Hungary to grant USD 57 million loan for Biocombinat’s renovation

2019-06-21 12:57:20

Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto is visiting Mongolia. Following his attendance in inter-regional conference on ‘Whole-of-Society-Approach’ to preventing and countering violent extremism and radicalization that lead to terrorism which commenced at the Ministry of Foreign Affairs of Mongolia, Mr. Peter Szijjarto held an extended meeting with Foreign Affairs Minister D.Tsogtbaatar.


The Foreign Affairs Ministers reported that they talked over cooperation opportunities in Biocombinat’s renovation and agricultural sector during the meeting.   


“Next year will mark the 70th anniversary of establishment of diplomatic relations between the two countries. The two countries co-implemented numerous projects and programs in the past. In particular, the Hungarian side backed up an issue to grant loan of USD 57 million loan for technical renovation of Biocombinat and improving its products. Hungary is a country that developed food and agricultural technologies well. Therefore, by cooperating with the country in th the agricultural sector, conditions will be created for Mongolia to create jobs, diversify its economy and get rid of dependency on mining,” Foreign Minister D.Tsogtbaatar said.


Moreover, the parties exchanged views on expanding cooperation in education, arts and cultural spheres. 200 Mongolian students study in Hungary every year with the country’s scholarship. Minister D.Tsogtbaatar said he believes the scholarship would be granted permanently to the students in the future. “Mongolia will cooperate with Organization for Security and Co-operation in Europe to combat with criminal groups which implicate people of small countries in illicit cross-border trafficking. We discussed cooperating with Hungary in this direction as well,” he added.


For his part, Mr. Peter Szijjarto said that Hungary is ready to collaborate with Mongolia in countering terrorism. Moreover, the country will promote Mongolia to become a member of the United Nations Security Council in 2023. I also express the country’s readiness to develop economic ties with Mongolia. The Government of Hungary resolved to give easy terms loan of USD 57 million for renovating Biocombinat. The project will be carried out when the Mongolian Parliament ratifies the credit issue. Annual scholarship for 200 students will keep being granted in the future.