India and West Germany on February 26 signed in Bonn an agreement deferring India’s payments for three years for the construction of the Rourkela Steel Plant. The sum involved is 600 million marks (over Rs. 75 crores) and the agreement, according to the German News agency DPA would enable India to purchase further urgently needed industrial equipment from West Germany. A ministry of Finance (Department of Economic Affairs) Press Note issued in New Delhi on February 26 says: During the visit of the Minister of Finance to the Federal Republic of Germany in October 1957, to enlist the cooperation of the Federal Government and the German industrial and financial interests in the economic development of India, the Federal Government had expressed their willingness to help in regard to postponement of payments for the Rourkela Steel plant, as also their readiness to cooperate as far as possible in respect of projects included in India’s Second Five Year Plan.