Modi strikes right notes with $1-bn boost to Mongolia

India, on <g data-gr-id="22">Sunday</g> 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, India’s first Prime Minister to visit Mongolia, held intensive talks with his Mongolian counterpart Chimed Saikhanbileg in Ulan Bator, following which the two countries 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 the expansion of Mongolia’s economic capacity and infrastructure,” said Modi in a joint press interaction with Saikhanbileg at the State Palace. Asserting that Mongolia is an integral part of India’s Act East Policy, Modi said the destinies of the two countries are closely linked with the future of the Asia Pacific Region. “We can work together to help advance peace, stability and prosperity in this region,” he added.

The two countries said they support the evolution of open, balanced and inclusive security architecture in the <g data-gr-id="14">Asia Pacific</g> region.