India, Germany Sign Umbrella Agreements

New Delhi, Feb 6, IRNA – India and Germany Wednesday signed two Umbrella Agreements respectively for financial and technical cooperation under Indo German bilateral Development Cooperation, in New Delhi. The Umbrella Agreements were signed by P. Chidambaram, finance minister of India and Gerd Mueller, federal minister for economic cooperation and development, Germany during the meeting between the two ministers here Wednesday. On this occasion, both sides appreciated the constructive engagement between India and Germany under development cooperation framework, said an official release. 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 9 projects namely Himalaya Hydropower Program (HPPCL), Green Energy Corridors, Promotional Program for Energy Efficient New Residential Housing-II (NHB), Energy Efficiency in Thermal Power Plants (WBPDCL), Affordable Housing Program (NHB), New Approaches in Microfinance and Microenterprise Finance (SIDBI), Missing Middle Program (SIDBI), Madhya Pradesh Urban Sanitation and Environment Program 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. The agreements were signed on the occasion of the German President Joachim Gauck’s six-day state visit to India. Gauck, who arrived here Tuesday evening, held talks with the top leadership including Prime Minister Manmohan Singh. President Guack, accompanied by a high-level delegation including Ministers, Member of Parliament and business leaders, will also visit Karnataka from 7–9 February, where he will have a meeting with Governor of Karnataka among other engagements. Relations between India and Germany have traditionally been cordial and close. India and Germany are strategic partners since 2000. With the commencement of Inter-Governmental Consultations in 2011, there has been significant progress in all areas of bilateral cooperation through regular high-level exchanges at the Head of Government level, cooperation in strategic areas, growing economic and commercial ties and increased interaction in the fields of education, science and technology, culture and people-to-people relations. Germany continues to be Indiaˈs largest trading partner in Europe./End