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India to open US$1b credit line to finance Mongolia infrastructure

Agreements also signed in such areas as renewable energy, cyber security and dairy production

Published Sun, May 17, 2015 · 09:50 PM

Ulan Bator

INDIA will open a US$1 billion credit line to bolster Mongolia's "economic capacity and infrastructure", the Mongolian and Indian prime ministers announced on Sunday.

Mongolia is seeking investment in infrastructure for the transport of its minerals as well as in generating energy. Money has been tight for the Mongolian government since the coal market in China weakened and growth has slowed.

Indian Prime Minister Narendra Modi said he hoped his visit would bring closer economic relations that could lead to cooperation in Mongolia's minerals sector. India has no…