FUNDS WILL BE USED FOR INFRASTRUCTURE.
India on Sunday announced a $1-billion credit line to Mongolia for infrastructure development as they upgraded their ties to “strategic partnership” and agreed to deepen defence cooperation besides exploring potential for tie-ups in areas such as the civil nuclear sector.
Prime Minister Narendra Modi, who is on a two-day visit to Mongolia, the first by an Indian Premier, held wide-ranging discussions with his Mongolian counterpart, Chimed Saikhanbileg, and the two leaders pledged to take bilateral economic partnership to a new level.
“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 told a joint press interaction with Mr. Saikhanbileg at the State Palace here.
SOURCE : THE HINDU.