India to give $1 billion line of credit to support Mongolia’s infrastructure

By NewsGram Staff Writer

In a historic visit to Mongolia, Prime Minister Narendra Modi today announced that India will provide a line of credit of one billion U.S. dollars to support expansion of Mongolia's economic capacity and infrastructure.

"Supporting development of human resources is the best way to secure a nation's development. We reiterated our commitment to continue our efforts in Mongolia. India will increase the ITEC ( Indian Technical & Economic Cooperation Programme) training slots for Mongolia from 150 to 200. We will also establish an India-Mongolia Joint School," said Modi.

Modi also highlighted the fact that how honored he is to be the first Indian Prime Minister to visit Mongolia.

"It is a special privilege to come on the occasion of two important milestones that unite us – 25 years of democracy in Mongolia and 60 years of diplomatic relations between our two countries," expressed PM Modi.

PM Modi also handed over a sapling of the Mahabodhi Tree to the historic Gandan Monastery. "The precious gift of Mahabodhi Tree as a token of friendship from the people of India," said the Prime Minister.

During his stay in Mogolia, PM Modi will lay the foundation stone for the expansion and upgrading of the Atal Bihari Vajpayee Center of Excellence for Information and Communication Technology. He will also visit the National Cancer Centre to gift Bhabhatron II, which is a state of art nuclear medicine cancer therapy machine, developed and manufactured in India.