Nay Pyi Taw, May 28 (IANS) India and Myanmar Monday signed 12 agreements, including on a $500 million credit line, border area development and air services.

The agreements were signed after Prime Minister Manmohan Singh held wide-ranging talks with President Thein Sein at Myanmar's new capital.

A memorandum of understanding (MoU) was signed on a $500 million credit line between Export-Import Bank of India and the Myanmar Foreign Trade Bank.

Both countries also signed pacts on India-Myanmar border area development and an air services agreement.

There were MoUs for setting up the Myanmar Institute of Information Technology and the Advance Centre for Agriculture Research and Education, Yezin Agriculture University.

A rice bio park, establishing border haats and setting up a joint trade and investment forum were covered as well.

There will also be a cultural exchange programme for 2012-15.

India and Myanmar entered into an agreement of cooperation between the Institute of Defence Studies and Analyses (IDSA) and the Myanmar Institute of Strategic and International Studies (MISIS).

Besides, there were pacts between Calcutta University and Dagon University, Yangon, and between the Indian Council of World Affairs (ICWA) and MISIS.