India, Germany sign development cooperation accord

India and Germany Thursday signed an umbrella agreement on financial and technical cooperation in the field of energy, environment and management of natural resources, a statement said Thursday.

The two countries had negotiated about 723 million euros worth projects in 2012 as part of a pact on development cooperation between them, according to the statement from German Ambassador to India Michael Steiner.

"The agreement is a record in our commitment. It clearly shows our determination to further strengthen our long-standing partnership with India in the field of development cooperation," the German ambassador said.

He said: "India is a global player in the making and has been facing enormous challenges at the same time. Germany is a natural partner of India in tackling these challenges from sustainable economic development and environmental protection to energy supply as well as energy efficiency."

German embassy's Deputy Chief of Mission Cord Meier-Klodt and Joint Secretary in the department of economic affairs Rajesh Khullar signed the agreement, said the statement.

Germany has committed to support expansion of renewable energy in India with one billion Euros.