Sustainability initiatives: France extends 3.5 million Euros to Indian cities
Three cities: Kochi, Ahmedabad and Nagpur are set to receive these funds as part of EU's commitment under the Paris Agreement.
The three cities could also receive loans under smart city and sustainable transport initiatives.
Who is involved in implementing the Agreement?
The Agreement has been inked between French Development Agency (AFD) and India's Department of Economic Affairs and is being financed by EU's Asia Investment Facility (AIF). The AFD is further involved in monitoring outcomes and ensuring compliance with EU's due diligence norms.
Mobilize your City Initiative
The MYC was jointly launched by the French and German governments at the Paris climate change conference in 2016.
It aims to provide financial support to 100 cities globally to promote sustainable urban transport initiatives in order to reduce carbon footprint.
Funding channelled through the French Development Agency (AFD) will cover aspects including capacity building, designing monitoring mechanisms and strategic planning.
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India-France Strategic Partnership and MYC
According to Claire Thuaudet, Deputy Chief of Mission at the French Embassy, India is one of the first countries to benefit from MYC.
AFD has also been funding biodiversity conservation projects and metro rail projects in cities including Vijayawada, Kochi, Lucknow and Nagpur.
How could MYC benefit India?
MYC can result in benefits including reduced traffic congestion, improved air quality and making cities more inclusive and liveable. It can also help India's local sustainable transport industry.
"It will contribute to the Indian agenda on urban transport and climate change also by attracting the Indian industries, engineering companies and private finance institutions to invest on transport infrastructure," Tomasz Kozlowski, EU ambassador to India.
India France Relations
Asia Investment Facility
Department of Economic Affairs
French Development Agency
French President Emmanuel Macron
India-France Strategic Partnership
Mobilize Your City