On 19th June 2020, France and India signed a credit financing agreement promising 200 million euros (Rs. 1709 crore) to support the social welfare system and India’s covid response. The fund will be provided to India through the AFD, French Development Agency (Agence Française de Développement).
Credit Financing Agreement:
The agreement was signed in India by C.S. Mohapatra, Additional Secretary of the Department of Economic Affairs, and Bruno Bosle, Director of AFD,French Development Agency(Agence Française de Développement) in the virtual presence of Emmanuel Lenain, Ambassador of France to India.
Application of the Loan:
i.This will be used to increase the capacity of the state and central government to support the people who are prone to illness amid the corona pandemic.
ii.To increase the current social protection measures by the Government of India, this programme design was developed by the World Bank in collaboration with the Indian authorities.
iii.The programme focuses on the “Pradhan Mantri Garib Kalyan Yojana” to benefit the low income families and to ensure their social, health and economic wellbeing and their contribution towards the nation’s economic growth amid covid pandemic.
iv.This provides health insurance to the frontline workers like, healthcare, sanitation and security workers.
v.For the migrant workers and others who could not seek PMGKY for compensation will be assisted through a social assistance programme.
President of the Board– Laurence Tubiana
Director General– Rémy Rioux
Headquarters– Paris, France