China to provide CNY 2 billion grant in the next three years

Kh.Kugershin

2017-05-12 18:23 GMT+8

Prime Minister of Mongolia J.Erdenebat paid a courtesy call on President of the People's Republic of China, Xi Jinping today. 

At the meeting, two parties expressed their willingness to take Mongolia and China`s strategic partnership to a new level, enriching with actual content. 

MONGOLIA AND CHINA TOGETHER NEED TO BENEFIT FROM WORLD DEVELOPMENT 

President of the People's Republic of China, Xi Jinping stated: "Since my official visit to Mongolia in 2014, our two countries implemented many works together and achieved clear results. China and Mongolia`s relation must be strengthened in further". He highlighted that China and Mongolia together need to benefit from world development. 

Due to Mongolia is standing in the middle of "Belt and Road" initiatives, the country has potential to be fully developed by participating the initiatives. In regards, two countries agreed to integrate "Steppe road" and "Belt and Road" initiatives, considering it as an opportunity to develop and broaden partnership between two countries. 

Prime Minister of Mongolia J.Erdenebat noted that relation with China is a priority of our foreign policy and expressed the country`s position on some major projects and programs on trade, economy, development near borders and infrastructure that can be implemented by two countries. 

Two parties mentioned that it needs to increase trade turnover between two countries and improve trade structure. 

CHINA TO PROVIDE CNY 350 MILLION GRANT TO MONGOLIA 

The Chinese side expressed their readiness to support Mongolia on overcoming its temporary economic difficulties. China announced to bring funding ratio of USD one billion grant that issued at the first stage in terms of economic cooperation to 95 percent from 85 percent. Earlier, China agreed to extend the term of the swap agreement that established between the Bank of Mongolia and the People's Bank of China. 

This time, China will provide CNY 350 million grant to Mongolia. In addition, China promised to provide CNY 2 billion grant to Mongolia in the next three years. 

The Chinese side expressed their readiness to cooperate Mongolia on agricultural sector with a wide range. At first, two countries will focus on improving meat supply and improve the health of livestock. At the same time, both sides agreed to focus on expanding operations of border crossings, increasing the capacity of its entrance and bring international status for some border crossings in near future. 

"Cooperating on comprehensive development of mining projects such as Tavantolgoi and construction of railways, power stations, copper concentrator plant  based on Oyu Tolgoi mine will be consistent with national development strategies of two countries", said Mr Xi Jinping. 

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