Mumbai, Jul 25 (IANS): The Japan International Cooperation Agency (JICA) has decided to give the third tranche of Rs 6,000-crore for the upcoming Ahmedabad-Mumbai High Speed Rail, or the Bullet Train project, an official said here on Monday.

The Official Development Assistance (ODA) agreement of Japanese Yen (JPY) 100,000-million (@ Rs 6,000 crore) was signed between JICA India Senior Representative Watanabe Jun and Ministry of Finance Additional Secretary R.K. Mishra.

The project aims to develop a high-frequency mass transportation system by building the high speed rail between Ahmedabad and Mumbai, using Japan's Shinkansen technology or 'Bullet Train' and enhancing mobility in the country for regional economic development.

Jun said that the project has become a symbol of India-Japan collaboration with Japan introducing its high speed rail technology for India's first such initiative, slated to cost around Rs 1.08 lakh crore, with over 80 per cent funding through loan from JICA.

"We have witnessed great progress in the civil works so far. The day is approaching when the Shinkansen System developed in the project will contribute to region-wide economic and social development to generate incomes for local residents," Jun remarked.

Besides simplifying mobility and ease of connectivity with a safe and reliable inter-city transport system, the collaboration will ensure technology transfer to boost the Make in India drive.

Earlier, in 2017, the JICA had provided around JPY 250,000-million (@ Rs 18,000 crore) for the 508 kms long project being implemented by National High Speed Rail Corporation Ltd.

The pet initiative of Prime Minister Narendra Modi, the Bullet Train project was scheduled to be completed by 2022-end, but has been plagued by delays in both Gujarat and Maharashtra and may be only partially operational by 2028.