Prime Minister introduces the spending of Chinggis Bond

Prime Minister N.Altankhuyag made a statement regarding the spending of the 1.5 billion USD Government Bond or Chinggis Bond during the Plenary Session meeting of the Parliament held last Friday.

In accordance with the decision of the Government and the Policy Council of the Chinggis Bond, it was decided that 50 million USD will be spent on building a power plant with a capacity of 450 megawatts at the Tavantolgoi coal mine. It is forecasted that the power plant will be operational in 2017.

It was also decided that 200 million USD from the Chinggis Bond will be spent on the implementation of Project “Street,” which was developed with the aim to abolish traffic congestion in the capital, to reduce ground and air pollution in Ulaanbaatar, and to provide the capital city residents with a much more comfortable way of life. “Street” has three sub-projects, namely, “City Center,” “Re-Planning of Ger Districts,” and “Highways.”

Within the framework of the project, a total of 33 crossings in the city center will be renovated, and new streets will be created, stressed Prime Minister N.Altankhuyag. It was estimated that a total length of 500 kilometers of roads and pavements should be constructed in order to improve the ger district streets and road network of Ulaanbaatar.

In addition, a 65-kilometer highway is planned to be built along the Tuul and Selbe Rivers, which is predicted to reduce traffic congestion by 25 to 30 percent.

The Government of Innovation and Reform promised in its action policy of 2012 to 2016 to connect the centers of provinces with Ulaanbaatar by paved roads. This year Dornod, Dornogobi, Dundgobi, Umnugobi, Bayankhongor, and Khuvsgul Provinces are to be connected with Ulaanbaatar with paved roads at a cost of 570 billion MNT. This amount represents the financing the construction of these 1,800-kilometer long roads, and such an investment will come from the Chinggis Bond, stated Prime Minister N.Altankhuyag during his statement.

On another note, some 68.8 million USD will be allocated to the cashmere sector, and 27.7 million MNT will be spent in increasing the consumption of milk and dairy products by building 15 international standard farms near Ulaanbaatar. Moreover, some 200 billion MNT is planned to be issued for the construction of engineering infrastructure and pipeline networks of apartment towns to be built in the capital, according to Prime Minister N.Altankhuyag.

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