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India announces $1 billion credit line to Mongolia

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Staff writer ▼ | May 19, 2015
India and Mongolia inked 14 agreements covering defence, cyber security, agriculture, renewable energy and health sector.
India and Mongolia
Asian friends   From Comprehensive to Strategic Partnership
India 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 counterpart Chimed Saikhanbileg here 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 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.

Stating that it was a great honour to be the first Prime Minister of India to visit Mangolia, Modi said, "It is a special privilege to come on the occasion of two important milestones that unite us - 25 years of democracy in Mongolia and 60 years of diplomatic relations between our two nations."

Commenting on his counterpart Saikhanbileg's remarks that India is the "spiritual neighbour and third neighbour" of Mongolia, Modi said, "We will always fulfil the responsibility that comes with this honour."

"The agreements that we have just signed speak to the depth of the relationship. These cover economic relations, development partnership, defence and security, and people-to-people contacts," the Prime Minister added.


 

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