Updated By: LatestGKGS Desk
India providing $1 billion line of credit for development of Russia's Far East
India providing $1 billion line of credit for development of Russia's Far East
Prime Minister Narendra Modi, on 5th September 2019, attended the 5th Eastern Economic Forum at Vladivostok, Russia as its Chief Guest at the special invitation of Russian President Vladimir Putin.
PM Narendra Modi announced that India would be providing $1 billion worth 'Line of Credit' for the development of the Far East.
This is the first time that India is providing a line of credit to an area of another country.
PM Narendra Modi proclaimed that the NDA government's 'Act East Policy' has actively engaged East Asia and he believes that India's credit line offer would serve as a take-off point of 'Act Far East'.
This initiative would also add a new aspect to India's economic diplomacy and help strengthen India's cooperation with friendly nations in the region.
India and Russia have taken their relations beyond the boundaries of government ties to people-to-people cooperation. Both the nations also signed more than 50 business agreement in Voldivostok at EEF platform.
