India to provide 1 billion USD line of credit to Mongolia

“I am pleased to announce that India will provide a line of credit of one billion USD to support the expansion of Mongolia’s economic capacity and infrastructure,” said Prime Minister of India Narendra Modi at a joint press conference with Mongolian Prime Minister Ch.Saikhanbileg at the State Palace on Sunday.
Prime Minister Modi arrived in Ulaanbaatar on May 17, to hold talks with the leaders of Mongolia to improve economic and trade cooperation in transport, highways and energy. Modi’s two-day visit is taking place in the backdrop of celebrations of the 25th anniversary of Mongolia’s democracy and 60 years of diplomatic relations between India and Mongolia.
Narendra Modi, the first Indian Prime Minister to visit Mongolia, held wide ranging talks with his counterpart Chimed Saikhanbileg, followed by the signing of 14 agreements covering defense, cyber security, agriculture, renewable energy and the healthcare sector.
The announcement of the credit line reflects an agreement to upgrade Mongolia and India’s relationship from comprehensive to a strategic partnership.
Among the 14 agreements signed was setting up a cyber security training center in the Mongolian defense ministry, a memorandum of understanding in the field of new and renewable energy, setting up an India-Mongolia Friendship Secondary School in Mongolia, an air services agreement, and an agreement on the transfer of sentenced prisoners.

Key agreements signed between Mongolia and India:
1. Joint statement on India-Mongolia strategic partnership.
2. Air services agreement.
3. Agreement on cooperation in the field of livestock health and dairy.
4. Treaty on the transfer of sentenced persons.
5. Memorandum of understanding on cooperation in the field of traditional medicine and homeopathy.
6. Memorandum of understanding on enhancing cooperation in border guarding, policing, and surveillance.
7. Program of cooperation in the field of culture from 2015 to 2018.
8. Memorandum of understanding on the establishment of a cyber security training center within the Ministry of Defense of Mongolia.
9. Memorandum of understanding between the foreign service institute of the Ministry of External Affairs of the Republic of India and the diplomatic academy of the Ministry of Foreign Affairs of Mongolia.
10. Memorandum of understanding on cooperation between the Ministry of External Affairs of the Republic of India and the Ministry of Foreign Affairs of Mongolia.
11. Memorandum of understanding between the Ministry of New and Renewable Energy of India and the Ministry of Energy of Mongolia on cooperation in the field of renewable energy.
12. Memorandum of understanding on cooperation between the National Security Council of India and the National Security Council of Mongolia.
13. Memorandum of understanding on the establishment of India-Mongolia Friendship Secondary School in Mongolia
14. Memorandum of understanding between Tata Memorial Centre of India and the National Cancer Center of Mongolia for the gifting of a Bhabhatron-II Terecobalt Unit along with a radiotherapy simulator.

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