Rs 700 crore for clean energy in rural development by KfW
To promote the development of renewable energy in India, the German government owned development bank KfW has signed a loan agreement worth Euros 100 million (approximately Rs 700 crore) and a financing agreement for a project development and capacity building grant of Euros 500,000 (approximately Rs 3.5 crore) with the Rural Electrification Corporation (REC). The agreements were signed in New Delhi by Rajeev Sharma, CMD, REC, and Oskar von Maltzan, Country Director (India) of KfW, in the presence of Prabodh Saxena, Joint Secretary, Department of Economic Affairs of India’s Ministry of Finance, Sanjeev Kumar, Director (RE), Ministry of Power and Bernd Dunnzlaff, Head of Economic Cooperation and Development, Embassy of the Federal Republic of Germany.
REC is the nodal agency for the implementation of the Rajiv Gandhi Grameen Vidyutikaran Yojana, India’s national initiative for rural electrification, and, as a result, is very well placed in terms of infrastructure and cross regional outreach to take forward the mission of access to clean energy. The agreements that were signed form part of the financial cooperation between India and Germany and symbolise the long-standing commitment that India and Germany show towards each other.