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Cabinet to discuss ADB program with parliament www.montsame.mn
Ulaanbaatar /MONTSAME/ During its regular meeting on June 28, Wednesday, the Cabinet resolved to discuss with corresponding Parliamentary standing committees a draft ‘General Financing Program’ to be established between Asian Development Bank and the Mongolian Government.
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.
Published Date:2017-06-29
