19 MAY 2015: Modi gives $1 Billion credit line to Mongolia

Ø  India announced on Sunday a $1-billion credit line to Mongolia for infrastructure development as they upgraded their ties to “strategic partnership” and agreed to deepen defence cooperation besides exploring potential for tie-ups in areas such as the civil nuclear sector. Prime Minister Narendra Modi, who is on a two-day visit to Mongolia, the first by an Indian Premier, held wide-ranging discussions with his Mongolian counterpart, Chimed Saikhanbileg, and the two leaders pledged to take bilateral economic partnership to a new level. “I am pleased to announce that India will provide a Line of Credit of $1 billion to support expansion of Mongolia’s economic capacity and infrastructure. After their talks, the two signed a joint statement committing to consolidate ties and upgrade the comprehensive partnership to “strategic partnership” and agreed to renew their Treaty of Friendly Relations and Cooperation. The two sides inked 13 other pacts that include one on enhancing cooperation in border defence, policing and surveillance, air services, cyber security and new and renewable energy.

Ø  India and the European Union could break the deadlock impeding the Free Trade Agreement when Union Minister of State for Commerce and Industry Nirmala Sitharaman travels to Paris in June to attend an Organisation for Economic Cooperation and Development (OECD) event, European Union Ambassador in New Delhi Joao Cravinho told.

Ø  Prime Minister Narendra Modi on Sunday received a special gift — a brown race horse — from his Mongolian counterpart, Chimed Saikhanbileg, on his historic visit to the country. The horse, named Kanthaka, was gifted to him at the ‘Mini Naadam’ sporting festival. The ‘morin khuur’, also known as horse-head fiddle, is one of the most important musical instruments of the Mongol people, and is considered a symbol of the Mongolian nation. Mr. Modi presented Elbegdorj a specially commissioned reproduction of a rare 13th century manuscript on the history of Mongols, considered by many as the first world history.