India, Germany sign agreement to formalise EUR 200 million for financial cooperation

New Delhi [India], December 4 (ANI): India and Germany on Monday signed a Government to Government Umbrella Agreement concerning Financial Cooperation in 2016 (II) under the Indo-German Development Cooperation.

With this in place, an amount of up to EUR 200 million will be formalised for financial cooperation in the form of loan for the project 'Climate Friendly Urban Mobility III' and EUR 11 million for accompanying measures in the form of grant for four projects.

The agreement was signed by H.E. Dr. Martin Ney, Ambassador on behalf of the Federal Republic of Germany, and S. Selvakumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of India.

Part I of the agreement had already been signed in May this year.

The following agreements were also signed, in addition to the above:

-A loan agreement for the project "Community based sustainable Forest Management - Component I Manipur" for EUR 15 million. The broad objectives of the project are restoration of degraded forests in upper watersheds, reclamation of abandoned shifting cultivation areas, biodiversity conservation, water resources conservation and livelihood improvement of forest dependent rural tribal people in the project area.

-A loan agreement for the project "Madhya Pradesh Urban Sanitation and Environment Programme" for EUR 50 million reduced interest loan and EUR 2.5 million grant. The broad objective of the project is to improve facilities for water supply, sanitation and sewerage treatment plant in selected towns of Madhya Pradesh, improve solid and liquid waste management and disposal systems, improvement of surface drainage systems for flood mitigation in selected towns of Madhya Pradesh.

- Loan Agreement for the project "Sustainable Urban Infrastructure Development Odisha - Phase II for EUR 55 million reduced interest loan with EUR 2 Million as grant. The basic objective of the project is to improve urban infrastructure by linking them with government priority. The broad objective of the project is to improve the urban infrastructure of Odisha and to provide better quality of life to the people.

-Loan Agreement for the project "Green Energy Corridor - Intra-State Transmission System in Maharashtra" for EUR 12 million reduced interest loan. The broad objective of this project is to put in place a transmission system for evacuating renewable energy.(ANI)

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