SHILLONG, April 2— Meghalaya is going to receive Rs 80 crore (1.96 billion yen) from the Japan Bank for International Cooperation (JBIC) for renovation and modernisation of Umiam Stage II Hydro Power Station, Meghalaya State Electricity Board (MeSEB) sources have revealed. Meghalaya is one of the recipients of the Official Development Assistance (ODA), routed through JBIC, a Japanese Government's official agency extending ODA loan assistance to developing countries, amongst eight mega projects involving the States of Delhi, West Bengal, Uttaranchal, Orissa, Andhra Pradesh, Rajasthan and Haryana.
The agreement was signed between Ambassador Extraordinary and Plenipotentiary of India to Japan Manilal Tripathi and JBIC Governor-cum-Japanese Ambassador Kyosuke Shinozawa at Tokyo on Wednesday soon after the "Exchange of Notes" was initiated in New Delhi between the Japanese Embassy and Union Finance Ministry.
The thrust of Japan’s financial aid to India, which would be provided at a concessional rate of 1.3 per cent for 30 years, is offered on support to economic infrastructure development, poverty alleviation and environmental improvement.
Talking to reporters, MeSEB Member Secretary S. K. Dey said the amount would be used for renovation and modernisation of Umiam Stage II power station as the machines have outlived their years. With a digitally controlled system, switchgear, machines, control room and other technologies, the power station will be as good as new, he said.
Following the guidelines of JBIC and the government, MeSEB would go for global tendering to procure the machines needed, he further informed.
The JBIC had given 45 months to complete the project, the senior official said while expressing optimism that once sanctioned, the whole process could be completed within 30 months. He said the availability of power would increase after completion of the project.