Ulaanbaatar
Construction Works of Solongo Affordable Housing Projects Launched
Economy
Ulaanbaatar, August 29, 2023 /MONTSAME/. The Ministry of Construction
and Urban Development, and the Kolon Global Corporation LLC of the Republic of
Korea signed a Contract on the Construction Works of Solongo Affordable
Housing Complex 1 and Complex 2 Projects in Mongolia yesterday.
The Contract was signed by
the State Secretary of the Ministry of Construction and Urban Development G.
Magnaisuren and the Vice-President of the Kolon Global Corporation LLC Jo Hyun
Chul. The construction of 5,002 flats on an area of 17.5 hectares in the
territory of the 21st District of Ulaanbaatar, east of the Buyant-Ukhaa Airport,
will commence upon signing of the Conract with a soft loan from the Government
of South Korea.
The construction of the housing complexes will be financed by a 40-year term soft loan of USD 266.9 million with an annual interest rate of 0.15 percent from the Economic Development Cooperation Fund (EDCF) of South Korea's Eximbank and completed within 40 months.
