World Bank will support infrastructure with $25 million loan

May 25 • Infrastructure, Mining, News • 705 Views • No Comments on World Bank will support infrastructure with $25 million loan

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A Finance Minister S.Bayartsogt and a resident representative of the World Bank to Mongolia Coralie Gevers have signed a contract on a soft loan of 25 million US dollars.

“Support to mining infrastructure investment” project has started to be co-implemented by Mongolia’s Government and the World Bank (WB).

The money are to go for developing Mongolia’s mining sector and for realizing infrastructure supporting projects, for example, as payment for internationally-recognized organization who will make technical and economic justification of the mining projects and  programs, and for strengthening a leadership of Mongolia’s south regions’ water resources.

The loan’s term is 20 years, no interest, a basic payment is free for the first 10 years, and the last 10 years Mongolia’s government will pay 60 percent of loan and the WB 40 percent.

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