The Japan International Cooperation Agency (JICA) has signed an official development assistance loan agreement worth $76 million (Rs 4.94 billion) with the Indian government for the upgradation of the environment management plan at the Alang-Sosiya ship recycling yard in Gujarat. The loan will be provided for a repayment period of 30 years with a grace period of 10 years. The total cost of the project will be Rs 7.22 billion ($111 million), of which Rs 4.94 billion ($76 million) will be provided as a soft loan by JICA. Around Rs 1.63 billion ($25 million) will be borne by the Gujarat government as taxes and fees. The balance Rs 650.22 million ($10 million) will be shared by the Ministry of Shipping and the Gujarat government. The project will be executed by the Gujarat Maritime Board and is likely to be completed by 2022.