Japan Extends 50 Billion Yen Loan in India for COVID-19 Prevention Facilities
- Japan has extended a loan to India for the development of hospitals equipped with ICUs and infection prevention facilities.
- Financial support will aid the implementation of health and medical policy by the govt. of India.
- Expected to lead the enhancement of telemedicine using digital technology in numerous villages across India.
On Monday, Japan announced that it will extend an emergency support loan of 50 billion yen i.e., almost an amount of Rs, 3,500 crores to help India’s response to the Covid-19 crisis. It includes the implementation of health and medical policies and the development of hospitals equipped with ICUs and infection prevention facilities. The term of the loan would last for 15 years which will also include a 4-5-year grace period and the interest rate is 0.01% per annum.
As a part of Tokyo’s Official Development Assistance for the Covid-19 Crisis Emergency Response Support, the aim of the loan is to support India’s efforts in fighting Covid-19 and to formulate the health system to manage future epidemics and also to recover the resilience of India’s health systems against infectious diseases, the Ministry of Finance said in a statement. Moreover, it is also to promote telemedicine in villages across the country.
The Japanese ambassador Satoshi Suzuki, and additional secretary in the department of economic affairs, CS Mohapatra exchanged notes for Grant Assistance of an amount of JPY1 billion i.e., an amount of approx. Rs 70 crores from the government of Japan in accordance to provide Oxygen Generators to India. These devices can function for the treatment of Covid-19 patients under critical conditions.
Separate development is that the Japanese embassy and (JETRO) Japan External Trade Organisation has reorganized the list of Japanese businesses in India with the cooperation of Japanese chambers of commerce and industries in India. The total number of Japanese business establishments in India, as of October 2019, is 5,022, a decrease of 80 (1.6% decline) as compared to 5,102 in 2018.
“The total number of establishments decreased while the number of companies increased because some companies became non-Japanese due to the closure of the office, corporate restructuring, change of ownership, etc.,” said a statement from the Japanese embassy.