New Railway Project to be financed next month

Jan 28 • Business, Economy, Government, Infrastructure, News, transport • 1567 Views • No Comments on New Railway Project to be financed next month

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The Cabinet meeting of Mongolian Government was held on January 26, 2012, discussing a number of timely issues faced by the policy makers. Following an earlier decision made by government, Mongolian Railway, a state owned company, has been provided with the special license to build rail tracks and related structures, and were tasked to raise the financing of the projects with local and international partners with a condition where government share is dominant.

The latest cabinet meeting decided to provide the state company with the concession to build, utilize and transfer railway infrastructure within the framework of the state policy on railway.

The Board of Development Bank was allowed by the government to do the financing of the initial USD 55 Million to be used for the implementation of “New Railway” project within February this year. Economic Development Minister N.Batbayar was tasked to ensure that future repayments of the loan are made on a timely manner to the government.

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