HOTELS WILL GET LOANS, IN ANTICIPATION OF ASEM SUMMIT

Ulaanbaatar /MONTSAME/ At its regular meeting on Tuesday, the cabinet discussed issues of accommodation and services for those taking part in the upcoming in 2016 ASEM Summit in Ulaanbaatar. The cabinet ordered the Board of Directors of the Development Bank of Mongolia (DBM) to give loans of 150 billion Togrog through commercial banks to the hotels for furnishing and repair. Scheduled in July of 2016, the 11th ASEM Summit is to bring together some five thous. delgates among whom are Presidents, Prime Ministers and Foreign Ministers of 51 countries. Allotted from the DBM’s reserve, the loans will be given on a repayment condition to those hotels intending to shelter the foreign delegates. As of present, there are some 450 hotels in Mongolia, ten percent of them satisfy international standards.