Sunday, June 8, 2014

Mongolia signs on for 125 million USD loan with ADB

Minister of Economic Development N.Batbayar on Monday signed a 125 million USD loan agreement with Asian Development Bank (ADB) Country Director Robert Schoellhammer to finance the second phase of the Western Regional Road Corridor Development plan.

The loan is expected to finance the construction of a 189.7 km road forming a western corridor. The road project travels from Khovd Province to Khashaat Davaa-Tolbo soum of Bayan Ulgii Province, and from Nogoonnuur soum of Bayan Ulgii Province to the Ulaanbaishint border port in Tsagaannuur soum of Bayan Ulgii.

The road project, which is part of a 743.1 km road project from Yarant port of Khovd Province to Ulaanbaishint border port, is expected to be complete by 2016.

The 125 million USD agreement was signed under a 15 year term with a five year grace period.

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