Indo German Umbrella Agreements Signed; Government of Germany Commits Highest Ever Funds Since 1958 Amounting to Euro 1.09 Billion;

Both Sides Appreciates the Constructive Engagement Between two Countries Under Development Cooperation Framework

On the occasion of the visit of the President of Germany Mr Joachim Gauck to India, two Umbrella Agreements respectively for financial and technical cooperation under Indo German bilateral Development Cooperation were signed here today. The Umbrella Agreements were signed by Shri P.Chidambaram, Finance Minister of India and Dr Gerd Mueller, Federal Minister for Economic Cooperation and Development, Germany during the meeting between the two ministers here today. On this occasion, both sides appreciated the constructive engagement between India and Germany under development cooperation framework.

The Government of Germany committed funds amounting to Euro 1.09 billion, which is highest ever commitment so far since 1958. The Umbrella Agreement on Financial Cooperation pertains to concessional loans from Government of Germany for nine projects namely Himalaya Hydropower Programme (HPPCL), Green Energy Corridors, Promotional Programme for Energy Efficient New Residential Housing-II (NHB), Energy Efficiency in Thermal Power Plants (WBPDCL), Affordable Housing Programme (NHB), New Approaches in Microfinance and Microenterprise Finance (SIDBI), Missing Middle Programme (SIDBI), Madhya Pradesh Urban Sanitation and Environment Programme and Himachal Pradesh Forest Ecosystems Climate Proofing Project. The Umbrella Agreement for technical cooperation pertains to thirteen projects in Energy, Environment and Sustainable economic development sectors.

Energy, Environment and Sustainable Economic Development are priority sectors under bilateral development cooperation between India and Germany, which now spans over a period of more than fifty years.

Umbrella agreements enable major concessional financial and technical cooperation commitment between India and Germany for energy and environment. Two bilateral Umbrella Agreements formalise financial and technical development cooperation, with the financial agreement providing concessional loans for nine specified projects in energy, energy efficiency, housing, microfinance, urban sanitation and forestry climate proofing, and the technical agreement covering thirteen projects in Energy, Environment and Sustainable Economic Development; both agreements implement sectoral priorities and record Germany's largest commitment to India in this cooperation stream since 1958.