Japan to grant a US$ 850 million soft loan to Mongolia

B.Erdenechimeg

2017-03-29 09:51 GMT+8

The official visit of Mongolian parliamentarians headed by Speaker of the Parliament M.Enkhbold has commenced on March 27, 2017. 

On this day, Japanese Prime Minister Shinzo Abe received Chairman M.Enkbold. Meanwhile, he announced to grant a US$ 850 million soft loan to Mongolia, in scope of IMF`s Extended Fund Facility program. 

This loan is almost equal to the total loan amount provided by the Japanese government since Mongolia`s transition to democracy and a market economy.

Japan has provided a total of US$ 3 billion loan to Mongolia, of which approximately US$ 1 billion was soft loan. 

During the meeting, Speaker M.Enkhbold mentioned some of the major projects that can be implemented by two countries. He stated "Mongolia is extremely rich in solar and wind energy resources. We have an opportunity to produce clean energy using these resources and supply it to regional countries of Northeast Asia Grid Interconnection. We would like to implement this project in cooperation with your country". Moreover, he asked Japanese Prime Minister to take into account the issue of copper, iron ore and fluorite export to the Japanese market. 

Japanese Prime Minister Shinzo Abe said "We are able to send a professional team to conduct research and conclusion when feasibility study of the coal-chemical complex project is completed. Other issues related to the export and energy should be submitted through the Japanese embassy in Mongolia". 

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