Japan 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 in New Delhi 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 corona virus.
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.