India extended 1-billion dollar Line of Credit to Mongolia

Apr 29, 2016 10:10 IST

Mongolia_agreementsIndia on 28 April 2016 extended a Line of Credit (LoC) of 1 billion US dollars to Mongolia. The LoC was extended after delegation-level bilateral talks between the Minister of State for External Affairs VK Singh and Mongolian Foreign Minister Lundeg Purevsuren in New Delhi.

Besides, the two countries also agreed to exchange sentenced persons.

Lundeg Purevsuren was on a three-day state visit to India from 27 April to 29 April 2016. This visit was a part of the intensified bilateral exchanges following the upgrade of bilateral relations during Modi's visit.

The extended LoC is the part of announcement made by the Prime Minister Narendra Modi during his visit to Mongolia in May 2015. He announced the LoC for economic expansion and infrastructure development. During that visit, the two nations also signed 13 agreements.

This was the first prime ministerial visit from India to Mongolia.

Earlier on 28 April 2016, Purevsuren conferred Mongolia's highest civilian award, the Order of North Star, on Lokesh Chandra, President of the Indian Council for Cultural Relations (ICCR), and Mansura Haider, former academic adviser of the Indira Gandhi National Centre for the Arts (IGNCA).

India and Mongolia are marking 60 years of diplomatic relations in 2016 with a series of events.

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