The loan will have an interest rate of 0.01 percent per year with a repayment period of 15 years.
New Delhi:
Japan said on Monday it will extend emergency loan support of up to 50 billion yen for India’s response to the Covid-19 pandemic that includes the implementation of health and medical policies.
The additional secretary of the Department of Economic Affairs of the Ministry of Finance, CS Mohapatra and Japanese Ambassador Suzuki Satoshi exchanged notes here on Monday, on the provision of the yen loan to New Delhi to combat the COVID-19 pandemic.
According to an official statement from the Japanese embassy, this “emergency response support loan to the COVID-19 crisis” provides the necessary funds for India’s fight against the coronavirus.
This financial support will support the implementation of medical and health policy by the Government of India and will lead to the development of ICU-equipped hospitals and infection prevention and management facilities.
These measures, in addition to controlling the spread of the infection in the country, are expected to also contribute to the recovery and stability of the country’s society and economy, as well as sustainable development.
The loan will have an interest rate of 0.01 percent per year with a repayment period of 15 years, including a grace period of four years.
In addition, the two countries also exchanged notes on a 1 billion yen subsidy to India through Japan’s official development assistance (ODA) program, namely the “Economic and Social Development Program”.
This grant is expected to help strengthen the fight against infectious diseases, including COVID-19, in India, and help further strengthen cooperation between Japan and India.
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)
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