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    Exclusive: Govt likely to raise additional funding of $3.5 billion from multilateral institutions for COVID

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    Exclusive: Govt likely to raise additional funding of $3.5 billion from multilateral institutions for COVID

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    The plan is to raise an additional $3.5 billion of funding from the World Bank, AIIB, ADB and the BRICS New Development Bank.

    The government is negotiating additional loans from multilateral institutions to fund some of its Atmanirbhar Bharat package announcements. Sources tell CNBC-TV18, negotiations for additional loans are at an advanced stage and total resource mobilisation for COVID through these loans, including the earlier loans, will be over Rs 60,000 crore.
    The plan is to raise an additional $3.5 billion of funding from the World Bank, AIIB, ADB and the BRICS New Development Bank, which will take the total loan amount for coronavirus related relief from these agencies to $8.5 billion, govt sources tell CNBC-TV18.
    Interestingly, $3 billion out of the $3.5 billion of the additional credit line will be targeted towards some of the MSME interventions announced by the government in the Atmanirbhar Bharat package, sources add.
    One such intervention is the ECLGS or the Emergency Credit Line Guarantee Scheme for MSMEs, which proposes a government corpus of 41,600cr over the next three years to absorb and guarantee the banks against potential defaults by borrowers.
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