On Friday, Japan signed an agreement with India to lend a loan of ¥50 Billion to support poor people, women, and vulnerable groups who had been severely affected by the COVID-19 global pandemic.
In terms of Indian Rupees, ¥50 billion is equivalent to 3550 crores.
Additional secretary in the department of economic affairs CS Mohapatra and Japanese ambassador Satoshi Suzuki signed the agreement in New York.
The loan has been provided at an interest rate of 0.65% per annum and a repayment period of 15 years, including a five-year grace period.
“This loan provides the necessary funds for the government of India to implement economic support programs for the poor and vulnerable and policy reforms, including but not limited to health and medical sectors, which are essential in the fight against Covid-19,” the Indian embassy said in a statement.