Altai Cashmere withdraws its name from loan list
Altai Cashmere LLC, owned by Prime Minister S.Batbold, has withdrawn from Mongol Negtgel, an umbrella organization of cashmere producers, following the controversy over low-interest Government loans to companies in the sector from money raised through sale of bonds.
The Government plans to issue bonds for MNT110 billion to support the wool and cashmere sector. Mongol Negtgel has identified 13 organizations as having the capacity to repay loans.
Altai Cashmere was one of these and was expected to borrow MNT20 billion.
Some DP MPs yesterday expressed surprise that rich companies in Mongolia were to receive preferential loans for such large amounts, and today Deputy Minister for Food, Agriculture and Light Industry D.Zoljargal told the Standing Committee on the Budget, as it was discussing the matter, that Altai Cashmere had withdrawn its request to Mongol Negtgel to be included among the companies getting a loan.
Source : News.mn
The Government plans to issue bonds for MNT110 billion to support the wool and cashmere sector. Mongol Negtgel has identified 13 organizations as having the capacity to repay loans.
Altai Cashmere was one of these and was expected to borrow MNT20 billion.
Some DP MPs yesterday expressed surprise that rich companies in Mongolia were to receive preferential loans for such large amounts, and today Deputy Minister for Food, Agriculture and Light Industry D.Zoljargal told the Standing Committee on the Budget, as it was discussing the matter, that Altai Cashmere had withdrawn its request to Mongol Negtgel to be included among the companies getting a loan.
Source : News.mn
Altai Cashmere LLC has removed his name from the list due to the low-interest Government loans. Now the interest is getting very down and for that government must issue more amounts to support the wool and cashmere sector.
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