USD 1 billion loan from China approved

2017-06-13 12:15 GMT+8

State Great Khural approved amendments to the USD 1 billion loan agreement established between Government of Mongolia and the Export-Import Bank of China. 

Thus, the Chinese side will decide the expenditure of 95 percent of the financing for projects to be implemented under the agreement while the Government of Mongolia will manage the remaining 5 percent.

In addition, general agreement on loan to be granted from Poland was approved. The Government of Poland agreed to provide EUR 50 million export loans to Mongolia with 0.15 percent interest rate and 28 years period. Mongolia will pay interest-only in the first five years.  

Moreover, additional financing of agreement on "Market and pastoral management development Mongolia" between the Government of Mongolia and International Fund for Agricultural Development was approved by the State Great Khural. Within this framework, USD 9.06 million financing agreement is planning to be established. 

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