“This is the total funding that would be available to India from the Multilateral Fund for cessation of production of ozone-depleting substances for the implementation of the Montreal Protocol,” India’s government said in a statement.

Currently, India is the chairman of the executive committee of the Montreal Protocol. Signatories of this committee must commit to phase out CFCs, often used in refrigerators, and other chemicals by certain dates.

According to the government’s statement, the project will be implemented through the World Bank and will provide compensation for the CFC-producing enterprises to meet annual production ceilings agreed to by India and the executive committee of the Montreal Protocol Multilateral Fund.

It also said CFC production in India in 1999 did not exceed 22,588 metric tons and will be phased out by 2010.