ID :
178642
Thu, 04/28/2011 - 14:13
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http://m.oananews.org//node/178642
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FINANCING CREDIT AGREEMENT BACKED
Ulaanbaatar, Mongolia, /MONTSAME/ The government has backed a financing agreement for the additional financing of the Sustainable livelihood-2 project to be established between the government of Mongolia and the International Development Association (IDA). Then, the cabinet has decided to consult this matter with related Standing committee of parliament.
A loan of the additional financing of USD 11 million will be granted without interest. A fee of 0.75 per cent will be paid to the commission of credit service per year. The loan will be paid back in 20 years. In the first 10 years, the basic loan will be paid off completely.
The cabinet considers that the majority of the loan will be used for implementing sub-projects in localities divided into three parts such as public initiative, pasture risks management and fund for micro-financial development. In frames of the Sustainable livelihood-2 project, a centralization of budgetary allocation in localities will be slackened, a model will be created to determine the prospective policies as well.
B.Khuder
A loan of the additional financing of USD 11 million will be granted without interest. A fee of 0.75 per cent will be paid to the commission of credit service per year. The loan will be paid back in 20 years. In the first 10 years, the basic loan will be paid off completely.
The cabinet considers that the majority of the loan will be used for implementing sub-projects in localities divided into three parts such as public initiative, pasture risks management and fund for micro-financial development. In frames of the Sustainable livelihood-2 project, a centralization of budgetary allocation in localities will be slackened, a model will be created to determine the prospective policies as well.
B.Khuder
