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

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

Emergency loan to India to fight COVID-19

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

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This financial support extended by Japan will aid in proper implementation of health and medical policy by Indian government and will also help to develop hospitals with ICU facilities in curbing infection and enforcing proper manment skills. Apart from combating 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 grant of 1 Billion Yen worth loan to India from Japan under its Development Assistance (ODA) scheme, ' Ecomic and Social Development Programme'. This emergency loan from Japan to India will also help India to defeat COVID-19 and to strengn national ties between both countries. 

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