Modi, Erdenebat discuss on what Mongolia will spend $1-bn Indian loan www.akipress.com
AKIPRESS.COM - Mongolia Prime Minister Jargaltulgyn Erdenebat met with his Indian counterpart Narendra Modi on the sidelines of the Saint Petersburg International Economic Forum (SPIEF) 2017 on June 2.
The Mongolian PM said that $1 billion loan from India will be used in promoting infrastructure development instead of financing railway projects as agreed previously, Montsame state news agency reported.
Modi, for his part, said that this change has to be looked through by the Indian side accordingly with internal regulations, and the Indian side will try to settle the matter as much in favor of Mongolia as possible.
Mongolia intends to use funds to build oil processing plants and support other import-substituting productions.
Erdenebat and Modi also discussed opening of secondary school with professional Indian teachers in Ulaanbaatar on Indian grants. The new school is expected to pave way for Mongolians to preparing highly-skilled professionals in the field of IT and communications in cooperation with India.
The Indian Prime Minister expressed interest in buying minerals, coal, fluorspar, copper concentrate, uranium and iron ore, cashmere and wool from Mongolia.
The two reassured the mutual interest in promoting bilateral trade, current state of which is below the level of cooperation that the two countries can potentially achieve.
In 2016, the bilateral trade turnover was $27 million (imports from India - $24.8 million, exports from Mongolia - $2.2 million).
Published Date:2017-06-05