Mongolia to get $1 billion from India as credit

PM Narendra Modi, seen with his Mongolian counterpart Chimed Saikhanbileg

PM Narendra Modi, seen with his Mongolian counterpart Chimed Saikhanbileg

India, today, announced a credit line of $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 Mongolian counterpart Chimed Saikhanbileg in 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 $1 billion to support expansion of Mongolia’s economic capacity and infrastructure,” Mr Modi said at a joint press interaction with Mr Saikhanbileg at State Palace. Asserting that Mongolia is an integral part of India’sc 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. “In a reflection of our commitment to further deepen our relationship, we have decided to upgrade our Comprehensive Partnership to ‘Strategic Partnership’,” he said.

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