New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi today approved the Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) tune of Rs. 50,000 crore for the development of health and medical infrastructure.
According to an official statement, “Loan Guarantee Scheme for Covid Affected Sectors (LGSCAS) would provide financial guarantee cover for brownfield expansion and greenfield projects related to health/ medical infrastructure.”
“The scheme would be applicable to all eligible loans sanctioned up to 31 March 2022, or till an amount of Rs. 50,000 crore is sanctioned, whichever is earlier,” it said.
In addition, the Cabinet has also approved additional funding up to Rs. 1,50,000 crore under Emergency Credit Line Guarantee Scheme (ECLGS), the official statement said.
“It is a continuing scheme. The scheme would be applicable to all eligible loans sanctioned under Guaranteed Emergency Credit Line (GECL)till 30 September 2021, or till an amount of rupees four lakh fifty thousand crore is sanctioned under the GECL, whichever is earlier,” the statement said.
The Cabinet has also approved introduction of a scheme for other sectors and lenders including those allied to better healthcare, it said.
The detailed modalities would be finalized in due course depending upon the evolving situation, the statement added.