CABINET BACKS GENERAL CREDIT AGREEMENT

Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet decided Wednesday to submit a draft law on ratifying a general credit agreement to the State Great Khural.
The general credit agreement has been established between the Ministry of Finance of Mongolia and the Export-Import Bank of China for exploiting an export loan of USD 500 million to be rendered from China.
Out of these money, some US 200 million will go for erecting processing factories of meat, powdered milk and flour, a for grain elevator, for buying small tractors, implementing a project on foods and agriculture.
The 300 million part will be spent for financing projects like “Education for new century”, “E-health”, “Multilevel intersections” and “Crossroads and bridges”, in accordance with an agreement with China.
The repayment period is 20 years, the credit interest stands at two per cent.
B.Khuder