Japan has given a highly concessional loan with a repayment period of 50 years and 15-year moratorium. It has an interest rate of 0.1 percent. The project will be executed in a joint venture of the Indian and Japanese companies, Jaishankar said in a media briefing.
The high-speed rail will be built using Japan's Shinkansen technology.
Japanese Prime Minister Shinzo Abe arrived in India on Friday on a three-day sojourn.
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