ULAN BATOR, Sept. 3 (Xinhua) -- The Asian Development Bank (ADB) announced Tuesday the approvement of a 27-million-U.S. dollar loan as additional financing to back up Mongolia's ongoing cross-border trade facilitation project.
"Improving the efficiency and transparency of trade processes is essential to facilitate trade and transport in Mongolia," Dalaikhuu Unurjargal, ADB's regional cooperation officer in the country, said in a statement.
She noted that the ADB's support will help the Mongolian government remove bottlenecks and reduce trade costs through the rehabilitation and provision of border facilities at border crossing points (BCPs).
The additional financing for the ongoing Regional Improvement of Border Services Project will further upgrade BCPs in Bichigt, bordering China in the east; and Borshoo, bordering Russia in the west, according to the bank.
The two BCPs are said to become gateways for Mongolia's bilateral and transit trade with and through China and Russia.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, meanwhile sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans amounting to 21.6 billion dollars.
Established in 1966, the ADB has 68 members, including 49 from within the region.