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World Bank ink declaration for promoting solar energy

The Interim Administrative Cell of the International Solar Alliance (ISA Cell) and the World Bank today declared their intention to promote solar energy globally.The declaration was made in the presence of visiting World Bank President Dr Jim Yung Kim.It was signed and exchanged by Upendra Tripathy, Secretary, Ministry of New and Renewable Energy and Chairperson, ISA cell and Onno Ruhl, India Country Director, World Bank in the presence of Union Finance Minister Arun Jaitley, Minister of State (IC) for Power, Coal and New and Renewable Energy Piyush Goyal and Dr. Jim Yung Kim.

Major areas identified for working jointly include:

a) Developing a roadmap to mobilize financing b) Developing financing instruments including credit enhancement, reduce hedging costs/currency risk, bond raising in locally denominated currencies etc. which support solar energy development and deployment c) Supporting ISA's plans for solar energy through technical assistance and knowledge transfer; d) Working on mobilization of concessional financing through existing or, if needed, new trust funds e) Supporting RE-INVEST events. In addition, both sides decided to work in other areas and themes as jointly decided. France was represented by H.E Mr Christan TESTOT, Minister Counsellor and Mr. Francois-Joseph Schichan, Second Counsellor (Political), French Embassy in India