S.Bayartsogt: USD 500 million loan will be spent on health and infrastructure

Jun 21 • Infrastructure, News • 626 Views • No Comments on S.Bayartsogt: USD 500 million loan will be spent on health and infrastructure

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Minister for Finance S.Bayartsogt yesterday told journalists that of the 10 agreements signed during Prime Minister S.Batbold’s official visit to China between June 13 and 17, six were related to the economy.

One of these was on a Chinese Government soft loan of USD500 million that would be spent in the agriculture, education, health and infrastructure sectors. It was agreed that all work to be implemented with the loan would have to be undertaken by Mongolia-China joint ventures. Projects executed with previous Chinese loans were always implemented by Chinese companies.

The Chinese Government has also given a grant of 60 million yuan to be spent on repairing Beijing Street in Ulaanbaatar, the address of the Chinese embassy. It will also be used to build accommodation for students in Nalaikh district and other apartments.

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