"Improving the efficiency and transparency of trade processes is essential to facilitate trade and transport in Mongolia," Dalaikhuu Unurjargal, ADB's regional cooperation officer in the country, said in a statement.

She noted that the ADB's support will help the Mongolian government remove bottlenecks and reduce trade costs through the rehabilitation and provision of border facilities at border crossing points (BCPs).

The additional financing for the ongoing Regional Improvement of Border Services Project will further upgrade BCPs in Bichigt, bordering China in the east; and Borshoo, bordering Russia in the west, according to the bank.

The two BCPs are said to become gateways for Mongolia's bilateral and transit trade with and through China and Russia.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, meanwhile sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans amounting to 21.6 billion dollars.

Established in 1966, the ADB has 68 members, including 49 from within the region.

"I think that this visit has been relevant for a long time. [Mongolian] President Khaltmaagiin Battulga participated in the Eastern Economic Forum for the third time, and Russia steadily implements the concept of building a vast Eurasian space, where Mongolia has an important role. In general, Russia is activating its contacts in Asia," the expert said, adding that Putin’s visit is of strategic importance for both countries. "Of course, we are talking about a country that directly borders us, is our big neighbor that we must keep in mind at all times."

Bordachev noted that despite its small population and economy, Mongolia plays an important role in the region due to its location. "All neighboring countries are definitely interested in having Mongolia as a cooperation region," he stated.

According to the expert, Putin’s visit to Ulan Bator has been planned for a long time, and the signing of a strategic cooperation agreement between the US and Mongolia has not affected the Russian leader’s intention to visit Mongolia, which is why there are no grounds to talk about geopolitical competition between Russia and the US.

"I don’t think we are talking about a fight for Mongolia. Of course, our American partners try to make their mark everywhere they can, however, in this case, this is no cause for concern or tensions from the side of Russia or China," Bordachev pointed out. "Mongolia’s current administration aims to strengthen cooperation with Russia and China to a greater extent than the previous governments, which still tried to balance out the relations with Moscow and Beijing and their relations with Washington. For the Mongolian side, cooperation with Russia is very important, because it helps to balance the inevitable growth of China’s influence."

On Monday, Putin has arrived on an official visit to Mongolia’s Ulan Bator. On Tuesday, the Russian leader will hold talks with his Mongolian colleague Khaltmaagiin Battulga, sign a permanent Treaty on Friendship and Comprehensive Strategic Partnership between Russia and Mongolia and take part in the celebratory events timed to the 80th anniversary of the victory of Soviet and Mongolian troops in the Battles of Khalkhin Gol.

The Bank of Mongolia purchased a total of 2.1 tons of gold in August; 181.3 kg in the Darkhan sector of the bank and 53.7 kg in the Bayankhongor sector. However, it has decreased by 745.7 kg from August, 2019.

The Bank offered an average of MNT 128,129.80 for kg of gold in August.

"Common interests and a similar way of thinking helped us to quickly establish mutual understanding or, as they say, get on the same wavelength," the Russian leader said in an interview to Mongolia’s Udriin Sonin newspaper ahead of his visit to the capital Ulaanbaatar, published by the Kremlin on Monday. "Today, this helps us maintain an effective dialogue and deal with important issues of bilateral cooperation in a constructive manner, and successfully implement promising projects."

"We also make an effort to meet not only at political events or economic forums, but also in the stands of judo world championships," Putin added.

The Russian president went on to say that Battulga practices judo and sambo wrestling and described him as "an internationally recognized martial arts master."

"For me, judo is not just a sport. Judo fosters one’s willpower, a respectful attitude towards others, endurance, the ability to take a hit and get out of difficult situations with dignity," Putin said.

Rio sold the smelter to GFG for $500 million last year in what was a standout deal for the emerging industrial powerhouse as it ramped up an acquisition spree.

But final payments for the sale to privately held GFG Alliance’s unit Liberty House are outstanding, Rio said in a statement.

“Rio Tinto confirms it has triggered an arbitration process in relation to the sale of the Dunkerque aluminium smelter, France, to Liberty House,” it said.

“The arbitration relates to non-payment of customary post-closure adjustments, including working capital, which was agreed by both parties in the sale and purchase agreement,” Rio said in the statement.

The Financial Times first reported the story on Monday saying that the outstanding payment was $50 million.

However, GFG Group said in a statement to Reuters that outstanding payment amount was “significantly smaller,” and that the transaction had been “very successful” and relationships with its banks were constructive.

“As is usual practice in sizeable mergers and acquisitions, there is a mechanism in place post-completion to settle the final consideration to be paid to the vendor net of working capital, accounting and other issues,” GFG said.

“This system is ongoing with the vendor as part of the normal process, and differences are being reconciled…This smelter is operating on budget, it is highly profitable and cash generative despite poor aluminium prices.”

(By Paulina Duran, Scott Murdoch and Melanie Burton; Editing by Christian Schmollinger)

It has established overseas institutions in 24 countries and regions associated with the initiative.Since 2015, the BOC, which is the fourth-largest commercial lender by assets in China, has issued BRI themed bonds five times in seven currencies, with a total value of $14.6 billion.

The interest of international investors, particularly European, in BRI-themed bonds has grown significantly in the past few years, according to the lender.

Dubbed the 21st century Silk Road project, the BRI was announced by Chinese President Xi Jinping six years ago. Since then, Beijing has signed 173 agreements with 125 countries, including developed and developing countries, and 29 international organizations.

China’s trade with countries participating in its ambitious initiative has reached 4.24 trillion yuan ($591 billion) in the first half of this year.The multi-trillion-dollar initiative aims to boost connectivity and cooperation between Asia, Europe, Africa, and Latin America. Experts say it will significantly boost global commerce, cutting trading costs by half for the countries involved.

The document builds on the existing 1993 Treaty of Friendly Relations and Cooperation and will have no expiration date.

It will "take our bilateral ties to a fundamentally new level," Putin told Mongolian newspaper Odriyn Sonin in an interview that was translated into Russian.

Putin leaves late on September 2 to Mongolia’s capital of Ulan Bator where he’ll first take part in commemorating the 80th anniversary of the two countries' combined victory over Japanese forces on August 20-September 16, 1939, along the Khalkhin Gol River.

That victory "was one of the reasons why Japan didn’t attack the Soviet Union in 1941 and it delayed its entry into World War II," Putin said.

Infrastructure projects will be high on the agenda, including for the state-run Russian Railways company to upgrade the Ulan Bator Railway.

"This is an important transportation artery for Mongolia," Putin said.

"Today, Russian-Mongolian cooperation is comprehensive and multilateral, and covers the political, trade, economic, investment, financial, agricultural, scientific, educational, cultural, and sports areas," the Russian president said.

According to the Kremlin, bilateral trade between Russian and Mongolia last year increased by 21 percent over the previous year to reach $1.65 billion. In the first six months of this year, trade jumped by 11 percent, or to $800 million.

In education, Putin noted that the Russian state gives full scholarships to 500 students to attend Russian universities each year.

In an interview to Mongolia’s Udriin Sonin newspaper ahead of his visit to the capital Ulaanbaatar, Putin said he would discuss prospects for further promoting mutually beneficial cooperation, including the implementation of the medium term program for strategic cooperation between Russia and Mongolia.

"At the end of the visit, we will sign an interstate treaty on friendly relations and comprehensive strategic partnership, which will raise our bilateral ties to a fundamentally new level," the Russian leader said, adding that the document, based on the 1993 Treaty of Friendly Relations and Cooperation, will have no expiration date.

Putin stressed that the two states have a long history of mutually beneficial cooperation. For example, this year marks the 70th anniversary of the Ulaanbaatar Railway interstate joint venture, while the development of Mongolia’s virgin lands began with Soviet assistance 60 years ago.

"Today, Russian-Mongolian cooperation is comprehensive and multilateral, and covers the political, trade, economic, investment, financial, agricultural, scientific, education, cultural and sports areas," Putin said.

The Russian leader will arrive in Mongolia late on September 2 to attend celebrations of the 80th anniversary of the joint victory over Japanese forces on the Khalkhin Gol River in 1939. Kremlin aide Yuri Ushakov earlier said the new treaty would be signed by Putin and his Mongolian counterpart Khaltmaagiin Battulga after their talks in Ulaanbaatar on September 3.

Mongolian National Team won the 3x3 Most Improved Nation award, taking the first place with the highest number of ranking points gained during the period of 2017 to 2019. Mongolia was also named as one of 3x3 World Ranking Nation 2019, the award which granted to the top 3 National Federations of the FIBA 3x3 as of July 1, 2019, written in the 3rd place followed by Russia and China.