Ulaanbaatar /MONTSAME/ On May 28, Minister of Finance Ch.Khurelbaatar and Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Mongolia Lee Yeo-hong signed an exchange of letters on the extension of the General Agreement between the Governments of Mongolia and the Republic of Korea on loan from the Economic Development Cooperation Fund (EDCF) until the end of 2020.
Under the general agreement that was established on January 16, 2018, the Mongolian government is receiving a soft loan of KRW equaling to USD 700 million that has an annual interest of 0.2 percent and 30 years of repayment term with a 10-year grace period.
As the signing of the exchange of letters brought an opportunity to sign loan agreements for the projects to be implemented under the general intergovernmental agreement, the sides also signed special loan agreements for four projects including the construction of Solongo 1 and 2 apartment complexes and Bayangolyn Am Affordable Apartment Complex and introduction of e-control system for the General Executive Agency of Court Decision (GEACD).
As part of the aforementioned 3 construction projects, rental apartment complexes will be built for USD 381.5 million to provide affordable homes for a total of 7,009 households in ger district, thus making a substantial contribution to the reduction of air and soil pollution in the capital city.
According to the State Secretary of the Ministry of Construction and Urban Development S.Magnaisuren, the apartment buildings will contain one and two-room apartments with 40-50 square meters of living space in each apartment.
Under the GEACD e-control system project worth USD 15 million, an e-center will be set up and provided with equipment to control the execution of movement restrictions included in the revised Criminal Code.