Tuesday, Nov 25, 2014

Twin green pacts signed, India to get 900 million euros from Germany

Prime Minister Manmohan Singh and German President Joachim Gauck during a meeting at Hyderabad House in New Delhi on Wednesday. (PTI) Prime Minister Manmohan Singh and German President Joachim Gauck during a meeting at Hyderabad House in New Delhi on Wednesday. (PTI)
Express News Service | New Delhi | Posted: February 6, 2014 1:50 am | Updated: February 6, 2014 8:17 am

India and Germany on Wednesday signed two agreements on “green energy corridors” under which Delhi will receive almost 900 million euros loan from the European nation.

This includes 5.45 million euros for consultancy projects of German Environment Ministry and a commitment for 250 million euros to support the feeding of power from renewable sources into India’s grid.

The agreements were signed as German President Joachim Gauck, who is currently visiting India, met PM Manmohan Singh in New Delhi. The two held talks for an hour-and-half and discussed issues such as trade, science and technology, vocational training and Afghanistan. While there was no official statement from either side on the talks, sources termed them “very warm” and “cordial”.

“We have adjusted our cooperation instruments in line with the times. India is an emerging economy that still requires high levels of investment. At the same time, it is an equal partner for us. By focusing our cooperation on energy efficiency and renewable energy… we are addressing issues important for the future,” said Germany’s minister for economic cooperation and development Gerd Mueller after he signed the agreements with Finance Minister P Chidambaram.

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