Asian Development Bank to allocate 1.2 bln USD for Mongolia in 2017-2020

Source: Xinhua| 2017-10-14 17:38:47|Editor: Yurou
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ULAN BATOR, Oct. 14 (Xinhua) -- The Asian Development Bank (ADB) has decided to allocate 1.2 billion U.S. dollars to support Mongolia's development in 2017-2020, said the member of the ADB Board of Directors responsible for Mongolia.

The fund aims to help with the country's economy, infrastructure, agriculture, tourism, renewable energy, small and medium-sized enterprises, as well as to support employment for people with disabilities, the ADB director, Muhammad Sami Saeed, said at a meeting with Mongolian Prime Minister Khurelsukh Ukhnaa.

Ukhnaa, for his part, stressed that his country will continue to implement the Government's Action Plan for 2016-2020 and the Program for the Restoration of the Mongolian Economy, noting that the political situation will remain stable regardless of the formation of a new cabinet of ministers.

The prime minister also expressed his gratitude to the ADB for the decision to grant Mongolia a loan of 900 million dollars and for the allocation of the first part of the loan totaling 250 million dollars as part of the IMF's program.

Having agreed with the policy of the prime minister on Mongolia's economic diversification, the ADB official expressed his hope that Mongolia would maintain its achievements in the field of budgetary discipline and ensure macroeconomic stability.

Over the past 25 years, the ADB has implemented in Mongolia about 280 projects and programs in such areas as health, social protection, infrastructure and urban planning for a total of 1.9 billion dollars.