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The Japan International Cooperation Agency will provide Rs 1,336 crore loan for building part of the campus of the newly established Indian Institute of Technology (IIT), Hyderabad.
JICA on Wednesday signed the agreement with the government of India to provide Japanese Official Development Assistance (ODA) loan.
The loan is at a concessional rate of 1.40 percent and carries a repayment period of 30 years with grace period of 10 years. The project is to be executed by IIT Hyderabad and expected date of completion is 2018, said a JICA statement.
He said following technical cooperation with the University of Tokyo, the project would help improve the quality and quantity of higher academic institutions in the areas of science and engineering in India.
