Modi announces $1 billion credit line to Mongolia


Ulan Bator: Strengthening the bilateral ties between India and Mongolia, Prime Minister Narendra Modi announced a credit line of $1 billion to Mongolia in a bid to enhance its economic capacity and infrastructure. India is eying to upgrade its relationship with Mongolia from comprehensive to “strategic partnership”.

Narendra Modi, the first Indian Prime Minister to visit Mongolia, held wide ranging talks with his counterpart Chimed Saikhanbileg here following which the two sides inked 14 agreements covering defense, cyber security, agriculture, renewable energy and health sector.

“I am pleased to announce that India will provide a Line of Credit of $one billion to support 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,” Modi said.

Prime Minister Narendra Modi, the first Indian prime minister to visit Mongolia, on Sunday visited the ancient Gandan Monastery and also presented a sapling of the revered Bodhi tree to the chief abbot of the Buddhist temple.

Modi was later accorded a ceremonial welcome at the State Palace in Mongolia. The Indian prime minister told his Mongolian counterpart Chimed Saikhanbileg that India is privileged to be considered as Mongolia’s spiritual neighbour.

PM Modi lays foundation stone for Vajpayee ICT Training Centre at Mongolian University.