BILL PRESENTED ON RATIFYING ADDITIONAL CREDIT AGREEMENT FOR NUBIA

Ulaanbaatar /MONTSAME/ Chairman of State Great Khural Z.Enkhbold May 22 received from the Minister of Finance J.Erdenebat MP a bill on ratifying the additional credit agreement for the development of the New Ulaanbaatar International Airport (NUBIA). A Credit Agreement was signed on May 1 of 2008 by the Government of Mongolia and the Japan International Cooperation Agency (JICA) on providing credit of 28.8 billion JPY for the NUBIA construction project. The agreement was ratified on May 29 of the same year by the State Great Khural. The two sides reached a deal to conclude the construction agreement within an expenditure of 49.5 billion JPY, however, the agreement could not be signed because the costs have exceeded the planned expenditure. Therefore, an issue of taking additional credit was discussed and then approved at the cabinet meeting March 30 of 2013, and was discussed by parliamentary affiliated Standing committee. In order to designate the amount of additional credit, the JICA working group worked in Mongolia in July and December last year, said the bill initiator. The group decided that the additional credit will be 36.8 billion JPY, submitting it to the Government of Japan. "It is on a decision-making phase," he added.