Draft resolution of parliament on credit agreement with India to be submitted

Politics
B.khuder.
en_khuder@montsame.mn
2016-05-17 13:18:00

Ulaanbaatar /MONTSAME/ The cabinet meeting held Monday decided to submit to parliament a draft resolution on a general credit agreement which was established on April 28, 2016 between the government of Mongolia and the Exim Bank of India.

During his state visit to Mongolia on May 16-17 of 2015, the Prime Minister of the Republic of India Narendra Modi expressed a readiness to grant Mongolia a loan of one billion US dollars, with an aim to help promote our social-economic development and tackle challenges.

As the sides agreed, the credit from India with 20-year term is granted with annual interest rate of 1.75%, and the first five years the Mongolian side will not pay the loan's basic payment.

A working group was set up to propose India projects and programs for funding with the loan.

 

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