Indian Prime Minister Offers Mongolia A $1 Billion Credit Line

Prime Minister Narendra Modi has made it clear that his main focus will be to develop India’s economy and he has advised his government to form strategic partnerships with countries that will help India achieve its goal. The Indian PM recently announced that he was offering Mongolia a $1 billion credit line to help Mongolia improve its infrastructure and economy.

The relationship between India and Mongolia was previously termed as comprehensive but after the new credit line extended by Modi, the relationship was upgraded to “Strategic Partnership” Modi and Mongolian Prime Minister Chimed Saikhanbileg also worked out a total of 14 agreements that touched on a number of important topics ranging from agriculture, cyber security, renewable energy and defence.

Mongolia will use this credit line and its collaboration with India to lift its struggling economy and better the quality of life of its citizens. In a statement, Mongolia Prime Minister Chimed Saikhanbileg said “I was very pleased with my discussions with Prime Minister today. We have strong convergence of views on bilateral relations and our regional and international partnership. 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.”

Modi stated that Mongolia was a key part of India’s Act East Policy and stated that both countries must work together to improve development, peace and prosperity in the Asia Pacific Region. Both countries have also committed to investing in digital technology to further enhance their relationship and economic ties in the near future.