Ulaanbaatar
General agreement on loan from South Korea to be extended
Politics
Ulaanbaatar/MONTSAME/. At its irregular meeting on April 27,
the Cabinet backed a draft Letter of Exchange on the extension of the General
Agreement between Governments of Mongolia and the Republic of Korea on loan
from the Economic Development Cooperation Fund (EDCF) for 2017-2019.
Minister of Finance was deputed to sign the Letter,
representing the Government of Mongolia.
Within the framework of the agreement, the Mongolian
government received a soft loan of KRW, equaling USD700 million that has an
annual interest of 0.2 percent and 30 years of repayment term with a 10-year grace
period. With the loan, a total of 15 projects have been effectively implemented.
The agreement term, which ended on December 31, 2019, is extended until the end of 2020.
