Loans and Grants Current Affairs 2024: Month-wise List

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Stay updated on the latest loans and grants in 2024 with our month-wise list of current affairs. In this article, we present loan agreements and grants in a tabular format, providing information on the loan and grant amounts and the purpose of each.

Every year, the Government of India and all states frequently secure loans from various international banks to fund essential development projects, including healthcare, road construction, and irrigation. These loans play a vital role in supporting the economic growth of both state and central governments. So, in this article, I provide a comprehensive “list of Loan Agreements for India from Different Organizations”.

What is a Loan?

  • A loan is a financial tool that allows individuals, businesses, or governments to borrow money from a lender.
  • The borrower agrees to repay the loan amount and interest over a specified period, typically through regular instalments.
  • Loans serve various purposes, such as buying a home, starting a business, or covering education and medical expenses.
  • They can be secured, requiring collateral like a home or car, or unsecured with no collateral.
✅ Read Also: Currencies in the News: Latest Current Affairs

What are Grants?

  • Grants, on the other hand, are a form of financial aid that doesn’t require repayment.
  • Governments, foundations, or organizations award grants to individuals, businesses, or nonprofits for research, education, community development, or social services.
  • Grants can be based on merit or need and come in different sizes, making them an appealing source of financing without the obligation of repayment.

Loans and Grants Current Affairs 2024 [January to December]

March-April 2024

Sl. No.Loans/Grants ProviderAmountReceived ByPurpose
1Japan Bank for
International Cooperation (JBIC)
USD 200 millionNTPC LimitedForeign currency loans
2Japan Bank for
International Cooperation (JBIC)
Japanese yen (JPY) 20 billionNHPC LtdDeveloping a 300 MW solar project in Bikaner, Rajasthan
3World Bank$452 millionAssam GovernmentAssam Resilient Rural Bridges Program
4Asian Development Bank$181 millionGovernment of IndiaAhmedabad Peri-urban Livability Improvement Project
5Under “Acing Development of Innovative Technologies
with iDEX” (ADITI) Scheme (GOI)
Up to Rs 25 crore (grant-in-aid)Start-ups in defence technologiesTo promote innovations in critical and strategic defence technologies
6Indo-Pacific Economic Framework for Prosperity$33 million (Grant)Indo-Pacific Economic Framework for Prosperity (IPEF) PartnersIPEF Catalytic Capital Fund under Pillar III Clean Economy Agreement
7Servizi Assicurativi del Commercio Estero (SACE), an Italian export credit agencyJapanese Yen (JPY) 60.536 (~Rs 3250 crore)REC Limited(formerly Rural Electrification Corporation Limited)To finance green projects in India

January-February 2024

Sl. No.Loan ProviderLoan AmountReceived ByPurpose
1New Development Bank (NDB)$500 millionGujarat GovernmentDevelopment of rural roads
2Asian Development Bank (ADB)$200 millionGovernment of IndiaFor Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project
3Odisha (State Government)Financial support for youths under the ‘Swayam’ schemeYouths of the state (under ‘Swayam’ scheme)Youths of the state (under the ‘Swayam’ scheme)
4Japan232.209 billion yenIndiaEstablishment of the International Fintech Institute (IFI) at Gujarat International Finance Tec-City (GIFT City)
5Asian Development Bank (ADB)USD 23 millionGujarat GovernmentEstablishment of International Fintech Institute (IFI) at Gujarat International Finance Tec-City (GIFT City)
6Government of IndiaRs 10,000 (interest-free)Flue Cured Virginia (FCV) Tobacco growers in Andhra PradeshFinancial support for FCV Tobacco growers in Andhra Pradesh

List of Loan Agreements for India from Different Organizations 2023 [January to December Month-wise List]

December 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)$200 millionUttarakhandTo Improve the power supply
Asian Development Bank (ADB)$175 millionMadhya PradeshEnhance road connectivity and climate resilience
International Monetary Fund (IMF)$337 millionPart of the Extended Fund Facility (EFF) arrangementPolicy-based loan for the Industrial Corridor Development Programme
Asian Development Bank (ADB)$200 millionPart of the Extended Fund Facility (EFF) arrangementSupport Swachh Bharat (Clean India) Mission–Urban 2.0
Asian Development Bank (ADB)$250 millionGovernment of IndiaPolicy-based loan for Industrial Corridor Development Programme
Asian Development Bank (ADB)37 billion JPYGovernment of IndiaPolicy-based loan for the Industrial Corridor Development Programme
Japan International Cooperation Agency (JICA)400 billion Japanese Yen (Rs 22,627 crore)Government of IndiaMumbai-Ahmedabad High-Speed Rail (MAHSR) project
Asian Development Bank (ADB)$100 millionTripuraImprove urban services and tourism facilities
Japan International Cooperation Agency (JICA)₹932 CroreIndiaSupport Sustainable Development Goals (SDGs) initiatives in India
World Bank$100 millionSikkimPart of the Integrated Service Provision and Innovation for Reviving Economies (INSPIRES) program

November 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)USD 6.5 millionGreenway Carbon Credits Gender Finance ProjectStrives to support the manufacturing and delivery of one million subsidized Greenway Jumbo Stoves to rural households in Madhya Pradesh and Odisha
Asian Development Bank (ADB)USD 500 millionMaharashtra GovernmentConcerning the Maharashtra Tertiary Care and Medical Education Sector Development Program, the goal is to enhance accessibility to high-quality and affordable tertiary healthcare and medical education in Maharashtra.
Asian Development Bank (ADB)USD 125 millionMumbai, Maharashtra based L&T Finance Limited(LFT)To support financing in rural and peri-urban areas of India, especially for women borrowers
Asian Development Bank (ADB)USD 170mnKerala Govt.For the modernization of water supply services in Kochi, Kerala. To improve urban living. To ensure clean water access and To bolster climate resilience.
Asian Development Bank (ADB)USD 400 mnIndian governmentTo support its sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.
World BankUSD 200 millionGovernment of IndiaTo support Himachal Pradesh Power Sector Development Program

October 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)USD 400 MillionGovernment of IndiaTo Improve infrastructure, guarantee reliable public services, and create effective government systems
Asian Development Bank (ADB)USD 175 MillionMadhya Pradesh GovernmentThe project will aims to improve about 500 kilometers of main roads in Madhya Pradesh (MP) by making them two lanes wide.
Asian Development Bank (ADB)USD 181 MillionGovernment of Gujaratto build quality infrastructure and services in the peri-urban areas of Ahmedabad, Gujarat to control urban sprawl.
India Infrastructure Finance Company Limited (IIFCL)Rs 8,800 croreIndia (IIFCL provides long-term loans for India’s infrastructure projects.)The amount will be used for airports and civil aviation infrastructure development in India
Asian Development Bank (ADB)USD 200 MillionGovernment of AssamTo strengthen flood and riverbank erosion risk management along the 650-kilometer (km) long main stem of the Brahmaputra River in Assam, India

September 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)Rs 1.2 billion (USD 14.7 million)Fourth Partner Energy LimitedFor setting up a 25 MW open access solar power plant in Tirunelveli, Tamil Nadu
Export-Import Bank of India (EXIM Bank)USD 100 millionREC, a subsidiary of Power Finance Corporation LtdThe funds will be raised as part of REC’s broader market borrowing programme of Rs 1.20 lakh crore for 2023-24.

August 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)USD 200 MillionGovernemnt of Indiafor the ongoing Rajasthan Secondary Towns Development Sector Project as additional financing, to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.
Asian Development Bank (ADB)USD 40.5 millionMeghalaya Early Childhood Development Mission (MECDM)To upgared the Anganwadi centers (AWC) to provide nurturing care, including maternal mental health support and inclusive group-based parenting programs involving fathers
World BankRs. 2500 croreGovernment of West BengalFor Infrastucture development Project in West Bengal

July 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
US International Development Finance CorpUSD 50 millionIIFL Home Finance (Home finance company)To expand its portfolio of affordable home financing specifically targeting sustainable housing
European Investment Bank(EIB)EURO 1 billionGovernment of IndiaTo support National Green Hydrogen and renewable energy projects in India
World Bank$1.5 billionGovernment of IndiaFor the “First Low-Carbon Energy Programmatic Development Policy Operation” to accelerate India’s development of low-carbon energy
World Bank$251 millionAssamTo improve access to high-quality healthcare services and boost economic opportunities for Assam
World Bank$140 millionTripuraEnhancing the Availability of Premium Healthcare Services and Catalyzing Economic Prospects for Tripura
Asian Development Bank (ADB) $295-millionBiharTo upgrade 265 km of state highways in Bihar
Asian Development Bank (ADB)USD 200 millionRajasthanFor the Rajasthan Secondary Towns Development Sector Project

June 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
World BankUSD 255.5 MillionGovernment of IndiaThe World Bank has provided the loan to India’s technical education sector with the objective of equipping students with essential skills to meet the changing demands of the job market, advancing gender equality, and encouraging research and innovation.
Asian Development Bank (ADB)USD 295 millionBiharThe allocated loan will be used to enhance transport connectivity and safety in Bihar by widening and upgrading approximately 265 kilometers of state highways.
World BankUSD 150 millionKeralaThe loan amount has been utilized to support the Resilient Kerala Program, which aims to enhance Kerala’s preparedness against natural disasters, climate change impacts, disease outbreaks, and safeguard lives
Government of IndiaUS$ 12.3 BillionAfricaThe loan amount has been utilized for diverse developmental projects in Africa, including initiatives related to irrigation, drinking water, and road infrastructure.
World Bank $148M loanWest BengalThe loan provided aims to assist West Bengal, India, in enhancing irrigation practices in rural areas. Its objective is to enable the region to utilize surface and groundwater resources more effectively for agricultural purposes.
Asian Development Bank (ADB)USD 130 millionHimachal PradeshThe loan has been allocated for the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project. The project’s primary goals are to boost agricultural productivity, enhance irrigation accessibility, and foster horticulture agribusinesses, ultimately leading to increased income for farmers in Himachal Pradesh.

May 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB)USD($)141.12 millionGovernment of IndiaFor the development of high-quality internal infrastructure such as roads, water supply systems and electricity distribution network in three industrial clusters in the state of Andhra Pradesh (AP).
World BankUSD 82 millionGovernment of IndiaFor the adoption of global best practices for animal health management and to prevent zoonotic diseases in India

April 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Japanese Banking Consortium [The Japan Bank for International Cooperation (“JBIC”), MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Mizuho Bank Ltd., and Mizuho Bank Europe N.V.]USD 5 billionAMNS Luxembourg Holding S.A., the parent company of ArcelorMittal Nippon Steel India Limited (“AM/NS India”) To finance a portion of the funds for AM/NS India’s new construction and expansion of upstream, hot rolling, and other facilities
World Bank$363 millionKarnatakaTo provide clean drinking water supply
World BankUSD 100 millionOdishaTo help Odisha strengthen its early forecasting systems for improved disaster response

March 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
World Bank1 billion (about Rs 8,200 crore)Government of IndiaTo support and enhance the country’s healthcare infrastructure
World BankUSD 363 millionKarnatakaTo provide clean drinking water supply to two million rural households in the state through a piped water connection in their homes.
World Bank$500 millionGovernment of IndiaFor the development of Green National Highway Corridors Project
Asian Development Bank (ADB)Rs 754 croreWaste-to-energy maker SAEL IndustriesThe funds will be used for the construction of five biomass power plants in Rajasthan
World Bank USD 108 millionAssamTo help improve disaster preparedness and enhance flood forecasting
Government of India Rs 2 billion Grant Bhutan Gyalsung Infra Project
World BankUSD 100 million OdishaTo boost Odisha’s early forecasting systems for better disaster response and to expand social protection coverage for poor and vulnerable households via digital platforms.

February 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
International Monetary Fund (IMF)USD 4.7 billionBangladeshfor robust economic recovery of Bangladesh from the pandemic which was interrupted by the Russia-Ukraine war leading to a widening of current account deficit and decline in foreign exchange reserve in the country.
Asian Development Bank (ADB)USD 130 millionHimachal Pradesh To increase agricultural productivity and promote horticulture agribusinesses
World BankUSD 2.5 billion GrantUkraineTo maintain essential services and core government functions amid the on-going Russia-Ukraine war
Government Of India Rs 5,300-crore GrantKarnatakae for the development of Upper Bhadra irrigation project.

January 2023

Bank/OrganizationsLoan AmountReceived ByPurpose
Asian Development Bank (ADB) USD 100 million (about Rs 830 crore) Shriram Finance Limited (SFL)The loan amount used for vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles, especially for women entrepreneurs in under-developed states
Union Bank of India (UBI)Rs.10 lakhsGaruda Aerospace Pvt LtdTo built 150 Kisan Drones to help the farmers in the field of digitisation of land records and operations in crop production, spraying of fertilisers, chemicals, growth promoters and pesticides which helps farmers in growing their crop yield and improving their income.
Asian Development Bank (ADB)$220 millionGovernment of IndiaFor Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project
Asian Development Bank (ADB)USD 131 millionNhava Sheva Freeport Terminal Private Limited (NSFTPL)To upgrade the Jawaharlal Nehru (JLN) Port Container Terminal located in Navi Mumbai, Maharashtra.

Organization-wise Loan Agreements for India

Loan Agreements for India from the Asian Development Bank (ADB)

Loan AmountReceived ByPurpose
USD 6.5 millionGreenway Carbon Credits Gender Finance ProjectTo support the manufacturing and delivery of 1 million subsidized Greenway Jumbo Stoves to rural households in Madhya Pradesh and Odisha
USD 500 millionMaharashtra GovernmentTo enhance accessibility to high-quality and affordable tertiary healthcare and medical education in Maharashtra.
USD 125 millionMumbai, Maharashtra based L&T Finance Limited(LFT)To support financing in rural and peri-urban areas of India, especially for women borrowers
USD 170mnKerala Govt.For the modernization of water supply services in Kochi, Kerala. To improve urban living. To ensure clean water access and To bolster climate resilience.
USD 400 mnIndian governmentTo support its sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.
US$400 MillionIndiaTo Improve infrastructure, guarantee reliable public services, and create effective government systems
US$ 175 MillionMadhya Pradesh GovernmentThe project will aims to improve about 500 kilometers of main roads in Madhya Pradesh (MP) by making them two lanes wide.
US$ 181 MillionGovernment of Gujaratto build quality infrastructure and services in the peri-urban areas of Ahmedabad, Gujarat to control urban sprawl.
US$ 200 MillionGovernment of AssamTo strengthen flood and riverbank erosion risk management along the 650-kilometer (km) long main stem of the Brahmaputra River in Assam, India
USD 100 million (about Rs 830 crore) Shriram Finance Limited (SFL) of IndiaThe loan amount used for vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles, especially for women entrepreneurs in under-developed states
US $220 millionGovernment of IndiaFor Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project
USD 131 millionNhava Sheva Freeport Terminal Private Limited (NSFTPL)To upgrade the Jawaharlal Nehru (JLN) Port Container Terminal located in Navi Mumbai, Maharashtra.
USD 130 millionHimachal Pradesh To increase agricultural productivity and promote horticulture agribusinesses
USD 90.56 Million (Rs. 754 crore)Waste-to-energy maker SAEL IndustriesThe funds will be used for the construction of five biomass power plants in Rajasthan
USD($)141.12 MillionGovernment of IndiaFor the development of high-quality internal infrastructure such as roads, water supply systems and electricity distribution network in three industrial clusters in the state of Andhra Pradesh (AP).
USD 295 MillionGovernment of BiharThe allocated loan will be used to enhance transport connectivity and safety in Bihar by widening and upgrading approximately 265 kilometers of state highways.
USD 130 MillionHimachal Pradesh GovernmentThe loan has been allocated for the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project. The project’s primary goals are to boost agricultural productivity, enhance irrigation accessibility, and foster horticulture agribusinesses, ultimately leading to increased income for farmers in Himachal Pradesh.
USD 29 MillionBihar GovernmentTo upgrade 265 km of state highways in Bihar
USD 200 MillionGovernment of RajasthanFor the Rajasthan Secondary Towns Development Sector Project
USD 200 MillionGovernemnt of Indiafor the ongoing Rajasthan Secondary Towns Development Sector Project as additional financing, to expand water supply and sanitation systems and enhance urban resilience and heritage living in selected towns.
USD 40.5 MillionMeghalaya Early Childhood Development Mission (MECDM)To upgared the Anganwadi centers (AWC) to provide nurturing care, including maternal mental health support and inclusive group-based parenting programs involving fathers
Rs 1.2 Billion (USD 14.7 million)Fourth Partner Energy LimitedFor setting up a 25 MW open access solar power plant in Tirunelveli, Tamil Nadu

Loan Agreements for India from the World Bank (WB)

Loan AmountReceived ByPurpose
USD 200 millionGovernment of IndiaTo support Himachal Pradesh Power Sector Development Program
USD 2.5 Billion GrantUkraine GovernmentTo maintain essential services and core government functions amid the on-going Russia-Ukraine war
USD 100 MillionGovernment of OdishaTo boost Odisha’s early forecasting systems for better disaster response and to expand social protection coverage for poor and vulnerable households via digital platforms.
USD 108 MillionGovernment of AssamTo help improve disaster preparedness and enhance flood forecasting
US $500 millionGovernment of IndiaFor the development of Green National Highway Corridors Project
USD 363 MillionGovernment of KarnatakaTo provide clean drinking water supply to two million rural households in the state through a piped water connection in their homes.
1 Billion USD (about Rs 8,200 crore)Government of IndiaTo support and enhance the India’s healthcare infrastructure
363 Million USDGovernment of KarnatakaTo provide clean drinking water supply in the states of Karnataka
USD 100 MillionGovernment of OdishaTo help Odisha strengthen its early forecasting systems for improved disaster response
USD 82 MillionGovernment of IndiaFor the adoption of global best practices for animal health management and to prevent zoonotic diseases in India
USD 255.5 MillionGovernment of IndiaThe World Bank has provided the loan to India’s technical education sector with the objective of equipping students with essential skills to meet the changing demands of the job market, advancing gender equality, and encouraging research and innovation.
USD 150 MillionGovernment of KeralaThe loan amount has been utilized to support the Resilient Kerala Program, which aims to enhance Kerala’s preparedness against natural disasters, climate change impacts, disease outbreaks, and safeguard lives
USD 148 MillionGovernment of West BengalThe loan provided aims to assist West Bengal, India, in enhancing irrigation practices in rural areas. Its objective is to enable the region to utilize surface and groundwater resources more effectively for agricultural purposes.
USD 1.5 BillionGovernment of IndiaFor the “First Low-Carbon Energy Programmatic Development Policy Operation” to accelerate India’s development of low-carbon energy
251 Million USDGovernment of AssamTo improve access to high-quality healthcare services and boost economic opportunities for Assam
140 Million USDGovernment of TripuraEnhancing the Availability of Premium Healthcare Services and Catalyzing Economic Prospects for Tripura
296.75 million US dollars (USD) (Rs. 2500 crore)Government of West BengalFor Infrastucture development Project in West Bengal

More Banking and Finance Current Affairs

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