India, South Korea sign arrangement for Economic Development Cooperation Fund

India and South Korea today signed the arrangement regarding Economic Development Cooperation Fund loan of over 245 billion Korean won for establishment of Intelligent Transport System on Nagpur-Mumbai Super Communication Expressway Project in Delhi. The objective of the project is to enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System.

The project will also improve the efficiency in toll management through the establishment of the Toll Collection System. AIR correspondent reports that South Korea was designated as India’s Official Development Assistance partner for development cooperation in October, 2016. This is the first project funded by EDCF loan by the South Korean government. The bilateral relationship between the two countries was upgraded to ‘Special Strategic Partnership’ in 2015.

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