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European Union grants India 3.5 million euros for 'MobiliseYourCity' initiative
India, France and the European Union have come together as part of a global sustainable development project, which will work at transforming three major Indian cities by improving urban mobility and cutting down carbon footprint.
The three cities that will benefit from the global sustainable development project are Nagpur, Kochi and Ahmedabad.
"The EU grant component will ensure the sustainability of infrastructure investments by the Agence Francaise du Development (AFD). Our funding will support strategic planning, capacity building, and the design of monitoring mechanisms.
"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," Ambassador of the European Union to India Tomasz Kozlowski said at a signing function in New Delhi.
Primary objective
India's Department of Economic Affairs (DEA) and French Development Agency (AFD), on Friday, signed a Grant Facility Agreement of 3.5 million euros, to be financed by the European Union under its Asia Investment Facility (AIF), for implementing the 'MobiliseYourCity' initiative.
MobiliseYourCity (MYC) is part of an international initiative supported by the French and the German governments. It was launched at Paris' 21st Conference of Parties (COP21) in December 2015.
French Development Agency, Director in India, said that the project aims at improving comprehensive mobility plans; adopting a measure-report-verify methodology to follow up on the multiple benefits for the three cities.
More about the MobiliseYourCity (MYC) initiative:
1. The project seeks to back 100 cities worldwide in three years, which are engaged in sustainable urban mobility planning to reduce greenhouse gas emissions
2. India is one of the very first countries to benefit from this initiative
3. Kochi, Nagpur and Ahmadabad are the cities that stayed in race to be a smart city and get mobilized by earning the grant under the Paris climate agreement
4. The initiative got highlighted by the Indian and European ministers after Prime Minister's recent visit to Europe
5. MYC is also considering expanding itself globally to help as many cities across the world so they can restrict the emissions of greenhouse gas and can promote sustainability
6. The European Union has confirmed that if the initiative requires more fund, they will help in taking the programme forward by proving loan to make it successful
Background:
- AFD (Agence Francaise du Development), French Development Agency is a France based public financial institution, with its headquarter in Paris, which imposes the policies stated by the French government. This agency works for development in every sector
- It is working to preserve biodiversity and is already associated with numerous projects in India. At present, they are funding the Nagpur metro rail project, Vijayawada, Lucknow, Bangalore and Kochi
- Currently financing Africa, Asia, the Middle East, Latin America, the Caribbean and the French overseas territories, AFD is helping to make the living conditions suitable for the population out there. They are even helping these regions in improving their economic conditions
"I am thrilled that India is one of the very first countries to benefit from the MYC initiative. France and India share a vibrant commitment to fight against climate change, and the implementation of Paris Agreement, as it was strongly reaffirmed by President Macron and Prime Minister Modi during their meeting in Paris on June 3," Thuaudet said.
AFD's Country Director in India, Nicolas Fornage said the "outcome and efficacy" of the project would be monitored "over a period of three years."
The initiative will be implemented by the Ministry of Urban Development. The AFD will be monitoring it and ensuring compliance with AFD's and EU's due diligence.
