Central Bank offers loans to building material providers
The Ministries, the Authority for Fair Competition and Consumer Protection (AFCCP) and domestic providers of building material signed the agreement last January.
The agreement demands that lower interest loans will be issued to providers of building materials in order to stabilize prices during peak times of the construction season until October.
In accordance with the agreement the Central Bank of Mongolia will grant 370 billion MNT in lower interest loans to domestic providers. In the first phase the Bank will sign a deal with 50 providers and companies of cement and structural materials to issue loans.
Officials of the Ministry of Construction and Ministry of Construction and Urban Development stated that the agreement made between the Ministries, the Authority for Fair Competition and Consumer Protection (AFCCP) and domestic providers of building materials is designed to stabilize building material prices and the per square meter price of apartments between 1 and 1.5 million MNT.
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