New Delhi, Mar 19 (KNN) India and France are gearing up to unveil an Indo-Pacific Fund dedicated to fostering climate innovation and supporting start-ups across nations in the region.

In a collaborative effort, the two countries are poised to initiate the fund later this year, as disclosed by informed sources, reported Mint.

The framework and funding allocation for the fund have been meticulously finalised, with a focus on financing projects spanning the Western Indian Ocean and the wider Indo-Pacific area.

The genesis of this initiative stems from bilateral discussions subsequent to Prime Minister Narendra Modi's visit to France on Bastille Day in July 2023.

Underpinning the Indo-Pacific Triangular Cooperation (IPTDC) Fund is a distinctive model of Triangular Development Cooperation, wherein India and France converge their efforts.

The primary objective of this fund is to bolster climate and Sustainable Development Goals (SDG) oriented innovations and start-ups originating from third-party countries within the Indo-Pacific region.

The overarching aim is to expedite the proliferation of green technologies being incubated in the region.

This was elucidated in the 'Horizon 2047' joint vision statement released during Prime Minister Modi's visit to France.

(KNN Bureau)