India and Germany signed 2 pacts for financial and tech co-operation

India and Germany on 5 February 2014 signed two umbrella agreements for financial and technical co-operation under Indo German bilateral Development Cooperation framework. P Chidambaram, the Union Finance Minister and Gerd Mueller, the German Federal Minister for Economic Cooperation and Development signed the pacts during their bilateral meeting.

These agreements were signed during an official visit of Joachim Gauck the President of Federal Republic of Germany is on a six day (4-9 February 2014) State Visit to India. President Joachim Gauck is being accompanied by a high-level delegation including Ministers, Member of Parliament and business leaders.

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
• Himachal Pradesh Forest Ecosystems Climate Proofing Project

The Umbrella Agreement for technical cooperation pertains for to 13 projects in Energy, Environment and Sustainable economic development sectors, which are a priority sectors under the bilateral development cooperation between the two nations.

The two sides also appreciated the constructive engagement between two countries under development cooperation framework. The Germany Government has also committed for funds amounting to 1.09 billion Euro, which is the ever highest ever commitment so far since 1958.

India and Germany relations
India and Germany have a cordial and close relation. Since 2000, the two countries are strategic partners. Significant progress in all areas of bilateral cooperation through regular high-level exchanges at the Head of Government level started with the commencement of the Inter-Governmental Consultations on 2011. The two countries have also had exchanges in 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.

At present Germany is the largest trading partner for India in Europe and the two nations also work together closely in the international arena.