India extends 1 billion dollar Line of Credit to Mongolia

India has extended 1 billion US dollars a Line of Credit (LoC) to Mongolia to develop institutions, infrastructure and human resources in Mongolia.
It was extended after delegation-level bilateral talks between the Union Minister of State (MoS) for External Affairs VK Singh and Mongolian Foreign Minister Lundeg Purevsuren in New Delhi.
Background
The LoC was extended as part of announcement made by the Prime Minister Narendra Modi during his visit to Mongolia in May 2015. The LoC was announced for infrastructure development and economic expansion.
It was the first Prime Ministerial visit from India to Mongolia. During that visit, the two nations also had signed 14 agreements.

Month: Current Affairs - May, 2016