Modi, Abe Lay Foundation Stone For High-Speed Rail Project

Ahmedabad: Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe on Thursday laid the foundation stone for the ambitious Rs 1.08 lakh crore ($17 billion) 508-km Ahmedabad-Mumbai High Speed Rail here. Besides Modi and Abe, Railway Minister Piyush Goyal, Minister of State for Railways Manoj Sinha, Gujarat Governor O.P. Kohli, Gujarat Chief Minister Vijay Rupani and Maharashtra Chief Minister Devendra Fadnavis were also present. (Image: ANI)

Modi and Abe also laid the foundation stone for the Vadodara High Speed training institute. The high speed rail project that is scheduled to be completed by 2022, has been financed by Japan. Of the Rs 1.08 crore, Japan is giving a loan of Rs 88,000 crore at a minimal interest of 0.1 per cent for 50 years. And the repayment will begin only after 15 years. The first tranche of the loan, Rs 6,000 crore, would be released immediately, while the remaining tranches will come after the completion of land acquisition. (Image: ANI)