India, European Commission sign MoU on Multi-annual Indicated Programme

November 30th, 2007 - 6:04 pm ICT by admin  

New Delhi, Nov 30 (ANI): India and the European Commission today signed a Memorandum of Understanding (MoU) on the first Multi-annual Indicative Programme (MIP) for 2007-2010.

Union Finance Minister P. Chidambaram and Trade Commissioner of the European Commission, Peter Mandelson, signed the MoU during the India-European Union (EU) Summit here.

The European Commission conceptualises multi-annual economic and development cooperation programmes to be implemented in partner countries through their country strategy papers (CSP).

The CSP generally covers two consecutive MIPs of three to four years and the MIP, in turn, defines priorities for spending an indicative budgetary break down for the programme period.

The current CSP is for the period 2007-2013 and the indicative budgetary allocation by the EC is of 460 million euros divided into two MIPs of 260 million and 200 million euros for 2007-2010 and 2011-2013 respectively.

The MoU signed is for the first MIP, the proposed duration for that is from 2007-2010. It is a medium term commitment undertaken by the EU to contribute to the ongoing developmental programmes initiated by the Government of India.
With the support of the EUs assistance, the MoU is expected to provide further fillip to the ongoing programmes in the health and education sectors in India. (ANI)

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