PM announces $150 mn line of credit for climate-related projects

Prime Minister Narendra Modi has announced a $150 billion line of credit to the group of Pacific island nations for undertaking solar, renewable energy and climate related projects based on their requirement.

Modi, who attended the India-Pacific Islands Developing States (PSIDS) Leaders’ Meeting, also announced a total allocation of $12 million to the member states towards implementation of high-impact developmental project in the area of their choice.

The meeting was held here on Tuesday (September 24) on the sidelines of the 74th session of the UN General Assembly. This is the first time he has met the leaders of the PSIDS on the margins of UNGA in a plurilateral format.

The meeting was attended by the Heads of delegation of Fiji, Republic of Kiribati, Republic of Marshall Islands, Federated States of Micronesia, Republic of Nauru, Republic of Palau, Independent State of Papua New Guinea, The Independent State of Samoa, Solomon Islands, Kingdom of Tonga, Tuvalu and Republic of Vanuatu.

In addition, a concessional Line of Credit of $150 million which can be availed by the PSIDS for undertaking solar, renewable energy and climate related projects based on each country’s requirement was announced, according to a press release issued here.

Modi emphasised that India and the PSIDS have shared values and a shared future and highlighted the need for development policies to be inclusive and sustainable to reduce inequality and improve the quality of people’s lives.

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He underlined the reality of climate change and called for increasing the share of renewable energy in the total energy mix to mitigate many adverse effects of climate change.

The PM also expressed India’s readiness to share its experiences in developing alternate energy as many countries from the region have joined the International Solar Alliance and invited others to join this initiative.

PM Modi also invited Leaders of PSIDS to join the Coalition for Disaster Resilient Infrastructure (CDRI).

The press release said that India’s relationship with Pacific Island nations has deepened with the evolution of Act East Policy, resulting in the setting up of the action-oriented Forum for India—Pacific Island Cooperation (FIPIC).

The meeting deliberated on a wide range of issues, including sharing of development experiences for attainment of SDGs, enhancing cooperation in renewable energy, joining the newly launched Coalition for Disaster Resilient Infrastructure, capacity building, implementation of projects under the India-UN Development Partnership Fund and a roadmap for future India-PSIDS cooperation.

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