The arrangement between the Government of India and the Government of the Republic of Korea regarding the Economic Development Cooperation Fund (EDCF) loan of Korean Won 245.081 billion (approximately Rs. 1,495.68 crore) for the establishment of an intelligent transport system on the Nagpur-Mumbai Super Communication Expressway Project was signed recently.
The objectives of the project are to enhance the efficiency in traffic management through the establishment of the Intelligent Traffic Management System (ITMS) and traffic centre, to improve the efficiency in toll management through the establishment of the Toll Collection System (TCS), and to establish a sustainable model of ITS and its O&M through a transfer of technology from the Republic of Korea.

The Republic of Korea was designated as India’s official development assistance (ODA) partner for development cooperation in October 2016. This is the first project funded by an EDCF loan from the government of the Republic of Korea.

The bilateral relationship between the two countries was upgraded to ‘Special Strategic Partnership’ in 2015. This further consolidates and strengthens the Special Strategic Partnership between India and the Republic of Korea.

[Exchange Rate : 100 Won = Rupees 6.12]