Japan to provide assistance to India to fight Covid-19 pandemic; Emergency loan will be expanded

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New Delhi: Japan said on Monday that it would extend emergency loan support of 34 billion 651.61 million 85 thousand for India's fight in the wake of the Kovid-19 epidemic, including implementation of health and medical policy.

CS Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Japanese Ambassador Suzuki Satoshi exchanged notes on the provision of Yen loans to counter the COVID-19 epidemic here in New Delhi on Monday. According to an official release by the Japanese Embassy, ​​the emergency aid loan, given the COVID-19 crisis, will help in India's fight, strengthening. This financial support will support the implementation of the Health and Medical Policy by the Government of India, promoting the development of ICUs and hospitals equipped with infection prevention and management facilities.

It was hoped that this aid, besides controlling the spread of infection in the country, would contribute to recovery and stability to the country's society and economy, as well as sustainable development. Explain that the loan has been said to be repaid in 15 years with a grace period of four years. This loan will have an interest rate of 0.01 percent per year.

In addition, the two countries exchanged notes on a grant of 1 billion yen to India through Japan's Official Development Assistance (ODA) scheme, 'The Economic and Social Development Program'. It is expected that this grant-in-aid will strengthen the fight against infectious diseases including COVID-19 in India and contribute to further strengthening cooperation between Japan and India.

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