3-percent interest rate loans to be given to meat companies

Economy | Agriculture
2021-09-09 13:03:03

Ulaanbaatar /MONTSAME/ As part of the ‘MNT 10 trillion Comprehensive Plan for Health Protection and Economic Recovery’, one-year term loans totaling MNT 100 billion will be issued at a 3 percent interest rate for the preparation of up to 20 thousand tons of meat for coming winter and spring. The government will pay 7.65 percent of the total interest amount. The Ministry of Finance has established agreements with the Bank of Mongolia and five commercial banks and 18 companies have been selected to do the winter meat preparation.


At the Cabinet’s meeting on September 8, Minister of Food, Agriculture and Light Industry Z.Mendsaikhan presented a preliminary crop projection. The forecast for the production of grains is 594.1 thousand tons, wheat – 559.2 thousand tons, potato – 198.8 thousand tons, vegetables – 117.0 thousand tons, oil plant – 64.3 thousand tons, and animal feed – 203.3 thousand tons. According to the estimates, 100 percent of wheat and potato demand and 60 percent of the vegetable demand will be met domestically. As of September 8, companies submitted requests to hire 7.3 thousand students and cadets for crop harvesting. The Ministry of Labor and Social Protection, Ministry of Education and Science, Ministry of Defense, and the Ministry of Health are working together to fill the demand. Moreover, Mongolian Youth Federation in collaboration with Youth Labor Center is implementing the Golden Fall sub-project to register students for crop harvesting and match companies to them.