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 installments.
- 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.
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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]
May 2024
| Sl. No. | Loans/Grants Provider | Amount | Received By | Purpose |
|---|---|---|---|---|
| 1 | Asian Development Bank (ADB) and Export-Import Bank of Korea (Korea Eximbank) | USD 1 billion | Rural Electrification Corporation (REC) Limited. | REC is preparing itself for the expected increase in demand for credit from all segments of the power industry, as the government aims to double capacities by 2032. |
| 2 | Asian Development Bank (ADB) | USD 148.5 Million | Sikkim | Aiming to strengthen, modernize, and climate-proof the distribution system to improve the reliability, quality, and resilience of electricity supply in Sikkim, India. |
| 3 | Government of India | USD 61.5 million Grant | Sri Lanka | For the development of Kankesanthurai Port project |
March-April 2024
| Sl. No. | Loans/Grants Provider | Amount | Received By | Purpose |
|---|---|---|---|---|
| 1 | Japan Bank for International Cooperation (JBIC) | USD 200 million | NTPC Limited | Foreign currency loans |
| 2 | Japan Bank for International Cooperation (JBIC) | Japanese yen (JPY) 20 billion | NHPC Ltd | Developing a 300 MW solar project in Bikaner, Rajasthan |
| 3 | World Bank | $452 million | Assam Government | Assam Resilient Rural Bridges Program |
| 4 | Asian Development Bank | $181 million | Government of India | Ahmedabad Peri-urban Livability Improvement Project |
| 5 | Under “Acing Development of Innovative Technologies with iDEX” (ADITI) Scheme (GOI) | Up to Rs 25 crore (grant-in-aid) | Start-ups in defence technologies | To promote innovations in critical and strategic defence technologies |
| 6 | Indo-Pacific Economic Framework for Prosperity | $33 million (Grant) | Indo-Pacific Economic Framework for Prosperity (IPEF) Partners | IPEF Catalytic Capital Fund under Pillar III Clean Economy Agreement |
| 7 | Servizi Assicurativi del Commercio Estero (SACE), an Italian export credit agency | Japanese 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 Provider | Loan Amount | Received By | Purpose |
|---|---|---|---|---|
| 1 | New Development Bank (NDB) | $500 million | Gujarat Government | Development of rural roads |
| 2 | Asian Development Bank (ADB) | $200 million | Government of India | For Climate Resilient Brahmaputra Integrated Flood and Riverbank Erosion Risk Management Project |
| 3 | Odisha (State Government) | Financial support for youths under the ‘Swayam’ scheme | Youths of the state (under ‘Swayam’ scheme) | Youths of the state (under the ‘Swayam’ scheme) |
| 4 | Japan | 232.209 billion yen | India | Establishment of the International Fintech Institute (IFI) at Gujarat International Finance Tec-City (GIFT City) |
| 5 | Asian Development Bank (ADB) | USD 23 million | Gujarat Government | Establishment of International Fintech Institute (IFI) at Gujarat International Finance Tec-City (GIFT City) |
| 6 | Government of India | Rs 10,000 (interest-free) | Flue Cured Virginia (FCV) Tobacco growers in Andhra Pradesh | Financial 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/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | $200 million | Uttarakhand | To Improve the power supply |
| Asian Development Bank (ADB) | $175 million | Madhya Pradesh | Enhance road connectivity and climate resilience |
| International Monetary Fund (IMF) | $337 million | Part of the Extended Fund Facility (EFF) arrangement | Policy-based loan for the Industrial Corridor Development Programme |
| Asian Development Bank (ADB) | $200 million | Part of the Extended Fund Facility (EFF) arrangement | Support Swachh Bharat (Clean India) Mission–Urban 2.0 |
| Asian Development Bank (ADB) | $250 million | Government of India | Policy-based loan for Industrial Corridor Development Programme |
| Asian Development Bank (ADB) | 37 billion JPY | Government of India | Policy-based loan for the Industrial Corridor Development Programme |
| Japan International Cooperation Agency (JICA) | 400 billion Japanese Yen (Rs 22,627 crore) | Government of India | Mumbai-Ahmedabad High-Speed Rail (MAHSR) project |
| Asian Development Bank (ADB) | $100 million | Tripura | Improve urban services and tourism facilities |
| Japan International Cooperation Agency (JICA) | ₹932 Crore | India | Support Sustainable Development Goals (SDGs) initiatives in India |
| World Bank | $100 million | Sikkim | Part of the Integrated Service Provision and Innovation for Reviving Economies (INSPIRES) program |
November 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD 6.5 million | Greenway Carbon Credits Gender Finance Project | Strives 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 million | Maharashtra Government | Concerning 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 million | Mumbai, 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 170mn | Kerala 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 mn | Indian government | To support its sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme. |
| World Bank | USD 200 million | Government of India | To support Himachal Pradesh Power Sector Development Program |
October 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD 400 Million | Government of India | To Improve infrastructure, guarantee reliable public services, and create effective government systems |
| Asian Development Bank (ADB) | USD 175 Million | Madhya Pradesh Government | The 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 Million | Government of Gujarat | to 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 crore | India (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 Million | Government of Assam | To 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/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | Rs 1.2 billion (USD 14.7 million) | Fourth Partner Energy Limited | For setting up a 25 MW open access solar power plant in Tirunelveli, Tamil Nadu |
| Export-Import Bank of India (EXIM Bank) | USD 100 million | REC, a subsidiary of Power Finance Corporation Ltd | The 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/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 |
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) | $295-million | Bihar | To upgrade 265 km of state highways in Bihar |
| Asian Development Bank (ADB) | USD 200 million | Rajasthan | For the Rajasthan Secondary Towns Development Sector Project |
June 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| World Bank | USD 255.5 Million | Government of India | The World Bank has provided the loan to India’s technical education sector with the objective of equipping students with essential skills to meet the changing demands of the job market, advancing gender equality, and encouraging research and innovation. |
| Asian Development Bank (ADB) | USD 295 million | Bihar | The allocated loan will be used to enhance transport connectivity and safety in Bihar by widening and upgrading approximately 265 kilometers of state highways. |
| World Bank | USD 150 million | Kerala | The loan amount has been utilized to support the Resilient Kerala Program, which aims to enhance Kerala’s preparedness against natural disasters, climate change impacts, disease outbreaks, and safeguard lives |
| Government of India | US$ 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 | $148M loan | West Bengal | The loan provided aims to assist West Bengal, India, in enhancing irrigation practices in rural areas. Its objective is to enable the region to utilize surface and groundwater resources more effectively for agricultural purposes. |
| Asian Development Bank (ADB) | USD 130 million | Himachal Pradesh | The loan has been allocated for the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project. The project’s primary goals are to boost agricultural productivity, enhance irrigation accessibility, and foster horticulture agribusinesses, ultimately leading to increased income for farmers in Himachal Pradesh. |
May 2023
| Bank/Organizations | Loan Amount | Received By | Purpose |
|---|---|---|---|
| Asian Development Bank (ADB) | USD($)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 |
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 |
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. |
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. |
| 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. |
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. |
Organization-wise Loan Agreements for India
Loan Agreements for India from the Asian Development Bank (ADB)
| Loan Amount | Received By | Purpose |
|---|---|---|
| USD 6.5 million | Greenway Carbon Credits Gender Finance Project | To support the manufacturing and delivery of 1 million subsidized Greenway Jumbo Stoves to rural households in Madhya Pradesh and Odisha |
| USD 500 million | Maharashtra Government | To enhance accessibility to high-quality and affordable tertiary healthcare and medical education in Maharashtra. |
| USD 125 million | Mumbai, Maharashtra based L&T Finance Limited(LFT) | To support financing in rural and peri-urban areas of India, especially for women borrowers |
| USD 170mn | Kerala 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 mn | Indian government | To support its sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme. |
| US$400 Million | India | To Improve infrastructure, guarantee reliable public services, and create effective government systems |
| US$ 175 Million | Madhya Pradesh Government | The project will aims to improve about 500 kilometers of main roads in Madhya Pradesh (MP) by making them two lanes wide. |
| US$ 181 Million | Government of Gujarat | to build quality infrastructure and services in the peri-urban areas of Ahmedabad, Gujarat to control urban sprawl. |
| US$ 200 Million | Government of Assam | To 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 India | 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 |
| US $220 million | Government of India | For Tripura Power Distribution Strengthening and Generation Efficiency Improvement Project |
| USD 131 million | Nhava Sheva Freeport Terminal Private Limited (NSFTPL) | To upgrade the Jawaharlal Nehru (JLN) Port Container Terminal located in Navi Mumbai, Maharashtra. |
| USD 130 million | Himachal Pradesh | To increase agricultural productivity and promote horticulture agribusinesses |
| USD 90.56 Million (Rs. 754 crore) | Waste-to-energy maker SAEL Industries | The funds will be used for the construction of five biomass power plants in Rajasthan |
| USD($)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). |
| USD 295 Million | Government of 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. |
| USD 130 Million | Himachal Pradesh Government | 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. |
| USD 29 Million | Bihar Government | To upgrade 265 km of state highways in Bihar |
| USD 200 Million | Government of Rajasthan | For the Rajasthan Secondary Towns Development Sector Project |
| 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. |
| 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 |
| Rs 1.2 Billion (USD 14.7 million) | Fourth Partner Energy Limited | For setting up a 25 MW open access solar power plant in Tirunelveli, Tamil Nadu |
Loan Agreements for India from the World Bank (WB)
| Loan Amount | Received By | Purpose |
|---|---|---|
| USD 200 million | Government of India | To support Himachal Pradesh Power Sector Development Program |
| USD 2.5 Billion Grant | Ukraine Government | To maintain essential services and core government functions amid the on-going Russia-Ukraine war |
| USD 100 Million | Government of 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. |
| USD 108 Million | Government of Assam | To help improve disaster preparedness and enhance flood forecasting |
| US $500 million | Government of India | For the development of Green National Highway Corridors Project |
| USD 363 Million | Government of Karnataka | To 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 India | To support and enhance the India’s healthcare infrastructure |
| 363 Million USD | Government of Karnataka | To provide clean drinking water supply in the states of Karnataka |
| USD 100 Million | Government of Odisha | To help Odisha strengthen its early forecasting systems for improved disaster response |
| USD 82 Million | Government of India | For the adoption of global best practices for animal health management and to prevent zoonotic diseases in India |
| 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. |
| USD 150 Million | Government of 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 |
| USD 148 Million | Government of 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. |
| USD 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 |
| 251 Million USD | Government of Assam | To improve access to high-quality healthcare services and boost economic opportunities for Assam |
| 140 Million USD | Government of Tripura | Enhancing the Availability of Premium Healthcare Services and Catalyzing Economic Prospects for Tripura |
| 296.75 million US dollars (USD) (Rs. 2500 crore) | Government of West Bengal | For Infrastucture development Project in West Bengal |
