Bill submitted on ratifying credit agreement with India

Ulaanbaatar /MONTSAME/ Minister of Finance B.Bolor submitted Tuesday to parliament a draft law on ratifying an export credit agreement established between the governments of Mongolia and India on April 28, 2016. This loan will be granted from the Exim Bank of India as the Indian Prime Minister Narendra Modi promised to grant the credit of USD 1 billion when he paid the state visit to Mongolia on May 16-17, 2015. It aims to help promote our social-economic development and tackle challenges. The loan in 20-year term will be given with annual interest rate of 1.75%, and the first five years the Mongolian side will not pay the loan's basic payment.