DRAFT LAW SUBMITTED ON RATIFYING CREDIT AGREEMENT

Ulaanbaatar, /MONTSAME/ Minister of Finance S.Bayartsogt submitted Tuesday to parliament Speaker D.Demberel a draft law on ratifying a credit agreement and a draft resolution on project on constructing a flyover.
The latter has been planned to be implemented between 2009 and 2011 with a MNT 20 billion. The flyover will be erected from the right junction of the "Narantuul" international trade center over the railway, thus the city's great circular road will be fully put into use. Apart of this two-way flyover, 435.02 m long and 17.2 m wide, the planned are a one km paved road, to get connected with roads to micro-districts, and a 100 m footbridge.
The credit agreement on stability was signed by Foreign Minister in September 2009 and is established between the governments of Mongolia and the Republic of India. Pursuant to the deal, India's government is to grant a loan of USD 25 million with an interest of 1 percent a year. According to S.Bayartsogt, the money will be used mainly for the IT sector and especially for outsourcing service.
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