PM Modi Announces $1Billion Line of Credit for Far East Development

Prime Minister Narendra Modi announced that India will help Russia in its development of the Far East by giving USD 1 billion line of credit at the plenary session of 5th Eastern Economic Forum.

“India’s connection to Russia’s Far East go back a long way. India was the first country to open a Consulate in Vladivostok,” PM Modi said.

“For the development of the Far East, India will give a line of credit worth USD 1 billion. My government has actively engaged in East Asia as part of its ‘Act East’ policy. I firmly believe that today’s announcement will add a new dimension to the economic diplomacy of the two countries,” Modi said.

“Let us deepen the bond between India and Russia even further. India is proud of the achievements of the Indian diaspora. I am sure here in the Russian Far East too the Indian diaspora will make an active contribution towards the region’s progress,” he added.

By declaring the development of the Russian Far East a ‘national priority for the 21st century’, President Putin has taken a holistic approach towards improving everything ranging from economy, education, health to sports, culture or communication,” he said

At the session, Modi also said that India is committed to become a five trillion-dollar economy by 2024.

PM Modi has arrived in Russia on a two-day visit to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).

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