Agreement on Indian Government loan to be submitted for immediate parliamentary discussion


2017-05-11 14:24 GMT+8

The cabinet discussed the bill of ratification of General Agreement on Credit Line of USD 1.0 billion between the Government of Mongolia and the Government of the Republic of India and resolved to recommend the parliament to run immediate discussion on this matter.

The 20-year loan will have annual interest rate of 1.75 percent with 5-year grace period. It has been agreed by both governments to dedicate the credit financing to projects on industrialization, railroad, infrastructure, agriculture and other important economic fields.

In regard to the amount of financing, credit grace period for infrastructural projects costing more than USD 200 million and project with strategic importance that cost USD 100 million or more will be seven years, with overall credit term of 25 years.

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