Germany to give 497.5 million Euro to India

Nov 08, 2011 |

New Delhi

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Germany has made a new commitment of 497.5 million Euro for India for development cooperation in the fields of energy, environment and climate protection and sustainable economic development for the year 2011.

During the talks held last week, officials from Germany's Ministry for Economic Cooperation and Development (BMZ) and India’s Finance Ministry reiterated their commitment in the fields of renewable energies, energy efficiency and support for power sector reforms as well as climate protection and biodiversity.

"Germany has made new commitments amounting to 497.5 million Euro for bilateral technical and financial cooperation in the year 2011. Of this amount, 250 million Euro for financial cooperation has already been committed in March to co-finance a solar power plant in Maharashtra," a German Embassy statement said.

"The balance of 247.5 million Euro comprises 232 million Euro for financial cooperation projects/programmes and 15.5 million Euro for technical cooperation projects/programmes. In addition, 6.7 million Euro (FC) and 1 million Euro (TC) is available from reprogrammed commitments of earlier years," it said.

Germany is a world leader in innovative clean technologies.

To support the development of inclusive, efficient, and stable financing systems, Germany and India agreed to focus on finance for medium and small enterprises, rural finance, microfinance, and promotion of capital market linkages for infrastructure development.

The German delegation at the talks was headed by Thomas Helfen, Head of Division South Asia of BMZ. The Indian side was headed by Prabodh Saxena, Joint Secretary of the Department of Economic Affairs (DEA).

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