India extends $ 1 bn line of credit to Mongolia

May 17, 2015 09:48

India today announced a creditline of USD 1 billion to Mongolia to expand its economic capacity and infrastructure, as they decided to upgrade their relationship from Comprehensive to "Strategic Partnership".

Narendra Modi, the first Indian prime minister to visit Mongolia, held wide ranging talks with his counterpart Chimed Saikhanbileg in the capital Ulan Bator following which the two sides inked 14 agreements covering defence, cyber security, agriculture, renewable energy and health sector.

"I am pleased to announce that India will provide a line of credit of USD 1 billion to support the expansion of Mongolia's economic capacity and infrastructure," Modi said at a joint press interaction with Saikhanbileg at State Palace.

Asserting that Mongolia is an integral part of India's Act East Policy, he said the destinies of the two countries are closely linked with the future of Asia Pacific Region.

"We can work together to help advance peace, stability and prosperity in this region," the prime minister said.

Image shows Prime Minister Modi with his Mongolian counterpart, Chimed Saikhanbileg. Photograph courtesy MEA/Flickr.

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