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Government of India and NDB sign agreement for $1,000 million to provide support to Aatma Nirbhar Bharat Abhiyan through MGNREG Scheme to support Indias economic recovery from COVID-19 The Government of India and the New Development Bank (NDB) today signed a loan agreement for lending $1,000 mill
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FAQ :
The loan agreement is for $1,000 million (or $1 billion).
The agreement was signed by Shri Baldeo Purushartha on behalf of the Government of India and Mr. Xian Zhu on behalf of the New Development Bank (NDB).
The loan is intended to support India's economic recovery from COVID-19 by funding expenditures on rural infrastructure related to natural resource management and rural employment generation.
The funds will be channelled through the Government of India's Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
The programme aims to improve the livelihoods of the rural poor, provide income opportunities for migrant workers returning from urban areas, create durable rural infrastructure assets, and stimulate rural demand to aid economic recovery.
The loan has a tenor of 30 years, which includes a 5-year grace period.
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