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Centre, NDB Sign $1,000 Million Loan Pact To Support India s Economic Recovery From COVID-19 Pandemic

Centre, NDB sign $1,000 million loan pact to support India s economic recovery from COVID-19 pandemic The loan amount will be used to fund expenditures on rural infrastructure and rural employment generation under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), in order to revive rural economy December 16, 2020 / 06:51 PM IST A loan agreement of $1,000 million was signed on December 16 between the government and the New Development Bank for funding expenditures on rural infrastructure and rural employment generation under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). The agreement was signed by Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry of Finance and Xian Zhu, Vice President and Chief Operations Officer on behalf of the NDB, the statement said.

Govt inks $1-bn loan pact with NDB to boost rural employment, infrastructure

Govt inks $1-bn loan pact with NDB to boost rural employment, infrastructure Economic activity slowed down post lockdowns to contain the spread of virus, resulting in loss of employment and income of workers especially those employed in the informal sector, including rural areas. Updated: December 17, 2020 8:18:44 am The loan has a tenor of 30 years, including a 5-year grace period. The government and the New Development Bank (NDB) on Wednesday signed a loan agreement worth $1 billion to help India’s economic recovery from Covid-19 by supporting spending on rural infrastructure related to natural resource management (NRM) and rural employment generation under MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme). The loan has a tenor of 30 years, including a 5-year grace period.

India signs $1 billion loan with NDB to support MGNREGS and rural infrastructure

India signs $1 billion loan with NDB to support MGNREGS and rural infrastructure SECTIONS Share Synopsis The loan will aid India’s economic recovery from the pandemic “by supporting expenditures on rural infrastructure related to natural resource management (NRM) and rural employment generation under Government of India’s Mahatma Gandhi National Rural Employment Guarantee Scheme,” a finance ministry statement said. Agencies The agreement was signed by Baldeo Purushartha, joint secretary, Department of Economic Affairs and Xian Zhu, vice president, of the NDB. The government signed a loan agreement worth $1 billion with the New Development Bank (NDB) to support the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and India’s rural infrastructure, on Wednesday.

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