are very concessional, i.e. 1.2 per cent interest rate for project activities and 0.01% interest rate for consulting services, and 30 years of repayment period (including 10 years of grace period). The JICA assisted project aims to promote more environment friendly, sound and safer ship recycling in Alang and Sosiya areas in Gujarat, by upgrading ship recycling related facilities and introducing preventive measures in accordance with international conventions such as Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), thereby contributing to environmental conservation and sustainable development of the industry in Gujarat.