India and NDB sign agreement for USD 1,000 million for support India’s economic recovery from COVID-19

India and NDB sign agreement for USD 1,000 million for support India’s economic recovery from COVID-19

India NDB sign agreement for USD 1,000 million to provide support to Aatma Nirbhar Bharat Abhiyan: The Government of India and the New Development Bank (NDB) signed a loan agreement for lending $1,000 million for ‘supporting India’s economic recovery from COVID-19’ 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 (MGNREGS).

The MoU Signed by

The agreement was signed by Shri Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India and Mr. Xian Zhu, Vice President, Chief Operations Officer on behalf of the NDB.

About - New Development Bank (NDB)

The New Development Bank (NDB) was established based on the Inter-Governmental agreement among the BRICS countries (Brazil, the Russian Federation, India, China and South Africa) signed on 15th July 2014. The purpose of the Bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries. The $1 billion loan from the NDB has a tenor of 30 years, including a 5-year grace period.

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