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Japan Commits Rs 2,113 cr Loan Pact to India to Support COVID-19 Relief Efforts

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Japan commits ₹2,113 cr support for Covid relief efforts

On January 8, 2021, a loan agreement was signed between India and Japan for JPY (Japanese yen) 30 billion (Rs 2,113 crore) to support India’s efforts at providing social assistance to the poor and vulnerable households severely impacted by the Covid-19 pandemic. It is named as Covid-19 Crisis Response Support Loan for Social Protection.

  • The agreement was signed by CS Mohapatra, Additional Secretary, Department of Economic Affairs, and Suzuki Satoshi, Ambassador, Embassy of Japan to India and Chief Representative, Japan International Cooperation Agency (JICA) New Delhi.

Key Points:

–With this, Japan’s Covid-related assistance to India amounts to more than Rs 5,800 crore.

–It is provided, in addition to the previous support directly targeting the improvement of public health, to ensure much needed social protection to these people by assisting the government’s relevant policies, including Prime Minister Modi’s Pradhan Mantri Garib Kalyan Yojana (PMGKY).

Recent Related News:

i.On October 6, 2020, External Affairs Minister (EAM)S. Jaishankar participated in the Second QUAD (Quadrilateral Security Dialogue) held between India, Australia, Japan & United States of America (USA) in Tokyo, Japan. It was during his 2 day visit to Tokyo, Japan from October 6-7, 2020.

ii.On December 1, 2020, State Bank of India (SBI) in collaboration with National Payments Corporation of India (NPCI) and Japan’s JCB (formerly Japan Credit Bureau) International Co. Ltd. unveiled “SBI RuPay JCB Platinum Contactless Debit Card” with a unique dual interface feature.

About Japan:

Capital– Tokyo
Currency– Japanese yen
Prime Minister– Yoshihide Suga