For the year 2023, India and Germany have agreed to invest EUR 1 billion in development projects. This was signed jointly by the two parties against the backdrop of the development partnership for sustainable and green development that German Chancellor Olaf Scholz and Indian Prime Minister Narendra Modi signed in May of this year.
The German Chancellor is likely to visit India twice in 2022, according to Philipp Ackermann, the German ambassador to India, who was speaking to media in New Delhi. The bilateral visit will be centred on strengthening strategic ties between the two parties and emphasising sustainable and green development.
The bilateral visit will be ahead of the G20 Summit in September 2023 under India’s presidency.
The transition to renewable energy, climate-resilient urban development, and sustainable use of natural resources are just a few of the projects that the two nations have already finalized, according to the ambassador. These projects, which are part of the partnership for green and sustainable development, have an annual budget of about EUR 1 billion.
During PM Modi’s visit to Germany this year in May, the German Chancellor had announced support of at least EUR 10 billion by 2030 under the GSDP. Dr Philipp Ackermann said that a large part will be in the form of credit lines from KfW Development Bank. And the interest rates are between 2.7 per cent to 3.2 per cent.
According to him, all the new joint ventures in India will not only help in cutting down the greenhouse gas emissions, but will help adapt to climate change.
The main points of bilateral development cooperation with India will continue consistently and expand further in the coming years.
He stated that the Projects which have been finalized are going to be located in Meghalaya, Tamil Nadu, Rajasthan and Himachal Pradesh.