India and South Korea on November 30 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.
Key points
- 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.
- 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.
