MCA Starts Operating on July
Governing Board of the Millennium Challenge Corporation (MCC) approved the general agreement proposal of USD 285 million to be concluded with the Government of Mongolia in order to eradicate poverty through economic growth. The agreement focused on four main sectors such as railways, ownership, professional education and health and especially on key support of Mongolia’s economic development, including efficient network of railways operation and improvement of capacities.
With reference to the establishment of MCA in Mongolia, Robert Reed, Representative of MCC of the United States and N.Bayarbaatar, Executive Director of MCA of Mongolia held a meeting with journalists and introduced on the Account. Established on January, MCA elected its Governing Board and is into the preparation of operation.
The Account shall be responsible for coordinating the above mentioned projects for the period of 5 years. Currently 5 units to implement projects were established, their directors were appointed and operation teams are being recruited. Starting this month, project bids have been announced, preparation works would end and basic activities would begin on July. Majority or USD 188.38 million is projected for railways.
Main freight forwarding line in Mongolia is railways. Old infrastructure, vehicles and current system could not meet railways needs today. It boosts inflation and declines domestic and foreign trade growth. USD 23.06 million is projected for ownership rights, USD 25.51 million for professional education and USD 17.03 for health projects.
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