MONGOLIA TO RECEIVE LOAN OF USD 500 MILLION

Ulaanbaatar, Mongolia, /MONTSAME/ On Tuesday, the cabinet meeting backed in principle a draft agreement to be established between Mongolia's Ministry of Finance and the Export-Import Bank of China on exploiting an export loan of USD 500 million from the government of China.
An order of the Prime Minister on granting a right to sign the agreement will be made soon. In accordance with a plan of the government, the loan will be spent for erecting processing factories of meat, milk, flour, an elevator for grain, and small tractors. In addition, the government plans to finance a project on road and works of constructing flyovers.
An order has been given to Kh.Battulga, the Minister of Road, Transportation, Construction and Urban Development, to Yo.Otgonbayar, the Minister of Education, Culture and Science, and to G.Monkhbayar, the City's Mayor to draw up technical and economic justification for the construction works.
The loan of USD 500 million will be repaid within 20 years with an interest of two per cent per year.
B.Khuder