india has offered how much line of credit for the Russian far east region
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India extends $1 b line of credit to Russia’s Far East
Development of resources in the Far East region of Russia, where 98 per cent of diamond and 50 per cent of gold are mined, is one the top priorities for the Russian government and who if not India, an old friend and strategic partner, could lend a helping hand?
Speaking at plenary session of the 5th Eastern Economic Forum (EEF) in Vladivostok on Thursday, Prime Minister Narendra Modi said India would walk shoulder-to-shoulder with Russia in its development of the Far East for which it would extend a $1 billion line of credit.
Expanding economic cooperation is one of the key challenges for New Delhi and Moscow. In December 2014, the countries’ leaders set a goal to bring bilateral trade and investment figures to $30 billion by 2025. While two-side investments have crossed $50 billion by 2017, thanks to acquisition of Essar Oil by the Rosneft-led consortium, the pace of bilateral trade is still far from the set bar, despite the doubling of indicators over the past couple of years.
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