The infrastructure sector in the state got a boost following South Korea’s decision to extend nine billion USD in credit and one billion USD for three mega projects — Nagpur-Mumbai Supercommunication Expressway (NMSE), Kalyan Dombivali Smart Cities and Bandra Government Colony Redevelopment.

The decision was an outcome of the meeting between Chief Minister Devendra Fadnavis and South Korea’s Deputy Prime Minister and Minister for Strategy and Finance Kim Dong-yeon.

Mega projects

The South Korean president will visit Maharashtra early next year. It will also mark the formal beginning of the joint partnership. A senior bureaucrat, who was part of the high-powered team, said, “All the three big projects which were put across by the chief minister during the meeting with South Korea’s deputy PM got a positive response. South Korea has agreed to provide nine billion USD line of credit and one billion USD for Nagpur-Mumbai Supercommunication Expressway, Kalyan-Dombivali Smart City and Redevelopment of Bandra Government Colony projects.”

During his visit, Fadnavis pushed the infrastructure sector for higher foreign direct investments. To take ahead the Rs 46,000 crore NMSE also called Samrudhi Corridor, a decision taken to constitute an empowered negotiating team, which would comprise officials from the state government, Centre and South Korea.

It mutually decided that the composition of the team and dates for the first meeting would formalised through diplomatic channels.
Fadnavis also extended an invitation to the South Korean president to visit India and Maharashtra.