The Government of India has signed a loan deal worth US $76 million with Japan International Cooperation Agency (JICA), for a project to upgrade the environment management systems at the Alang-Sosiya ship recycling yards. The total cost of the project will be US$ 111 million, out of which $76 million will be provided as soft loan from JICA. For the remaining amount, US $25 million will come through various elements of support by the Government of Gujarat and the balance of $10 million will be shared by Ministry of Shipping and the Government of Gujarat. The project will be executed by Gujarat Maritime Board (GMB) and is likely to be completed by 2022.
This project will help the Alang-Sosiya ship recycling yards to comply with international safety and environmental regulations. This project is expected to help attract more business to the recycling facilities at Alang, thereby further consolidating India’s share in the global ship recycling industry.
This project will also help to safeguard the region’s marine and coastal environment, through the use of advanced decontamination technology. Furthermore the investment is expected to result in an increase in direct employment in the yards from 50,000 to 92,000 people, once the upgrades have been completed.
Source: the maritime standard. 01 October 2017