COVID-19: Japan extends 50 billion yen loan to develop hospitals with ICUs in India

Japan has extended a loan of 50 billion yen (approx. Rs 3,500 crores) to India to develop hospitals equipped with ICUs and infection prevention facilities amid fast-rising Coronavirus cases in the country.

As part of Tokyo's Official Development Assistance for the COVID-19 Crisis Emergency Response Support, the loan aims to support India’s efforts in fighting COVID-19 and to prepare the health system to manage future epidemics and also to improve the resilience of India’s health systems against infectious diseases, the Ministry of Finance said in a statement. Moreover, the aim is to also promote telemedicine in villages across the country.

In a statement, the Japanese Embassy in New Delhi said the financial support will aid the implementation of health and medical policy by the Government of India. The term of the loan lasts for 15 years (including a 4–year grace period) and the interest rate is 0.01% per annum

The notes were exchanged on Monday between Dr C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Government of India, and Japanese Ambassador Suzuki Satoshi. 

In addition, notes were also exchanged for Grant Assistance of an amount of JPY 1 billion (approx. Rs 70 crores) from the Government of Japan to provide Oxygen Generators to India. These devices can be employed for the treatment of COVID-19 patients under critical conditions.

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Coronavirus in India

With 69,921 people testing positive for coronavirus infection, India's COVID-19 tally mounted to 36,91,166, while recoveries surged to 28,39,882 on Tuesday, according to the Union Health Ministry data. The death toll climbed to 65,288 with 819 new fatalities being reported in a span of 24 hours, the data updated at 8 am showed.

The COVID-19 case fatality rate has further declined to 1.77% while the recovery rate stands at 76.94%. There are 7,85,996 active cases of COVID-19 in the country which comprises 21.29% of the total caseload, the data stated. 

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