New Delhi lends Moscow one billion dollars for the development of the Russian Far East
13:20 - 06/09/2019
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In a surprise move, Indian Prime Minister Narendra Modi announced during his participation in an economic forum in the city of Vladivostok that his country will provide a loan of one billion dollars for the development of the Russian Far East.
The announcement, the first of its kind for New Delhi, said in a speech at the forum on Thursday that it was an unprecedented event when New Delhi provides a line of credit on special terms to another country.
The Indian Prime Minister added that during the forum, businessmen from India were able to sign about 50 agreements in various sectors from energy and mining to health care and education with their counterparts in the Russian Far East.
He pointed out that the Indian side will invest up to $ 5 billion in the framework of these agreements, pointing out that the Indian economy is developing very quickly.
Moody expressed his admiration for the Russian president's plans for the Far East, adding that both countries would benefit from working "hand in hand" in the development of the region.
This week, the city of Vladivostok hosted the activities of the Russian Economic Forum of the East, with the participation of a group of politicians and economists from around the world, attended by about 8 thousand participants from 60 countries.
Due to the geographical location of the Pacific city of Vladivostok, the forum has witnessed wide participation of business from Asian countries, especially from China and Japan.
During the forum this year, 270 agreements were signed, worth more than 3.4 trillion rubles (about $ 51.5 billion), according to the presidential representative in the Far East, Russian Deputy Prime Minister Yuri Trutnev.