Sustainable urban development and smart cities
Sustainable urban development and smart cities:
France strongly increases its financial support after PM Modi’s visit to Paris
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- Photo credit: Kochi Metro Rail Limited
New Delhi, 27 May 2015
During Prime Minister Modi’s visit to France (9-13 April 2015), President Hollande decided to increase France’s line of credit from €1bn ($1.09bn for 3 years) to €2bn ($2.18bn) to support projects related to sustainable urban development and smart cities in India.
France’s public financial institution “Agence française de développement” (AFD) will now be able to engage in a variety of projects across India.
AFD’s total commitment in India already represents €1bn ($1.09bn), half of which is dedicated to two high-profile metro projects: the construction of the metro in Kochi and Bangalore.
On the occasion of the annual consultations between the Department of Economic Affairs, Government of India and Agence française de développement (27-28 May 2015), the French Embassy organized a public event in the presence of H.E. Mr François Richier, Ambassador of France to India, on Wednesday, 27th May 2015.
“Agence française de développement” (AFD) is France’s bilateral financial institution. Operating on four continents via a network of 72 offices, AFD finances and supports projects related to economic growth and sustainable development. In 2014, AFD earmarked €8.1 billion to finance projects abroad and in overseas France.
An intergovernmental agreement on Indo-French cooperation signed on 29 September, 2008 materializes AFD’s mandate in India, which consists of a financial and technical assistance to the Government, the regional States, the city councils and public enterprises (PSUs), in three main sectors: clean energy, sustainable urban development and protection of biodiversity.