Japan affords India mortgage to combat Covid-19 pandemic


Tribune News Service

New Delhi, September 1

Japan and the European Union (EU) have accepted massive loans to India to combat Covid and develop infrastructure, respectively.

While Japan has lent to additional equip hospitals, the EU financial institution has made its second largest lending operation exterior its conventional sphere to help the constructing of a metro in Kanpur.

The financial institution can be financing the development of the metro in Lucknow, Bhopal, Pune and Bengaluru. The whole mortgage from EU alone for the 2 metros in UP is estimated at Rs 8,000 crore.

The ballpark determine for loans taken by India to battle the pandemic is over Rs 60,000 crore which is anticipated to rise as extra tranches are being negotiated with multilateral banks.

Japanese Ambassador to India Satoshi Suzuki and Indian officers exchanged paperwork regarding the provision of a yen mortgage for response to Covid. The most quantity that India can draw is 50 billion yen (about Rs 3,500 crore).

With its funds in acute disrepair, India has borrowed from Germany and France. Germany dedicated an emergency help measure of 460 million Euros (Rs 3,893 crore) to help the “One Nation One Ration Card” scheme, whereas France dedicated 200 million Euros (about Rs 1,700 crore) to spice up the PM Garib Kalyan Yojana.

The mortgage from Japan will assist equip hospitals with ICUs and an infection prevention and administration amenities. It can be anticipated to result in the enhancement of telemedicine utilizing digital know-how in quite a few villages throughout India. The mortgage has been provided at 0.01 per cent each year for 15 years.

The European Investment Bank (EIB) has accepted a Euro 650 million mortgage (about Rs 4,500 crore) to construct a metro in Kanpur. This shall be its second largest operation exterior the EU thus far. The EIB will finance a 32.4-km metro line with 30 stations and the rolling inventory. The EIB has to date lent over Rs 20,000 crore for connectivity initiatives in India.

This is the second metro rail mission supported by the EIB in Uttar Pradesh.

EU financial institution to finance Kanpur metro mission

  • The European Investment Bank has accepted a Euro 650 mn mortgage (Rs4,500 cr) to construct a metro in Kanpur
  • The financial institution can be financing the development of the metro in Lucknow, Bhopal, Pune and Bengaluru
  • Japanese Ambassador to India Satoshi Suzuki and Indian officers exchanged paperwork on mortgage provision
  • The most quantity that India can draw is 50 billion yen (Rs3,500 crore)



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