Christ Yoder
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NEW DELHI: Japan announced on Monday that it will expand its support for emergency loans up to 50 billion yen for India’s response to the Covid-19 pandemic, which includes the implementation of a health and medical policy.
Additional Secretary, Department of Economic Affairs, Ministry of Finance, CS Mohapatra and Japanese Ambassador Suzuki Satoshi exchanged notes here on Monday, regarding the granting of the yen loan to New Delhi to combat the COVID-19 pandemic .
According to an official statement from the Japanese Embassy, this “emergency support loan for the response to the COVID-19 crisis” provides the funds necessary for India’s fight against the coronavirus.
This financial support will support the implementation of health and medical policy by the Indian government and will lead to the development of hospitals equipped with intensive care units and infection prevention and management facilities.
These measures, in addition to controlling the spread of infection in the country, are expected to also contribute to the recovery and stability of the country’s society and economy, as well as to sustainable development.
The loan will carry an interest rate of 0.01% per annum with a repayment period of 15 years, including a grace period of four years.
In addition, the two countries also exchanged notes on a grant worth 1 billion yen to India under Japan’s official development assistance (ODA) program, namely “the program of economic and social development ”.
It is expected that this financial assistance will lead to strengthening the fight against infectious diseases, including COVID-19, in India, and help to further strengthen cooperation between Japan and India.
