The government borrows from various international banks for various developmental works of the state and central government such as health services, road construction, irrigation projects, etc.
Also, the Government of India gives some grants for infrastructure development or any new projects of neighboring countries.
Economic Current Affairs is an integral part of the latest Current Affairs in various competitive exams, especially UPS, Banking, and SSC. And this topic loans and Grants is also a part of the latest economic current affairs.
So, in this post, we have provided the latest economic news related to loans and grants.
What is Loan?
▪ Loan is a financial instrument that allows an individual, business, or government to borrow money from a lender or financial institution.
▪ The borrower agrees to repay the loan amount with interest over a specified period of time, usually in regular installments.
▪ Loans can be used for a variety of purposes, including financing the purchase of a home or car, starting a business, or paying for education or medical expenses.
▪ Loans can be secured, meaning they require collateral such as a home or car put up as security for the loan, or unsecured, meaning they require no collateral. Different types of loans include personal loans, business loans, student loans, and mortgages.
What are Grants?
▪ A grant is a type of financial aid or assistance that does not need to be repaid.
▪ Grants are typically awarded by governments, foundations, or other organizations to individuals, businesses, or nonprofit organizations for specific purposes.
▪ Grants can be used for a wide range of activities such as research, education, community development, environmental conservation, and social service.
▪ Grants can be awarded based on merit or need and can range in size from small amounts to millions of dollars. Unlike loans, grants do not have to be repaid, making them an attractive source of financing for those unable or unwilling to take out loans.
Loans and Grants 2023 (January to December)
Loans and Grants Issued by Banks, August 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD 200 Million | Governemnt of India | for 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 million | Meghalaya 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 Bank | Rs. 2500 crore | Government of West Bengal | For Infrastucture development Project in West Bengal |
Loans and Grants Issued by Banks, July 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| US International Development Finance Corp | USD 50 million | IIFL Home Finance (Home finance company) | To expand its portfolio of affordable home financing specifically targeting sustainable housing |
| European Investment Bank(EIB) | EURO 1 billion | Government of India | To support National Green Hydrogen and renewable energy projects in India |
| World Bank | $1.5 billion | Government of India | For the “First Low-Carbon Energy Programmatic Development Policy Operation” to accelerate India’s development of low-carbon energy |
| World Bank | $251 million | Assam | To improve access to high-quality healthcare services and boost economic opportunities for Assam |
| World Bank | $140 million | Tripura | Enhancing the Availability of Premium Healthcare Services and Catalyzing Economic Prospects for Tripura |
| Asian Development Bank (ADB) | $295-million | Bihar | To upgrade 265 km of state highways in Bihar |
| Asian Development Bank (ADB) | USD 200 million | Rajasthan | For the Rajasthan Secondary Towns Development Sector Project |
Loans and Grants Issued by Banks, June 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank | USD 255.5 Million | Government of India | The World Bank has provided the loan to India’s technical education sector with the objective of equipping students with essential skills to meet the changing demands of the job market, advancing gender equality, and encouraging research and innovation. |
| Asian Development Bank (ADB) | USD 295 million | Bihar | The allocated loan will be used to enhance transport connectivity and safety in Bihar by widening and upgrading approximately 265 kilometers of state highways. |
| World Bank | USD 150 million | Kerala | The loan amount has been utilized to support the Resilient Kerala Program, which aims to enhance Kerala’s preparedness against natural disasters, climate change impacts, disease outbreaks, and safeguard lives |
| Government of India | US$ 12.3 Billion | Africa | The loan amount has been utilized for diverse developmental projects in Africa, including initiatives related to irrigation, drinking water, and road infrastructure. |
| World Bank | $148M loan | West Bengal | The loan provided aims to assist West Bengal, India, in enhancing irrigation practices in rural areas. Its objective is to enable the region to utilize surface and groundwater resources more effectively for agricultural purposes. |
| Asian Development Bank (ADB) | USD 130 million | Himachal Pradesh | The loan has been allocated for the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project. The project’s primary goals are to boost agricultural productivity, enhance irrigation accessibility, and foster horticulture agribusinesses, ultimately leading to increased income for farmers in Himachal Pradesh. |
Loans and Grants Issued by Banks, May 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD($)141.12 million | Government of India | For 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 Bank | USD 82 million | Government of India | For the adoption of global best practices for animal health management and to prevent zoonotic diseases in India |
Loans and Grants Issued by Banks, April 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| 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 billion | AMNS 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 million | Karnataka | To provide clean drinking water supply |
| World Bank | USD 100 million | Odisha | To help Odisha strengthen its early forecasting systems for improved disaster response |
Loans and Grants Issued by Banks March 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank | 1 billion (about Rs 8,200 crore) | Government of India | To support and enhance the country’s healthcare infrastructure |
| World Bank | USD 363 million | Karnataka | To provide clean drinking water supply to two million rural households in the state through a piped water connection in their homes. |
| World Bank | $500 million | Government of India | For the development of Green National Highway Corridors Project |
| Asian Development Bank (ADB) | Rs 754 crore | Waste-to-energy maker SAEL Industries | The funds will be used for the construction of five biomass power plants in Rajasthan |
| World Bank | USD 108 million | Assam | To help improve disaster preparedness and enhance flood forecasting |
| Government of India | Rs 2 billion Grant | Bhutan | Gyalsung Infra Project |
| World Bank | USD 100 million | Odisha | To boost Odisha’s early forecasting systems for better disaster response and to expand social protection coverage for poor and vulnerable households via digital platforms. |
Loans and Grants issued by Banks, February 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| International Monetary Fund (IMF) | USD 4.7 billion | Bangladesh | for 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. |
| e Asian Development Bank (ADB) | USD 130 million | Himachal Pradesh | To increase agricultural productivity and promote horticulture agribusinesses |
| World Bank | USD 2.5 billion Grant | Ukraine | To maintain essential services and core government functions amid the on-going Russia-Ukraine war |
| Government Of India | Rs 5,300-crore Grant | Karnataka | e for the development of Upper Bhadra irrigation project. |
Loans and Grants issued by Banks, January 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| 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 lakhs | Garuda Aerospace Pvt Ltd | To 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 million | Government of India | For Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project |
| Asian Development Bank (ADB) | USD 131 million | Nhava Sheva Freeport Terminal Private Limited (NSFTPL) | To upgrade the Jawaharlal Nehru (JLN) Port Container Terminal located in Navi Mumbai, Maharashtra. |
Loans and Grants 2022 (January to December)
Loans and Grants issued by Banks, December 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | $125 million | Government of India | To provide access to resilient and sustainable housing for the urban poor in the state of Tamil Nadu. |
| World Bank’s investment arm, International Finance Corporation (IFC) | $400 million (around ₹3,400 crore) | HDFC Ltd, | to drive India’s green housing growth |
| Asian Development Bank (ADB) | $780 million | Chennai’s metro rail Corporation | To build new lines for Chennai’s metro rail and improve the network’s connectivity with bus and feeder services. |
Loans and Grants issued by Banks, November 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | 40 million USD | GreenCell Express Private Limited (GEPL), Maharashtra, India | To develop 5000 Electric Buses in India |
| Asian Development Bank (ADB) | USD 350 million loan (2900 crore) | Maharashtra State Road Improvement Project, India | To improve road connectivity in Maharashtra |
| Asian Development Bank (ADB) | USD 30 million loan for 5 years | Farm Efficiency Initiative | Funding research and development of enhanced-efficiency fertilisers |
| KFW Development Bank Germany | 150 million Euro (about Rs. 1240 crore) | State Bank of India | To facilitated new and upcoming projects in the solar sector |
Loans and Grants issued by Banks, October 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank (WB) | USD 250 million | Andhra Pradesh | For supporting Andhra’s Learning Transformation (SALT) project |
| MUFG Bank | Rs 400 crore | JSW Cement Ltd. | For Capital expenditure with increasing focus on sustainablity. |
Loans and Grants issued by Banks, September 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank (WB) | USD 350 Million | Gujarat | To improve the quality and access of its public health care services |
| World Bank (WB) | USD 150 Million (nearly 1200 crores) | Punjab | For the management of its financial resources and improved access to public services |
| Asian Development Bank (ADB) | Rs. 4000 crore | Maharashtra Government | To set up 12 Medical Colleges in 12 districts |
Loans and Grants issued by Banks, August 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD 96.3 million (around Rs. 769 Cr. ) | Government of India | To Improve Water Supply & Sanitation in Himachal Pradesh |
| Technology Development Board (TDB) | Rs. 1.15 crores | TGP Bioplastics Pvt. Ltd. | For commercializing compostable plastic which will mitigate the usage of Single Use Plastics (SUP) |
| Government of India | Grants of USD 1 million | Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) | For BIMSTEC Secretariat’s operational budget |
Loans and Grants issued by Banks, July 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank | USD 200 Millionn | India | For Himachal Pradesh (HP) Power Sector Development Program |
| World Bank | USD 1 Billion | India’s Health Sector | To support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (ABHIM) |
| Asian Development Bank (ADB) | USD 96.3 million | Himachal Pradesh | To provide safe drinking water, sanitation services and improve water supply in Himachal Pradesh under the Himachal Pradesh Rural Drinking Water Improvement and Livelihood Project. |
| Japan International Cooperation Agency (JICA) | 100,000 million Japanese Yen (almost 6000 cr.) | India | For construction of third phase of Mumbai-Ahmedabad High-Speed Rail (MAHSR). |
Loans and Grants issued by Banks, June 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank | USD 250 million | Government of India | To implement and support the Road Safety Program of government of India |
Loans and Grants issued by Banks, May 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Canara Bank & Additional Skill Acquisition Programme (ASAP) Kerala | Rs 5000 to Rs 1.5 lakh | Students loan for Skill development | To provide skill loans to students pursuing skill training programmes from Additional Skill Acquisition Programme (ASAP) Kerala or any other central or state government recognised agencies conducting National Skills Qualifications Framework (NSQF) or National Skill Development Corporation (NSDC) courses.. |
Loans and Grants issued by Banks, April 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank and the Asian Infrastructure Investment Bank (AIIB) | Rs 7,500 crore | Gujarat | To implement the ‘Mission School of Excellence project’ of Gujarat. The project improve the quality of education, make infrastructure better and build skills, |
| Asian Development Bank (ADB) | USD 100 million (Rs.760 crores) | Louis Dreyfus Company (LDC), a French Firm | To help small farmers in countries such as India, Indonesia, Pakistan,Thailand and Vietnam to recover from the economic challenges posed by the pandemic (COVID-19) and improve their resilience to the effects of climate change |
| Asian Development Bank (ADB) | USD 76.25 million (Rs 551 crore) | Agartala Smart City Limited (ASCL) | Revive lakes and water bodies of of Maharaja Bir Bikram College and Renovate and restore of Ujjayanta Palace |
Loans and Grants issued by Banks, March 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Indian Overseas Bank | Rs 1,000 crore | Jammu and Kashmir Infrastructure Development Finance Corporation Ltd (JKIDFC) | To accelerate infrastructure development projects across J&K |
Loans and Grants issued by Banks, February 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | Total USD 4.6 billion | Government of India |
• USD 1.8 billion loan for COVID-19-related assistance • USD 1.5 billion loan towards vaccine procurement. • USD 300 million loan to strengthen primary health care (PHC) in urban areas |
| World Bank | USD 115 million |
• $6 milion – Government of India (Land Resources depertment) • $60 million – Karnataka government • $49 million – Odisha government | To implement the REWARD Project in the states of Karnataka and Odisha |
| Asian Development Bank (ADB) | $68-million loan | IIFL Home Finance Limited | To provide the financial support for affordable green housing for lower-income women borrowers in India |
Loans and Grants issued by Banks, January 2022
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Reserve Bank of India (RBI) | US$ 900 million | Sri Lanka | To tackle forex crisis and shortage of almost all essential commodities due to a shortage of dollars. |
| Canara Bank | Rs. 10 lakh | MSME borrowers | low-cost business loans to micro, small and medium enterprises |
| World Bank | Rs 1000 crore | government of West Bengal | To improve social protection service such as medical help through telemedicine, support for the elderly and differently-abled, financial inclusion of citizens with digital payments and disbursement of benefits for public schemes. |
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