CURRENT AFFAIRS

Detailed explanation-1: -The volume of India’s soft loans to neighbouring countries has increased from about $3 billion to almost $15 billion in the last eight years, former foreign secretary and G-20 chief coordinator Harsh Vardhan Shringla said.

Detailed explanation-2: -The International Development Association (IDA) is a multinational financial institution providing aid to poor countries in the form of loans. It is also referred to as soft loan window of the World Bank.

Detailed explanation-3: -Financial organizations such as IDFC, IL& FS, Power Finance Corporation, Power Trading Corporation, IRCON and Exim Bank that are dealing exclusively with infrastructure or export economics.

Detailed explanation-4: -Since they met the target by 2018, India and Russia expect to enhance the figure to $50 billion. India also proposed to set up a special economic zone for Russian companies. On 5 September 2019, India pledged a USD 1 billion line of credit (concessional loans) for the development of Russia’s far east.