Govt to borrow $1 bn to soften Covid blow

Tribune News Service

Updated At : 12:20 PM Dec 17, 2020 IST

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Tribune News Service

New Delhi, December 16

The Centre today signed a $1 billion (Rs 7,500 crore) agreement with New Development Bank (NDB) to fund its rural employment and infrastructure schemes.

These schemes will help mitigate the adverse economic impact of the Covid-19 pandemic and enable economic recovery in rural areas, a press note said.

India has already borrowed $1 billion from the NDB which was jointly set up by BRICS nations. The loan agreement was signed by Baldeo Purushartha from the Union Ministry of Finance and Xian Zhu of the NDB.

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