In a bid to surpass competition from China and other countries keen to be part in the first bullet train project, Japan has offered financial support besides technology for India's ambitious rail project. <br/><br/>Railway Ministry sources said, Japan has offered to finance Mumbai-Ahmedabad high speed rail corridor estimated to cost about Rs 90,000 crore at an interest rate of less than one per cent. <br/><br/>Japan International Cooperation Agency (JICA) in its report submitted to the Railway Ministry has envisaged a reduction in the travel time on the 505-km long corridor between the two western cities to two hours from the existing period of over seven hours. <br/><br/>They said that the bullet train is expected to run at speeds of around 300-350 km/hour. Though there are many countries offering the high-speed technology for the bullet train project, it is Japan which is offering both technology and funding together.