Categories: Agreements

GoI inks $1-bn loan pact with NDB to support Indian Economy

The Government of India and the New Development Bank (NDB) have signed a loan agreement worth $1,000 million for ‘supporting India’s economic recovery from COVID-19’. The loan has a tenor of 30 years, including a 5-year grace period. The programme will support Indian Government in mitigating the adverse economic impact of COVID-19 pandemic and enable economic recovery in the rural areas.

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Under the agreement, Shanghai-based NDB will lend financial support for:

The loan will support expenditures on rural infrastructure related to natural resource management (NRM) and rural employment generation under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
The programme will support the government in mitigating the adverse economic impact of Covid-19 pandemic and enable economic recovery in the rural areas through natural resource management works which will facilitate economic activity and employment generation to stimulate rural demand.
The programme will improve the livelihood of rural poor along with providing income opportunities to migrant workers who returned home due to job loss caused by Covid-19 pandemic.

Important takeaways for all competitive exams:

New Development Bank Headquarters location: Shanghai, China.
New Development Bank President: Marcos Prado Troyjo.
New Development Bank Founder: BRICS.
New Development Bank Founded: 15 July 2014.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.