DBM AND U.S EXIM BANK ESTABLISH MEMORANDUM OF UNDERSTANDING

Ulaanbaatar, Mongolia /MONTSAME/ The Development Bank of Mongolia (DBM) and the Export-Import Bank of the USA have established a memorandum of mutual understanding. This memorandum was signed on Tuesday by authorities of the two banks. By doing so, Mongolia has gained an opportunity to utilize the latest US technologies to be traded by a low-interest and long-term financing in order to implement the biggest projects and programs. Before establishment of the memorandum, the Minister of Finance D.Khayankhyarvaa exchanged views on developing cooperation with authorities of the Export-Import Bank of the USA during spring meetings of the World Bank and the International Monetary Fund held last month in Washington D.C. Also, the Export-Import Bank has expressed its willingness to develop collaboration in the mining sector and in supporting the fields of railway, autoroads, energy, construction of apartments, environment and manufacturing production. The State-owned U.S Export-Import Bank was established in 1934 with a purpose to develop the U.S economy by ways of supporting domestic enterprisers for penetrating their products and services into the international market. B.Khuder