International

PM Modi to offer a $1 billion loan to Russia for development of far East

Vladivostok | Prime Minister Narendra Modi on Thursday announced that India will be offering a loan of $1 Billion dollars for the development of Russia’s Far East.

Prime Minister said India will walk shoulder-to-shoulder with Russia in its development of the resource-rich Far East region.

Addressing the plenary session of the Eastern Economic Forum that’s being held in Vladivostok, PM Modi said his government has engaged nations in East Asia under India’s new “Act East” policy.

“The relation of India and Far East is not new but ages old. India is the 1st country which opened its consulate in Vladivostok. Even during Soviet Russia when there were restrictions on other foreigners, Vladivostok was open for Indians”, said PM Modi, in presence of Russian President Vladimir Putin.

“For the development of Far East, India will give a line of credit worth US$ 1 Billion. My govt has actively engaged East Asia as part of its ‘Act East’ policy”, the Prime Minister said in his address.

He said that this will add a new dimension to our economic diplomacy.

“India will become an active participant in the development of various regions of friendly nations”, said PM Modi.

As part of PM Modi’s “Look East” vision, the “Act East” policy was developed soon after the BJP came to power in 2014. Conceived primarily as an economic initiative, it has gained political, strategic and cultural dimensions as dialogue and cooperation grew.

This marks the first time India is extending a Line of Credit.

The Eastern Economic Forum is meant to focus on the development of business and investment opportunities in Russia’s Far East Region and presents a huge opportunity to develop mutually beneficial cooperation between India and Russia.

Dear Readers,
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.

Related posts