STANDING COMMITTEE CONSIDERS DRAFT CREDIT AGREEMENT FOR EDUCATION PROJECT

Ulaanbaatar /MONTSAME/ At its meeting on Tuesday, the parliamentary Standing committee on economics discussed a draft credit agreement for a project on engineering and technological higher education. This project will be implemented with a soft loan from the Japan International Cooperation Agency (JICA). The Minister of Economic Development N.Batbayar introduced to the committee this project. He said its main purposes are to prepare engineering and technological professionals, improve their skills, fortify the competitiveness of engineer preparation at the national higher education field, and to renovate engineering training programs. It is expected that the project will last from this year to March of 2023. Some 320 students will be trained in Mongolia and Japan, 160 teachers will be involved in master and PhD trainings. Moreover, 200 students will be involved in no-degree long- and middle-term trainings. The loan of 75 million US dollars has an interest of 0.2% per year, it will be paid back in 20 years. A majority of the committee backed the draft credit agreement, and decided to submit their conclusions to the Standing committee on security and foreign policy. Afterwards, the Standing committee ran first discussions of a draft new wording of the law on oil and other related laws.