Japan Extends ₹3,500 crore credit to India for Covid-19 Crisis Emergency Response Support
Japan’s donor agency, Japan International Cooperation Agency (JICA) , said it would extend a development assistance loan of ₹3,500 crore (JPY 50 billion) to India for the Covid-19 Crisis Emergency Response Support.
This loan will be disbursed to the Government of India for supporting anticipated financing requirement for the implementation of “Prime Minister Atmanirbhar Swasth Bharat Yojana (PM-ASBY)” governed by the Ministry of Health and Family Welfare as the Atmanirbhar Bharat Package for the health sector.
The objective of the project is to strengthen public healthcare system, by extending budget support to the Indian government in implementing emergency response programmes for the health sector as countermeasures against the Covid-19.
Benefits
- It provides the necessary funds for India’s fight against coronavirus.
- It will support the implementation of health and medical policy by the Government of India
- It will lead to the development of hospitals equipped with ICUs
- It will also facilitate infection prevention and management facilities.
- 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.
This is the first large scale Japanese support the Indian government’s fight against COVID-19. Along with the financial support, JICA is also considering the provision of technical assistance for monitoring the activities under the PM-ASBY and share Japanese knowledge for better implementation. In India, JICA has cumulatively extended loans and has health projects in Tamil Nadu and Odisha.
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Month: Current Affairs - September, 2020