NEW DELHI - The United States and India will collaborate on a project to deploy 10,000 made-in-India electric buses in Indian cities, the U.S. embassy said in a statement on Wednesday.
A key component of the project will be a new payment security mechanism that will "accelerate new and more sustainable investments by lowering financial risks," the embassy said.
"The partnership announced today will mobilize financing for a fleet of 10,000 electric buses throughout India, expanding options for electric public transportation in India, creating cleaner cities and healthier communities," U.S. Ambassador to India Eric Garcetti said.
(Reporting by Shivam Patel; editing by Christina Fincher)