Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 percent on the back of gold, cocoa and oil exports.

Taking office in January, President Nana Akufo-Addo has outlined a programme of job creation through the private sector and rural development.

"To develop the bauxite project with its railway and converting bauxite into aluminium we will need about $10 billion … we signed an MOU," Osafo-Maafo told reporters at a conference in London after arriving from China.

"The money will come from the Chinese Development Bank, the implementation of the project will come from other agencies, infrastructure agencies in China, like China Railway," he said.

The funds from Beijing would contribute towards building 1,400 km of a planned 4,000 km railway network, which would connect bauxite mines and production sites as well as establish a rail link into neighbouring Burkina Faso.

Details such as interest rates and terms had yet to be decided, he said, speaking on the sidelines of an investor conference organised by Developing Market Associates.

During his China visit, a second MOU had been signed between China and the Association of Ghana Industries which could lead to some $2 billion being invested in agricultural projects and industries, Osafo-Maafo said.

This was part of a government pledge to "build a dam in every village and a factory in every district", he said.

Asked about the government's plan to issue a 10 billion cedi ($2.25 billion) bond, Osafo-Maafo said he expected the debt to be issued towards the end of the year, and with maturities ranging from 5-15 years.

Earlier in June, Ghana had named Standard Chartered Bank and local lender Fidelity as lead managers for the issue expected to clear debts owed by public sector energy utilities.

The agreement is established between the World Bank’s International Development Association and the Mongolian Government. 

The USD 42 million loan from the World Bank will be used on projects – ‘Baganuur-Southeastern Region Electricity Distribution Network’, ‘Erdenet-Bulgan Electricity Distribution Network’ and expansion of ‘National Electricity Transmission Grid’. In addition, the government plans to set up a 10MW solar power plant in western region.

The measures will aim to adjust the prices of coal mined for energy use by ‘Baganuur’ and ‘Shivee Ovoo’ companies, and bring closer to a realistic rate.

The Cabinet ordered corresponding Ministers and authorities to study the possibilities of releasing the two companies from debt obligations from Japan.

As a result of discussion of cooperation strategy in 2017-2020, sides identified finance, agriculture, education, health, employment, environmental preservation and social spheres for cooperation.

In this regard, Asian Development Bank allocated USD 468 million fund for Mongolia in 2017-2018, which allows USD 404 million loan from its Ordinary Capital Resources (OCR) and USD 64 million Concessional OCR lending.
The Concessional OCR lending has 2 percent interest, 25-year term, 5-year moratorium whereas the OCR loan has an average 20-year term.

The ADB loans will be spent on supporting access to quality education; enhancing services for the disabled and increasing their participation; developing regional road; increasing renewable energy; improving transparency and efficiency of budget administration; and improving air quality in the capital city.

"We want to keep pace with the time. If there is a demand from guests for payment with bitcoin, we will even install special ATMs to exchange bitcoins for providing the proper level of service to our guests," restaurant spokesman Mikhail Petukhov told RIA Novosti.

Valenok is located on the Tsvetnoy Boulevard in the center of Moscow. An average main course in the restaurant costs about $10.

"The restaurant generates a QR code containing the desired amount and address of his purse. Then, the client scans this QR code using his bitcoin application on a smartphone and makes payment," Petukhov explained.

Burger King in Russia has said the fast food chain would accept bitcoin in the country by the end of the year.

As of now, bitcoin and other cryptocurrencies are not recognized by the Russian central bank. However, the blockchain technology behind it is more than just a currency and could be used to speed up and simplify cross-border payments and make clearing and settlement easier.

The value of bitcoin and other cryptocurrencies has plunged nearly 20 percent over the last two weeks, but it has been a correction from all-time highs. Digital money has still grown over 150 percent this year.

On Wednesday, bitcoin was trading at $2,581, while rival ethereum was at $307.

According to a release published on Wednesday, the “decision follows an update from President Macron and Chancellor Merkel to the European Council of 22-23 June 2017 on the implementation of the Minsk Agreements.”

Russian presidential spokesman Dmitry Peskov said the Kremlin takes the EU’s extension of sanctions “negatively and with sorrow.”

Last week, EU leaders confirmed their decision to keep sanctions in place, with the President of the European Council Donald Tusk tweeting "Agreed. EU will extend economic sanctions against Russia for their lack of implementing the Minsk Agreement."

The sanctions were first introduced over the crisis in Ukraine and the Crimea reunification in 2014. They include an arms export ban, limited access to finance for Russian banks, and travel bans for over 150 individuals. Many measures, specifically, prohibit financial interactions with Crimea.

In response, the Kremlin imposed an embargo on EU agricultural produce, food and raw materials. Since then the sides have repeatedly broadened and extended the restrictive measures.

Russian President Vladimir Putin said the embargo on certain Western food products was good for Russia’s economy and should last "as long as possible." He explained the ban is also in consumer interests, with high-quality products at lower prices becoming more available.

Prime Minister Dmitry Medvedev said the measures introduced stimulate domestic production and many Russian companies have been asking the government to keep them.

A "Mining and Metallurgical Complex” project is ongoing under concession agreement, aiming to put state-owned iron ore deposits in Darkhan-Selenge region into economic circulation and expand the capacity and the activities of the Darkhan-Metallurgical Plant through technical and technological renovation. The concession contract contains two projects, construction of railway and freight terminal and paved road.

‘Peak Development’ Company is implementing the 95 km paved road project, which connects Tumurtei iron ore deposit with the national auto road of Darkhan-Selenge. Base and road dam construction works of the remaining 30 km paved road completed and pavement work is underway. It is scheduled to start commissioning in November.

The paved road will push the mining and metallurgical project development forward and allow residents of Selenge aimag, particularly of Eruu and Khuder soums, for safe and fast travel. In addition, it will lead to the increase foreign and domestic tourists visiting the region as well as will be significant for socioeconomic development of the aimag and the region.

A freight terminal as well as a 33.4-km railway connecting the Tumurtei deposit in Khuder soum, Selenge aimag and Khandgait railway station in Yeroo soum, owned by ‘Bold Tumur Yeroo Gol’ company were constructed and put into operation last December.