MONGOLIA TO COOPERATE WITH CI BANK

Ulaanbaatar /MONTSAME/ A memorandum on cooperation between the government of Mongolia and the CI Bank was inked Wednesday by Mr Kh.Gantsogt, the State Secretary of Mongolia’s Ministry of Finance, and by authorities of the bank. It happened on fields of the working visit of Mongolian PM to the United Arab Emirates (UAE). The memorandum lays down that the sides will create an investment fund of USD one billion for financing the biggest projects on great construction in Mongolia. The CI Bank--a joint group of the UAE’s financial institutions--said it is ready to purchase bonds if they will be issued by the Mongolian government. The investment fund to be established in Mongolia aims to back companies, enterprises and the private sector, involved in the great construction. "Mongolia really needs such a fund," noted Gantsogt.