Japan to extend 50 Billion Yen loan to India to bolster battle against COVID-19

Japan on August 31 announced that it will extend an emergency loan up to 50 Billion Yen (34.45 Billion Ruppess) to support India in its response to the COVID-19 pandemic. This emergency loan from Japan will help India implement health and medical policies in hospitals. The notes regarding the loan were also discussed between India and Japan. 

Emergency loan to India to fight COVID-19

Additional Secretary, Department of Economic Affairs of Finance Ministry, CS Mohapatra and Japanese ambassador Suzuki Satoshi discussed the provisions of the 50 Billion Yen emergency loan to battle COVID-19 on August 31. As per the official made by the Japanese embassy, this "COVID-19 crisis response emergency support loan" provides the necessary funds for India's fight against coronavirus.

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This financial support extended by Japan will aid in the proper implementation of health and medical policy by the Indian government and will also help to develop the hospitals with ICU facilities in curbing infection and enforcing proper management skills. Apart from combating the pandemic, this emergency loan will also contribute towards sustainable development in India.

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Japan's '50 Billion Yen' loan will have an interest rate of 0.01 per cent per annum with a redemption period of about 15 years along with 4 years grace period. Apart from this, CS Mohapatra and Suzuki Satoshi also discussed the grant of 1 Billion Yen worth loan to India from Japan under its Development Assistance (ODA) scheme, 'The Economic and Social Development Programme'. This emergency loan from Japan to India will also help India to defeat COVID-19 and to strengthen the national ties between both the countries. 

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