Solution

The arrangement between Government of India and Government of Republic of Korea regarding the Economic Development Cooperation Fund ( EDCF ) loan of Korean Won 245 . 081 billion ( approx . Rs . 1,495 . 68 crore ) for Establishment of Intelligent Transport System on Nagpur - Mumbai Super Communication Expressway Project was signed . •                 The objectives of the project are : Ø    To enhance the efficiency in traffic management through establishment of the Intelligent Traffic Management System ( ITMS) and traffic centre, Ø    To improve the efficiency in toll management through the establishment of the Toll Collection System ( TCS) Ø    To establish a sustainable model of ITS and its O&M through transfer of technology from the Republic of Korea. About Republic of Korea Capital : Seoul                                Currency : South Korean won                         President : Yoon Suk Yeol •                 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 EDCF loan by the Government of Republic of Korea .