An agreement for a loan of GBP5,000,000 from Britain to India was signed in New Delhi, India, Dec 23.
MS Sir Paul and Mr Jha taking their seats
MS Sir Paul and Mr Jha sign agreement
LS The two signing and exchanging papers
CU Sir Paul signing agreement
VARIOUS SHOTS.. ceremony
Various SHOTS of Sir Paul speaking, followed by CU's of officials listening
"2 shots.. Mr Jha speaking
LS The two get up and shake hands
2 SHOTS..of the Finance Ministry Building of the Government of India
Script is copyright Reuters Limited. All rights reserved
Background: An agreement for a loan of GBP5,000,000 from Britain to India was signed in New Delhi, India, Dec 23. A feature of the agreement that India welcomes is that the loan is not tied to any project, but can be used for any road range of imports from Britain during India's second Five-Year Plan.
The credit is repayable in 20 years. The agreement was signed by Britain's High Commissioner to India (Sir Paul Gore-Booth) and the Secretary of the Indian Ministry of Finance, Department of Economic Affairs (Shri L. K. Jha). And it brings the total lent by Britain to India during the current financial year to GBP15,000,000.
Sir Paul said the agreement meant that India need not begin repayment of the new loan until after the third Five-Year Plan is over, and the final instalment does not have to be paid until more than
The Indian official said: "The aid which we have been receiving from the United Kingdom has many distinctive features. Not only are the amounts substantial, but the form in which the aid is made available gives us the greatest flexibility in its utilization."