CABINET BACKS DRAFT LAWS ON RATIFICATION OF SOME AGREEMENTS

Ulaanbaatar, Mongolia /MONTSAME/ On Wednesday, the cabinet discussed and backed a draft law on ratifying a financial cooperation agreement established between the governments of Mongolia and the Republic of Austria. It will be submitted to the State Great Khural. In accordance with the agreement to be valid for two years, a soft-loan of up to EUR 40 million will be granted to Mongolia and the money will be spent for certain spheres. The same day, the cabinet discussed and backed a financial general agreement for the investment program on developing the vertical autoroads of western region, and then decided to submit it to the State Great Khural. It is expected that the 743.1 km vertical autoroads of the western region will be constructed in 7-10 years, with financing of USD 262 million from the government of Mongolia and the Asian Development Bank. The cabinet backed a draft law on ratifying a Mongolia-South Korea intergovernmental general agreement on granting a loan to Mongolia in 2011-2015 from the Korea's Economic Development Cooperation Fund (EDCF). It will be submitted to parliament as well. This loan will be used for a project on constructing the national diagnosis and treatment center and for implementing other projects. B.Khuder