The Government of Mongolia, the German Development Bank (KfW), and the Global Fund have signed a €29.0 million "Debt Conversion Agreement." The agreement was signed by Mongolia’s Minister of Finance, B. Javkhlan; KfW's Director for East and Southeast Asia, Frank Böne; KfW's Senior Portfolio Manager, Andrea Godon; and the Executive Director of the Global Fund, Peter Sands.
Under this agreement, the repayment of the €29 million loan owed by the Government of Mongolia to KfW will be converted into a grant. This financial support will be allocated to Mongolia's health sector, creating an opportunity for targeted investments in healthcare.
This marks the first time in Mongolia’s history that a debt repayment has been successfully converted into a grant. This sets a precedent for utilizing innovative financial instruments to address the country’s development needs.
Translated by ChatGPT
The Government of Mongolia, the German Development Bank (KfW), and the Global Fund have signed a €29.0 million "Debt Conversion Agreement." The agreement was signed by Mongolia’s Minister of Finance, B. Javkhlan; KfW's Director for East and Southeast Asia, Frank Böne; KfW's Senior Portfolio Manager, Andrea Godon; and the Executive Director of the Global Fund, Peter Sands.
Under this agreement, the repayment of the €29 million loan owed by the Government of Mongolia to KfW will be converted into a grant. This financial support will be allocated to Mongolia's health sector, creating an opportunity for targeted investments in healthcare.
This marks the first time in Mongolia’s history that a debt repayment has been successfully converted into a grant. This sets a precedent for utilizing innovative financial instruments to address the country’s development needs.
Translated by ChatGPT