Hyderabad: Japan International Cooperation Agency (JICA), which is one of the biggest Japanese government-backed global funding agencies, has agreed to grant a loan of Rs 1,336 crore to boost job creation and support the startup ecosystem in Telangana.
The agency has reportedly formalised a loan agreement with the Government of India in this regard.
By providing capacity building, infrastructure development, financial support, and market creation subprojects, the project is focused on discovering and promoting potential entrepreneurs, including women and those in rural areas.
Additional Secretary (Department of Economic Affairs and Union Ministry of Finance) Vikas Sheel and Chief Representative of JICA India, SAITO Mitsunori, signed the loan agreement.
An official statement released on Tuesday said, “This initiative is strategically designed to extend support not only to urban entrepreneurs but also to women and aspiring business leaders in rural areas, fostering inclusive economic growth.”
“This is the JICA’s maiden attempt to support a state government in bolstering innovation and the start-up ecosystem through an ODA loan,” the statement said.
Further, it noted that the project will have three components of exploring entrepreneurs, which are’support for start-ups, commercialization, and support for business expansion.’
The project will also facilitate Japanese start-ups to venture into Telangana, which will conduct proof-of-concepts (PoC) for their businesses.
“This is expected to attract investments from Japanese companies, further enriching the collaborative landscape between the two countries,” the statement further noted.
The project will be implemented by the IT, Electronics, and Communications Department of the Government of Telangana.
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