RBI Notifies $700 Million Exim Bank LoC to Mongolia for Crude Oil Refinery Project

The Reserve Bank of India (RBI) has notified a Line of Credit (LOC) extended by the Export-Import Bank of India (EXIM Bank) to the government of Mongolia. This LOC is specifically earmarked for financing Mongolia's crude oil refinery project. The RBI's approval of this financial instrument underscores the commitment to strengthening bilateral economic ties between India and Mongolia. By providing this line of credit, India aims to support Mongolia's energy infrastructure development, which is a significant step in fostering economic cooperation and mutual benefit between the two nations.