EUR 50 million loans from Poland in discussion

Ulaanbaatar /MONTSAME/ A regular session of the Parliamentary Standing Committee on Security and Foreign Policy’ took place in a closed manner on February 8. During the session, Credit agreement between the Government of Mongolia and the Government of the Republic of Poland was discussed by the standing committee. According to the agreement, Mongolia is to receive EUR 50 million loans from Poland with 0.15 percent of annual interest rate. Also, late payment will result in additional 1.5 percent of penalty interest. The loan is presently planned to be used in agricultural, education and infrastructure sectors of Mongolia. Members of the Parliament D.Tsogtbaatar and S.Batbold said “The loan capital should be invested in one single beneficial project as it would be more efficient”. The agreement is expected to be discussed at the parliament's plenary session.