India to provide US$ 1 billion ‘Line of Credit’ to Mongolia

 The Dollar Business Bureau India will be providing US$ 1 billion ‘Line of Credit’ to Mongolia to develop its institutions, infrastructure and human resources. The above statement was made by Prime Minister (PM) Narendra Modi, while addressing the Mongolian Parliament on May 17, 2015, said a PIB release. The PM also laid the foundation stone for the expansion and upgrading of the Atal Bihari Vajpayee Centre for Excellence in Information and Communication Technology. Stating that under India's training programme, Mongolia is one of our largest partners, the PM said “We will increase the ITEC training slots for Mongolia from 150 to 200 and establish an India-Mongolia Joint School.” Modi also said that India and Mongolia have agreed that India will help establish a cyber-security centre in Mongolia’s defence and security establishment, which can help advance peace, stability and prosperity in Asia and the Pacific Region. In less than a year, India’s growth has rebounded to 7.5%. India has emerged as one of the fastest growing major economies in the world. At a time when the global economy remains weak, the world speaks in one voice that India is the bright spot of hope to become the new locomotive for global economic momentum. “We are conscious that our challenges are vast across India's immense social and economic diversity. But, we have faith in our sound policies and good governance,” concluded Modi.    

May 18, 2015 | 11:42 pm IST.