India entered into a USD 76-million loan pact with the Japan JICA

Vastavam web: The government today said it has entered into a USD 76-million loan pact with the Japan International Cooperation Agency (JICA) for a project at Alang-Sosiya ship recycling yards.”The Government of India signed a loan deal worth USD 76 million with the Japan International Cooperation Agency (JICA) today, for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards,” the Ministry of Shipping said in a statement.The project will be executed by the Gujarat Maritime Board (GMB) and is likely to be completed by 2022.
This project will help the Alang-Sosia ship-recycling yards to comply with international safety and environmental regulations.The statement said this will attract more business at the recycling facilities at Alang, thereby further consolidating India’s share in the global ship-recycling industry.”This project will also help in safeguarding the marine and coastal environment. The use of advanced decontamination technology will rule out the possibility of fire accidents in oil and chemical tankers, thereby ensuring workers safety,” it added.