India Gives $1b Credit to Mongolia

Indian Prime Minister Narendra Modi held talks Sunday with his counterpart during a visit to Mongolia, with the two nations upgrading relations as Delhi tries to strengthen its influence in China’s backyard, AFP reported. The leaders signed a joint statement upgrading relations to a “strategic partnership”, just a year after Mongolia and China reached a similar agreement. Other agreements included a $1 billion line of credit from India to support the expansion of Mongolia’s infrastructure, and promises to deepen cooperation on border security and defense. Mongolia’s economy – fuelled in recent years by a mining boom that led to high rates of growth, peaking at 17.5% in 2011 – depends largely on trade with China.