Government of Mongolia Program includes the construction of the new residential housings at the newly appointed residential areas. Financing of the New Yarmag residential housing project has been discussed and approved by the cabinet yesterday.
The housing project is to be located in the 8th khoroo of Khan-Uul district and previously th project has secured the Major Loan Negotiation with the Export-Import Bank of China back in 2012.
First phase of the porject is to commence in 2015 and the funding needed for the implementation totals to USD 245 million, of which USD 195 million to be financed by the Export-Import Bank of China and the rest 15 percent and loan costs totalling to USD 50 millionare to be financed with the Mongolian Development Bank resources through the Mongolian Mortgage Corporation.
Cabinet sees the foreign long-term and low interest rate loans as the most appropriate financing tools for such housing projects, which aims to resolve the social infrastructure at the same time.
First phase of the New Yarmag project provisions the construction of the housing with total of 386 thousand sq.m, vocational training center, secondary school and kindergaten buildings.
Government of Mongolia Program includes the construction of the new residential housings at the newly appointed residential areas. Financing of the New Yarmag residential housing project has been discussed and approved by the cabinet yesterday.
The housing project is to be located in the 8th khoroo of Khan-Uul district and previously th project has secured the Major Loan Negotiation with the Export-Import Bank of China back in 2012.
First phase of the porject is to commence in 2015 and the funding needed for the implementation totals to USD 245 million, of which USD 195 million to be financed by the Export-Import Bank of China and the rest 15 percent and loan costs totalling to USD 50 millionare to be financed with the Mongolian Development Bank resources through the Mongolian Mortgage Corporation.
Cabinet sees the foreign long-term and low interest rate loans as the most appropriate financing tools for such housing projects, which aims to resolve the social infrastructure at the same time.
First phase of the New Yarmag project provisions the construction of the housing with total of 386 thousand sq.m, vocational training center, secondary school and kindergaten buildings.