$76 million from Japan International Cooperation Agency : $ 111m Upgrade Plans for Alang-Sosiya Ship Recycling Yards In India
The Government of India signed a loan deal worth $76 million with the Japan International Cooperation Agency (JICA), for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards.
The total cost of the project will be $111 million, out of which $76 million will be provided as a soft loan from JICA.
Out of the remaining amount, $25 million will be borne by Government of Gujarat and the balance $10 million will be shared by Ministry of Shipping & Government of Gujarat. The project will be executed by Gujarat Maritime Board (GMB) and is likely to be completed by 2022.
According to the Indian government, the project will help the Alang-Sosia ship-recycling yards to comply with international safety & environmental regulations.
It is hoped that this will attract more business at the recycling facilities at Alang, thereby further consolidating India’s share in the global ship-recycling industry.
It is also hoped that the project will also help in safeguarding the marine and coastal environment. The use of advanced decontamination technology will rule out the possibility of fire accidents in oil and chemical tankers, thereby ensuring workers safety.
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