VICE MINISTER ABOUT IMPLEMENTATIONS OF LIGHT INDUSTRY PROJECTS

Ulaanbaatar /MONTSAME/ The Vice Minister of Industry and Agriculture B.Tsogtgerel participated November 3 in the "Hour of Construction" traditional meeting to report on the state of implementations of light industry projects. The Government of reforms allocated loans of MNT 154 billion from the government “Chinggis” bonds revenue for 159 projects, in frames of its policy to promote five priority industries of cashmere, wool, sewing, dairy and greenhouse farming, he reminded. In a scope of 888” project on promoting import-substituting and export-increasing products, a first financing of the approved total investment of MNT 109 billion for 15 projects has reached the targets, "the government also provided loans of MNT 50 billion for 29 projects out of the 140 billion approved for promoting a leather industry," he said. The development of industrial mentality instead of bargaining is a brand new trend in Mongolia’s economic history, resulting from the announcement of industrial era by the Government of reforms, he went on. In the last two months, a wet-concentrate processing plant opened in Bulgan aimag, and a copper-and-molybdenum concentrate processing plant opened in Erdenet, moreover, a bone-recycling factory will lead a development way for wide range of factories such as of oil, flour, calcium, soap, shampoo, china, and souvenirs, said Mr Tsogtgerel. "There are complaints that the financing has slowed down due to transactions between commercial banks, it nit like that because these banks issue transactions after careful assessment and investigation over the entities and projects," he noted. He also added that Khan and Golomt banks issue major loans for 56-65 projects, the Trade and Development Bank issued the largest amount of loans--55 billion Togrog. In times of such unprecedented amount of financing from the government, the establishment of a cooperation mechanism between private entities and commercial banks will provide a good basis for further development, he said.