August 10, 2020 | 8:01 AM IST
credit for development

PM Modi announces $1bn line of credit for development Russia’s far east region

Prime minister Narendra Modi on Thursday announced a $ 1 billion line of credit for the development of Russia’s resource-rich region at the plenary session of the 5th Eastern Economic Forum in Vladivostok. The PM is on a two-day visit to Russia.
The PM made the declaration in the presence of Russian President Vladimir Putin while unveiling Act Far East policy developed as part of PM Modi’s ‘Look East’ vision.

While addressing the session PM Modi said, “The act will add a new dimension to our economic diplomacy. I believe that our brainstorming today at this forum will not only strengthen the efforts for human welfare in the Far East, but also the entire mankind.” 
Appraising those present on India’s plan of action, the PM added, “We are building a New India on the ‘mantra’ of ‘sabka saath sabka vikas’. Our aim is to build a $ 5 trillion economy by 2024.
On Wednesday, PM Modi held bilateral talks with the Russian president and thanked him for his support on Kashmir issue.

It may be noted that over the last years, New Delhi has focussed on the nations in the Asia Pacific region, but this is the first time, it is extending a Line of Credit.

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