MONGOLIA TO TAKE LOAN FROM CHINA

Ulaanbaatar, Mongolia /MONTSAME/ The Development Bank of Mongolia (DBM) has been allowed by the cabinet to establish a loan contract of up to USD 200 million with the Export-Import Bank of China, with an aim to create a financial resource for constructing apartments for state servants. Related Minister and a leader of the DBM have been obliged to organize the construction of apartments and to give to the cabinet reports on implementation of the contract and construction process. Money equivalent to 15 per cent of the loan will be placed in the annual state budget for the construction. The loan's term is 15 years, its interest is one percent a year. The payment of loan and its interest will not be made in the first three years after the establishment of contract. B.Khuder