A Rs 1.81 billion loan agreement deal was signed between India and Japan for the construction of the Turga pumped storage hydro power project at Purulia in West Bengal. The Ministry of Finance confirmed that the project will contribute to the industrial development and living standards in the state. With an aim to strengthen the capability to respond to the fluctuation in supply and demand of power and to improve stability of the power supply by constructing the pumped storage facilities, the Japanese Official Development Assistance loan agreement was signed between Katsauo Matsumoto, New Delhi Chief Representative, Japan International Cooperation Agency (JICA) and CS Mohapatra, Additional Secretary, Ministry of Finance.