Visiting Indian Prime Minister Narendra Modi held an official meeting with Prime Minister Shinzo Abe on Monday in Tokyo, agreeing to further strengthen economic and security ties as Tokyo pledged to extend new yen loans for seven projects totaling ¥316.45 billion.
The loans include ¥150 billion for a high-speed shinkansen system being constructed between Mumbai and Ahmedabad in western India and ¥40.1 billion in road construction to ease traffic jams in southern India's Chennai.
The 500-km railway project will reduce the traveling time between the two cities to two hours from seven hours and is "a symbol" of a new bilateral relationship, according to Japan's Foreign Ministry.