BackJapan to provide ₹2,129 crore to India to mitigate socio-economic impact of covid-19
The latest support extended to India in its fight against covid-19 with Japanese assistance to India now totaling approximately ₹5,800 crores.
PremiumNEW DELHI : Japan on Friday said it was providing 30 billion yen ( ₹2129 crore, $ 288 million) to mitigate socio-economic impact of covid-19 in India.
The Exchange of Notes for the loan was signed by the Japanese Ambassador to India Suzuki Satoshi and C. S. Mohapatra, additional secretary, department of economic affairs in India’s Ministry of Finance.
“This financial support is for the implementation of health and medical policy by the Government of India, and is expected to lead to the development of hospitals equipped with ICUs (Intensive Care Units) and infection prevention and management facilities. It is also expected to lead to the enhancement of telemedicine using digital technology in numerous villages across India," an official of the Japanese embassy in New Delhi said.
Friday’s yen loan is the latest support extended to India in its fight against covid-19 with Japanese assistance to India now totaling approximately ₹5,800 crores. Besides loans, this includes grants in aid for the provision of oxygen support as well as assistance channeled through international partners like the United Nations Development Programme (UNDP).
Describing India as a "trusted partner and close friend," the official said that Japan “hopes that with the loans India will be able to mitigate the negative effects of covid-19" and “emerge even stronger after the pandemic"
“The temporary suspension of economic activities due to the lockdown and thereafter affected the disadvantaged and vulnerable people, including women, in India," the official cited above said referring to the lockdown imposed by the Indian government in April and May to stem the spread of covid-19.
“This (Friday’s) new yen loan is provided, in addition to the previous support directly targeting the improvement of public health, to ensure much needed social protection to these people by assisting the Government of India’s relevant policies, including Prime Minister Modi’s Pradhan Mantri Garib Kalyan Yojana (PMGKY)," the official added.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
