Germany and India sign €653.7m deal to continue development partnership

1 Aug 18

India and Germany have today signed an agreement for €653.7m to continue their partnership with a focus on improving urban development and renewable energy around the world.

The German ambassador to India Martin Ney said the pact would prioritise renewable energy and help reduce greenhouse gases emission and help in achieving India’s ‘smart cities’ initiative.  

He said: “The committed funds serve to continue successful development policy programmes. The focus is on sustainable urban development.”

Additionally, it would focus on sustainable urban development, such as sanitation, solid waste management and the promotion of urban mobility.

This year marks 60 years of bilateral development cooperation between the two countries. In December last year, Germany had pledged nearly €1.05bn for this cooperation with India. 

The Indian Finance Ministry said in a statement the “umbrella agreement” signed in New Delhi amount to €653.7m, which included loans and grants.

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