India signed $76 million of loan deal with Japan International Cooperation Agency (JICA) to upgrade Alang-Sosiya Shipyards
India has signed a loan deal of $76 million with Japan International Cooperation Agency (JICA) for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards. The total cost of the project will be $111 million, out of which $76 million will be provided as soft loan from JICA.
Out of the remaining amount, $25 million as taxes and fees will be borne by Government of Gujarat and the balance $10 million will be shared by Ministry of Shipping and Government of Gujarat. The project will be executed by Gujarat Maritime Board and is likely to be completed by 2022. The project will help the Alang-Sosia ship-recycling yards to comply with international safety and environmental regulations.
It will attract more business at the recycling facilities at Alang, thereby further consolidating India’s share in the global ship-recycling industry. The project will also help in safeguarding the marine and coastal environment.