Mongolia’s Prime Minister U.Khurelsukh who is on visit to the Republic of Korea held official talks with S.Korean Prime Minister Lee Nak-yeon, following their individual meeting on January 16.
The same day, they attended a ceremony to sign documents of bilateral relations and cooperation. The sides signed an agreement on Issuance of Soft Loan from Economic Development Cooperation Fund in 2017-2019, and Memorandums of Mutual Understanding on Cooperation in Employment and Labor Sector and Dispatching and Receiving Labor Force according to Employment Permit System.
The S.Korean government will grant a soft loan of USD700 million, of which USD500 million is intended by Mongolian government to use for reducing air and environment pollution. The soft loan has an annual interest of 0.2 percent and 30 years of repayment term with 10 year moratorium period. The soft loan will be issued until the end of 2019.
The Memorandums are expected to stimulate the bilateral cooperation in employment and labor sector by collaborating to train vocational workers, improve their skills, create jobs and identify the demand and supply of labor market.