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The Finance Minister and External Affairs Minister, with approval from the PM, will now be authorised to accept bilateral assistance from any country in addition to the existing bilateral partners.
At present, such powers exist for accepting assistance from bilateral partners USA, UK, Japan, Germany, France, Italy, Canada, Russian Federation, EC and EU countries outside the G8.
The Cabinet on Wednesday gave its approval for the modification of existing guidelines of the policy on bilateral Official Development Assistance for Development Corporation with bilateral partners.
The Finance and External Affairs Minister can now accept special loans for capital intensive and other projects subject to certain conditions including that the assistance should be at least $1 billion in a year, of which at least 50 per cent shall be normal united loans. Further, not more than 30 per cent of the total value of goods and services should be insisted to be sourced from the funding country.
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