Russia will extend a 300 million U.S. dollars loan for agricultural development to Mongolia, Prime Minister Vladimir Putin said Tuesday after meeting his Mongolian counterpart Sanjaa Bayar.

"An agreement has been reached to grant a 300 million U.S. dollars loan to develop agriculture, which will be given out in individual branches," the RIA Novosti news agency quoted Putin as saying.

Satisfied with the sustained development in relations, the Russian prime minister also called for the diversification of the bilateral ties.

"We have good plans and development prospects. Our chief task today is to create the conditions for their implementation. Another trend is diversifying trade and economic ties," he said.

Source: Xinhua