Loan agreement of Biocombinat renovation project to be signed with Hungarian EXIM BankEconomy
Ulaanbaatar /MONTSAME/ At a regular meeting of the Cabinet on March 25, Prime Minister U.Khurelsukh authorized relevant officials to sign a loan agreement between the Ministry of Finance and the Hungarian Export-Import Bank on the Biocombinat state-owned factory renovation project to be implemented with a 17.5-year Hungarian interest-free loan of USD 57 million.
Under the technical renovation project, a viral vaccine factory and a laboratory will be built in compliance with international Good Manufacturing Practice (GMP) requirements and Biosafety Level 3 standards and furnished with advanced equipment; infrastructure/utility systems of the facilities will be expanded; and the staff to work at the new factory will undergo training.
Over the past three years, Mongolia has spent a total of USD 7.5 million on imports of livestock vaccines. The project is therefore expected to open up an opportunity to domestically produce much needed vaccines and medicines against foot-and-mouth disease and rinderpest and further to export them.