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
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 coronavirus.
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 Japan and India.
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