Euro to India: France Commits €200 Million for COVID-19 Relief

France has pledged €200 million in financial aid to India to combat the socio-economic impact of the COVID-19 pandemic. This substantial contribution, formalized through a credit financing agreement signed on June 18, 2020, underscores France’s commitment to supporting India’s vulnerable populations during the crisis.

The agreement, signed by representatives from the Indian government and the French Development Agency (AFD), aims to bolster India’s existing social protection programs. Working in conjunction with the World Bank, the initiative seeks to optimize and expand the reach of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), a flagship program designed to provide financial assistance to low-income families.

This financial aid from Euro To India will enable the Indian government to provide further benefits to vulnerable families, ensuring their well-being and mitigating the long-term economic consequences of the pandemic. The program will focus on providing crucial support to those most affected by the health, social, and economic shocks of COVID-19.

Beyond supporting low-income families, the program prioritizes the protection of essential frontline workers. Healthcare professionals, sanitation workers, and security personnel will receive health insurance to safeguard their well-being while they combat the pandemic. Additionally, social assistance programs will be implemented for migrant workers and low-income urban households who may not qualify for assistance under the PMGKY.

The French Ambassador to India, Emmanuel Lenain, emphasized the importance of global cooperation in addressing the challenges posed by COVID-19. He highlighted the strong partnership between French President Macron and Indian Prime Minister Modi in ensuring concrete cooperation in the fight against the pandemic. The PMGKY exemplifies India’s commitment to protecting vulnerable populations, and France, through the AFD, is resolute in supporting this effort.

The World Bank leads the funding for this program, with contributions from the AFD and other multilateral and bilateral development banks. This collaborative effort underscores the international commitment to assisting India in navigating the challenges of the COVID-19 crisis.

The AFD, a public financial institution committed to sustainable development, has partnered with India since 2008. The agency supports various projects in India focusing on green and inclusive growth, sustainable urban development, energy transitions, and ecological preservation. This latest contribution of 200 million euros from France to India for COVID-19 relief exemplifies the AFD’s ongoing dedication to supporting India’s development goals.