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.