You are here: Home » Economy & Policy » News
Business Standard

Japan to extend emergency loan worth Rs 3,500 cr for India to fight Covid19

Japanese ambassador Satoshi Suzuki, and CS Mohapatra, additional secretary in India's department of economic affairs exchanged notes regarding the provision of the yen loan

Japan | Coronavirus Tests | Coronavirus

ANI  |  Asia 

Nirmala Sitharaman
This is the largest amount of financial assistance announced by any country so far to support India’s response to the Covid-19 crisis.

on Monday said it will extend emergency loan support of upto 50 billion yen towards India's response to the Covid-19 pandemic that includes implementation of health and medical policy.

Additional Secretary, Department of Economic Affairs of Finance Ministry, CS Mohapatra and Japanese ambassador Suzuki Satoshi exchanged notes here on Monday, concerning the provision of the yen loan to New Delhi to combat the COVID-19 pandemic.

According to an official release by the Japanese embassy, this "COVID-19 crisis response emergency support loan" provides the necessary funds for India's fight against

This financial support will support the implementation of health and medical policy by the Government of India, and will lead to the development of hospitals equipped with ICUs and infection prevention and management facilities.

It is expected that these measures, in addition to controlling the spread of infection in the country, will also contribute to the recovery and stability of the country's society and economy, as well as to sustainable development.

The loan will have an interest rate of 0.01 per cent per annum with a redemption period of 15 years, including a four year grace period.

Moreover, both the countries also exchanged notes on a grant worth 1 billion Yen to India through Japan's Official Development Assistance (ODA) scheme, namely, "The Economic and Social Development Programme".

It is expected that this grant aid will lead to reinforcing the fight against infectious diseases including COVID-19, in India, and contribute towards further strengthening cooperation between and India.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, September 01 2020. 06:55 IST