December 14, 2025 03:24 pm (IST)
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Modi announces $1 billion credit line to Mongolia
Ulan, Bator, May 17 (IBNS): Prime Minister Narendra Modi on Sunday announced a credit line of $1 billion to Mongolia to support expansion of the country's economic capacity and infrastructure.
Modi, who is visiting Mongolia, on Sunday announced: "We will take our economic partnership to a new level. Today, I am pleased to announce that India will provide a Line of Credit of One Billion U.S. dollars to support expansion of Mongolia's economic capacity and infrastructure."
He also announced to increase the ITEC training slots for Mongolia from 150 to 200 and establish an India-Mongolia Joint School.
"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 training slots for Mongolia from 150 to 200. We will also establish an India-Mongolia Joint School," Modi, the first Indian Prime Minister to visit Mongolia, said at a joint press interaction at State Palace.
The Indian PM held wide ranging talks with his Mongolian counterpart Chimed Saikhanbileg in Ulan Bator following which the two sides inked 14 agreements covering defence, cyber security, agriculture, renewable energy and health sector.
"Today, Mongolia is also an integral part of India's Act East Policy. The destinies of India and Mongolia are closely linked with the future of Asia Pacific Region. We can work together to help advance peace, stability and prosperity in this region. So, I am also here in commitment to our shared responsibility to our region," Modi said.
"Prime Minister has spoken eloquently about the relationship and our meeting today. I will have the honour to speak about our vision in the Parliament a little later. I was very pleased with my discussions with Prime Minister today. We have strong convergence of views on bilateral relations and our regional and international partnership," said he.
Modi said the agreements that the two countries have just signed speak to the depth of the relationship.
"These cover economic relations, development partnership, defence and security, and people-to-people contacts," he said.
Later in the day, he 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. It is state of art nuclear medicine cancer therapy machine, developed and manufactured in India.
Stating that it was a great honour to be the first Prime Minister of India to visit Mangolia, Modi said, "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. I am deeply grateful for your welcome and hospitality that have touched our hearts. You have embraced us with unlimited generosity and warmth of a true friend."
Modi said India attaches high importance to security cooperation with Mongolia.
"We will continue to participate in each other's defence exercises. The agreements today will deepen our cooperation in border security and cyber security. Cooperation between National Security Councils will provide a strategic framework for cooperation. We have also agreed that India will help establish a cyber security centre in Mongolia’s defence and security establishment," Modi said,
"I conveyed to Prime Minister that we greatly value our international partnership, which is based on our friendship, shared spiritual heritage and democratic values. These also provide solid foundation for our cooperation in our region. I conveyed India's sincere appreciation for Mongolia's strong support for India's permanent membership of United Nations Security Council," said Modi.
Modi said, "In a reflection of our commitment to further deepen our relationship, we have decided to upgrade our Comprehensive Partnership to ‘Strategic Partnership’. We also agreed to renew our Treaty of Friendly Relations and Cooperation."
Prime Minister Narendra Modi on Saturday arrived in Mongolian capital Ulan Bator.
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