NEW DELHI, July 21 (UNI)-An agreement for a loan of £12 million (about Rs. 25.2 crores) to the Government of India was signed here today by Mr. S. Jagannathan, Secretary, Department of Economic Affairs Ministry of Finance, and Mr. John Freeman, British High Commissioner.
The loan will be for 25 years free of interest, with repayments beginning after the seventh year. A major part of the loan will be used to refinance service payments which fall due in the first half of the financial year on aid loans given in the years 1985 to 1962. The balance of the loan is being given as general purpose aid for the purchase of goods and services from the U.K
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