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Japan extends 30 bil. yen in loans to India to combat coronavirus

The Japanese Foreign Ministry (Kyodo)

TOKYO (Kyodo) -- Japan and India signed on Friday an agreement for Tokyo to extend up to 30 billion yen ($288 million) in low-interest loans to New Delhi in the fight against the coronavirus pandemic.

    The deal was inked by Japanese Ambassador to India Satoshi Suzuki and C.S. Mohapatra, additional secretary of the Department of Economic Affairs at India's Finance Ministry, in New Delhi, according to the Japanese Foreign Ministry.

    India currently has the second-highest number of infection cases with about 10.41 million and the third-highest COVID-19 deaths of around 150,000 in the world, the ministry said.

    With the loans, Japan will assist development of India's health and medical sectors and provide aid to poor and vulnerable people hard hit by the economic downturn caused by the pandemic, the ministry said.

    The loans came on top of up to 50 billion yen in Japan's emergency loans to India in August last year to assist hospitals in better treating COVID-19 patients.

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