Germany to provide $275 Mn loan to India

Monday, 24 December 2007, 04:38 Hrs
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New Delhi: The ministry of finance Thursday signed two loan agreements with German bank KfW Bankengruppe for 190 million euro ($272.5 million).

The first agreement is for availing a soft loan of 140 million euro ($200 million) from KfW for funding a scheme to revamp rural co-operatives in India, proposed to be implemented by the National Bank for Rural and Agriculture Development (NABARD), said an official statement.

Another agreement was signed for ninth tranche of German assistance amounting to 50 million euro ($71.7 million) for Pulse Polio Immunisation Programme of the Health Ministry, the statement added.

The German government had committed the funds in separate tranches during the Indo-German Annual Negotiations held in 2005 and 2006, respectively, the statement added.
Source: IANS
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