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Govt likely to announce new credit guarantee scheme for COVID-related medical facilities

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The scheme is likely to target tier-II cities. The size of the scheme is believed to be under Rs 50,000 crore. The Cabinet is likely to approve the scheme soon.

The government is likely to announce a new credit guarantee scheme for health infrastructure. The new scheme will be focused on setting up COVID-19 related medical facilities, sources told CNBC-TV18 on Wednesday.
The scheme is likely to target tier-II cities. The size of the scheme is believed to be under Rs 50,000 crore. The Cabinet is likely to approve the scheme soon.
The new scheme is expected to be a completely separate one from the existing Emergency Credit Line Guarantee Scheme (ECLGS) and the scheme announced by the Reserve Bank of India (RBI) on May 5.
The RBI had on May 5 announced a Rs 50,000 crore special liquidity window to ease access to emergency health services for COVID. Banks could borrow cheap funds through this facility to lend to various healthcare stakeholders including hospitals, pathology labs, vaccine manufacturers, and oxygen suppliers.
The new scheme comes as the country's health infrastructure collapsed after being hit by the second wave of COVID-19 in March-April this year. The daily tally has declined for over a week as less than 1 lakh new cases are being added. The total count is at 2,96,33,105, while the active cases were recorded below 9 lakh. The COVID-19 death toll climbed to 3,79,573 with 2,542 fresh fatalities being reported in the last 24 hours, as per the data shared by the Union Health Ministry at 8 am on Wednesday.

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