Financing agreement on cable car project approved

2020-05-15 16:11:38

Ulaanbaatar/MONTSAME/. Yesterday, May 14, the Parliament passed a bill on ratifying the financial agreement to be established between the Governments of Mongolia and the French Republic.

Within the framework to introduce a new type of public transport service in Ulaanbaatar and reduce traffic congestion and air pollution, the Municipality of Ulaanbaatar is collaborating with Poma Company of France to implement a cable car transport project since April 2019.   

To be funded by the Government of the French Republic, the amount of loan is USD60 million, with the repayment term of 40 years, including a grace period of 12 years.

Under the project, a 4.9-km Bayankhoshuu traffic circle - Khanyn Material - Trauma Hospital air route with three stations as well as a 5.4-km air route linking Doloon Buudal – Dari Ekh – Sansar traffic circle with three stations will be built.

The overall purpose of the project is to improve public transport service and increase their variety and accessibility, develop tourism, and reduce traffic congestion and air pollution.

There were no MPs to question or speak on the bill. The bill was approved by 62.7 percent of the turnouts at the plenary session.