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Japan offers Rs 40 bn loan to India

Japan on Thursday announced a long-term loan of 132.7 billion yen (about Rs 40 billion) to India for infrastructure development for 1997 under its Overseas Economic Cooperation Fund.

The announcement was made by visiting Japanese Foreign Minister Yukihiko Ikeda during his talks with Finance Minister P Chidambaram in New Delhi on Thursday afternoon. Ikeda also had meetings with Prime Minister I K Gujral and Minister of State for External Affairs Kamala Sinha.

Briefing reporters on Ikeda's meetings, a Japanese spokesman said a Japan-India centre would be established in this country to stimulate business and cultural exchanges between the two countries.

He said the Japanese foreign ministers discussed bilateral, regional, and international issues, economic matters and the restructuring of the United Nations with Indian leaders.

The spokesman said an economic mission from Osaka, the epicentre of business activities in Japan, will visit India early next year to explore further possibilities for Japanese business.

Ikeda committed increased bilateral interaction at all levels including energy consultations. The Indian president has been invited to visit Japan next year and it might be followed by the visit of the Japanese prime minister.

During the talks, Japan welcomed the resumed bilateral between India and Pakistan, appreciating the efforts of Gujral who ''had made a difference from the past.''

On Afghanistan, the spokesman said Japan had agreed to hold a meeting among the warring factions of that country at Tokyo.

Both the sides agreed that after 50 years, the United Nations needed to be revamped with a balanced approach.

UNI