Government Approves Legislation Regarding the Financial Cooperation between Mongolia and Austria

The Government has approved of a legislation regarding the Financial Cooperation Agreement between Mongolia and the Republic of Austria, and will present it to the Parliament.

The agreement will last 2 years and will allow Mongolia to receive up to 40 million euros in loan to spend on specific state departments.

Also, a legislation regarding the funding for the Western Road Construction Project was also approved to be taken to the Parliament. The 743.1 km long road to be built in the Western region of the country is expected to take 7-10 years to complete, and will be financed by 92 million dollars from the Mongolian Government and 170 million dollars from the Asian Development Bank.

In addition, the Government has planned to take a 300 million dollar loan from South Korea with a deadline of 35 years. The loan will have an interest of 0.15 percent and will be used to fund projects such as the construction of the National Health Center.

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