Loan Worth MNT 55 Billion to be Issued to Support TourismEconomy
Ulaanbaatar /MONTSAME/. In preparation for “The Years to Visit Mongolia”, the government will issue MNT 55 billion in loans to companies in the tourism industry, subsidizing an annual interest rate of 7 percent.
The MNT 55 billion loans will be financed through the sources of commercial banks with a term of 2 years, and the government will subsidize up to 7% of the loan interest rate. Specifically, If the annual interest rate of commercial bank loans were 15-16 percent, the government would cover 7 percent of the interest rate.
The Ministry of Environment and Tourism believes that it would be a significant impetus for the rapid development of tourism industry. In this regard, the Ministry of Finance, the Bank of Mongolia, and the Loan Guarantee Fund will closely cooperate with commercial banks.