The Japan International Cooperation Agency (JICA) has approved a loan of about Rs 674 crore for a forest project in Uttarakhand. "The Japan International Cooperation Agency (JICA) signed a Japanese ODA loan agreement with the Government of India in New Delhi to provide up to 11,390 million yen (around Rs 674 crore) for 'Uttarakhand Forest Resource Management Project'," the agency said in a release.
The agreement was signed on April 11. The loan at a concessional interest rate of 0.30 per cent carries a repayment period of 40 years with a grace period of 10 years. The project aims to improve natural environment and livelihood of people living in and around the forest areas with the loan funds used for afforestation and income generation of local communities.
In addition, the project will support implementation of disaster reconstruction and prevention measures in the forest area of Uttarakhand where heavy rains caused devastating floods and landslides in June 2013. The executing agency for the project is Uttarakhand Forest Department. The project is expected to be completed by March 2022.
"The forest area in Uttarakhand has not only huge degradation pressure but also suffered severe damages during the disaster in June 2013. This project will contribute to eco-restoration of the forest area in conformity with the improvement of the livelihoods of the communities ...," the release said. JICA works to help developing countries become self reliant in pursuing their own socio-economic development.
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