Japan’s premier international cooperation and development agency, JICA, has expressed a keen interest in forging partnerships with India to embark on ambitious infrastructure projects across Southeast Asia, Africa, and the Pacific, according to JICA India’s Chief, Saito Mitsunori.
Mitsunori highlighted JICA’s involvement in India’s recently unveiled Bay of Bengal Northeast Corridor initiative, which is geared towards enhancing infrastructure development in both India and Bangladesh while establishing a new industrial value chain.
During an interview, Mitsunori emphasized JICA’s commitment to providing funding to Indian private sector enterprises that aim to deliver innovative development solutions. Furthermore, he expressed JICA’s eagerness to address the long-term financing requirements of India’s infrastructure sector.
Mitsunori noted that JICA is open to joint projects with India in neighboring countries and regions such as Southeast Asia, Africa, and the Pacific. He discussed JICA’s contribution to the Bay of Bengal Northeast Industrial Value Chain Concept, emphasizing their financing of road connectivity improvements in India’s Northeast region and the development of a deep seaport in Bangladesh.
In terms of private sector involvement, JICA has a history of promoting it in India, particularly through policy support loans to various states and infrastructure projects designed to encourage private sector investment. Mitsunori revealed that JICA is committed to expanding the Private Sector Investment Finance (PSIF) scheme, which has already seen substantial investments globally, including in India.
Though there have been no discussions with NHAI regarding InvITs, JICA is actively exploring ways to meet the long-term financing needs of India’s infrastructure sector, particularly in the domains of road and shipping development.
In summary, JICA’s interest in partnering with India for international infrastructure projects and promoting private sector involvement reflects their commitment to fostering growth and development in the region.
