Ulaanbaatar
USD 60 million loan agreement signed to improve Darkhan road sections
Economy
Ulaanbaatar/MONTSAME/ Today, the Government of Mongolia and the Asian Development Bank established a loan agreement of the ‘The Regional Road Development and Maintenance Project’.
The agreement for the soft loan worth USD 60 million was signed by Finance Minister Ch. Khurelbaatar and ADB Mongolia Country Director Yolanda Fernandez Lommen.
The project will rehabilitate and enhance the safety of 311 kilometers of road corridors, Mongolia’s crucial links with the People’s Republic of China and the Russian Federation, along Ulaanbaatar–Darkhan and Darkhan–Altanbulag. The road improvement project will promote inclusive economic growth through increased trade, as well as boost agriculture, agribusiness, and tourism. Road safety will be improved in the project areas, by installation of road markings, barriers, and guide posts.
The agreement for the soft loan worth USD 60 million was signed by Finance Minister Ch. Khurelbaatar and ADB Mongolia Country Director Yolanda Fernandez Lommen.
The project will rehabilitate and enhance the safety of 311 kilometers of road corridors, Mongolia’s crucial links with the People’s Republic of China and the Russian Federation, along Ulaanbaatar–Darkhan and Darkhan–Altanbulag. The road improvement project will promote inclusive economic growth through increased trade, as well as boost agriculture, agribusiness, and tourism. Road safety will be improved in the project areas, by installation of road markings, barriers, and guide posts.
“Having safe and reliable road networks will help Mongolia foster economic activities through trade and tourism, which will underpin the economic outlook,” said ADB Director for East Asia Transport and Communications Ms. Sujata Gupta.
The loan worth USD60 million is the ADB’s ordinary capital resources. Its repayment term is 20 years, with a moratorium period of seven years.
Currently, Mongolia has a road network of about 48,538 km, but only about 13.2 percent are paved.
M. Unurzul
