Mongolia and S.Korea to forward intergovernmental projects

Ulaanbaatar /MONTSAME/ A direction of prime minister will be issued to empower the Minister of Finance B.Bolor for signing the Mongolia-S.Korea Intergovernmental agreement on launching Phase II of Project on Promoting Inter-city Public Transport and the Smart Education Project, financed within the general agreement on USD 300 million credit to be provided from the Korea Economic Development Cooperation Fund in 2011-2018. The decision was made by the ministers at the regular cabinet meeting of Monday. The credits have a total length of 40 years. Mongolian government will be exempted from the primary payment in the first 10 years. The annual interest is 0.3% and the service charge is 0.1%. The inter-city transport project’s preparation incorporates purchasing of buses and vehicles’ spare parts, auto-diagnosis, test drives, repair orientations and training. The Smart Education Project is charted to create IT integrated cabinets in general education schools and preparing instructors and trainers in the ToTs (training of trainers).