AUTHORIZED CAPITAL OF UB RAILWAY TO BE AUGMENTED

Ulaanbaatar, Mongolia /MONTSAME/ At its meeting on Wednesday, the cabinet made a decision to augment the authorized capital of the "Ulaanbaatar Railway" Mongolia-Russian joint venture to 125 million US dollars.

It means that 150 billion togrogs, placed in the budget for this year, will be exchanged into US dollars and be transferred into the UB Railway's authorized capital by July 2, 2012. An additional sum of 20 billion togrogs will be reflected in the draft amendment to the law on budget, and borrowed from commercial banks until extra sources are found and approved.

As known, by intergovernmental agreement Mongolia and Russia decided to augment the authorized capital by USD 125 million from each side. This will help run technical renovation, increase freight transportation, purchase railway vehicles.

B.Khuder

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