India extends $1 billion line of credit for development of Russia's Far East region

Prime Minister Narendra Modi on 5 Sep 2019 said sanctions on countries like Russia impacted other countries as well as the global economy, while announcing a $1 billion line of credit for the less developed but resource rich Russian Far East.

Modi, who arrived in Russia on a two-day visit on 4 Sep 2019, is the first Indian prime minister to visit to the Russian Far East Region. He arrived in Vladivostok to participate in the 20th India-Russia annual summit with President Putin and the fifth meeting of the Eastern Economic Forum (EEF).

In his speech at the EEF in Vladivostok, Modi backed Russian President Vladimir Putin’s blueprint for developing the Far Eastern Region that includes construction of housing facilities, improved connectivity and eco-friendly tourism.