Meeting held with EBRD Senior Banker

2020-02-13 17:50:02

Ulaanbaatar/MONTSAME/. A project coordinator in charge of city roads and transportation B.Otgonsukh met with EBRD Senior Banker in charge of infrastructure affairs Ms. Svetlana Radchenko.  

In the beginning, B.Otgonsukh extended gratitude to the EBRD for its continued support to Ulaanbaatar city. He said, “The upgrade of the bus depot is a priority in the public transport sector, and the service term of 80 percent of existing buses will expire in two years. Therefore, we are studying experiences of other countries as it is important to buy buses that meet Mongolia’s climate and safety requirements.” He added that the city is looking over buses from seven countries; China, Kazakhstan, Russia, Belarus, Germany, Japan, and S.Korea, and whether they have to be Euro 5 diesel operational or electric.   

Senior banker Svetlana Radchenko said, “The EBRD is working on this issue for recent four years. Last January, the EBRD signed the USD300 million worth loan agreement, but it did not include the bus depot upgrade project. Therefore, there are three ways; to change it with another approved project, to request Finance Ministry to raise the project amount, and/or to get independent credit. The last way will take a longer period, but it will be possible to sign an agreement next May if the municipality decides to resolve it within the approved loan agreement. Subsequently, the bus depot upgrade project will be possible to be funded with a package of loans of the EBRD’s soft loan /LIBOR+1%/ and Green Climate Fund’s grant /interest-free/ by announcing international tender.”