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EASTERN ECONOMIC FORUM

India to provide $1 bln credit line for development of Russia's Far East

The premier emphasized that this is a unique case when New Delhi provides such special credit line to another country

Indian Prime Minister Narendra Modi Sergei Karpukhin/TASS

Indian Prime Minister Narendra Modi

© Sergei Karpukhin/TASS

VLADIVOSTOK, September 5. /TASS/. India has decided to allocate a $1 bln credit line to the Russian Federation for the development of the Far East, Prime Minister of India Narendra Modi announced at a plenary meeting of the Eastern Economic Forum (EEF-2019) on Thursday.

"India will provide a $1 bln credit line. This is an unprecedented case, this is our launching pad in the Far East. The Government of India is very active in this region," he said.

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Modi emphasized that this is a unique case when New Delhi provides such special credit line to another country. "I am also confident that this step will give new impetus to the development of economic diplomacy and growth of ties between the regions of our friendly states. We will remain active partners in our priority cooperation," he said.

India concluded around 50 agreements worth $5 bln at the EEF-2019, according to the prime minister.

"We concluded 50 agreements worth $5 bln at this forum," he said.

According to Modi, the Far East has great natural resources and potential for active development.

The fifth Eastern Economic Forum is held in Russia’s Far Eastern city of Vladivostok on September 4-6. Roscongress Foundation is the organizer of the event. TASS news agency is the event’s general information partner, the official photo hosting agency and moderator of the presentation zone focusing on the Russian Far East’s innovation opportunities.

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