Mongolia gets $1-bn credit gift

India recently announced 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.

  • The two countries have inked 13 other pacts that include one on enhancing cooperation in border guarding, policing and surveillance, air services, cyber security and new and renewable energy.

Important agreements:

  • A treaty was inked by the two sides on the transfer of sentenced persons.
  • On economic cooperation, the countries have agreed to encourage development of equal and mutually beneficial trade, investment and economic cooperation, which is balanced, sustainable and leads to prosperity in both countries.
  • It was also agreed to encourage Indian companies to further explore cooperation opportunities in Mongolia’s mining sector through joint ventures and investment.

Sources: The Hindu, TOI.

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