South Korea to provide Rs 1495 crore loan for an Intelligent Transport System in Maharashtra

Tags: Economy/Finance

The  South Korean government signed an agreement with the Government of India on 30 November 2022 to provide a 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. 

This is the first project in India to be funded by an EDCF loan. India was made an Official Development Assistance (ODA) partner for development cooperation in October, 2016 by South Korea. 

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, and to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS).

 Economic Development Cooperation Fund (EDCF)

The Economic Development Cooperation Fund (EDCF) was set up by the Government of South Korea on June 1, 1987 with the purpose of promoting economic cooperation between Korea and developing countries. The EDCF assists partner countries by providing funding for their industrial development and economic stability.