Exchange of Notes concerning Yen Loan to India for the COVID-19 Crisis Response Emergency Support Loan

On August 31, Mr. SUZUKI Satoshi, Ambassador of Japan to India, and Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, exchanged Notes in New Delhi, concerning the provision of a yen loan for response to COVID-19 emergency (total loan provision of up to 50 billion yen).
Details of the Loan are as follows:
“COVID-19 Crisis Response Emergency Support Loan”
Maximum Amount: 50 billion yen
In response to the spread of the COVID-19 infection, the Government of India has taken several measures, including health sector reforms, under Prime Minister Modi’s leadership. This loan provides the necessary funds for emergency response in the fight against COVID-19 in India.

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, which are undersupplied in India. It is also expected to lead to the enhancement of telemedicine using digital technology in numerous villages across India.

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.
Terms and Conditions of the Loans:

(1) Interest rate: 0.01% per annum
(2) Redemption period: 15 years (including a 4–year grace period)

                     Ambassador Suzuki                                               Dr. Mohapatra