ADB provides 103 mln USD loan to Mongolia to upgrade border, roads

Source: Xinhua| 2019-10-02 23:44:30|Editor: huaxia
Video PlayerClose

ULAN BATOR, Oct. 2 (Xinhua) -- The Asian Development Bank (ADB) and the Mongolian government on Wednesday signed loan pacts worth 103 million U.S. dollars for three projects that will upgrade border checkpoints, complete a district hospital, and scale up road rehabilitation in the country.

Yolanda Fernandez Lommen, ADB country director for Mongolia, and Mongolian Finance Minister Khurelbaatar Chimed signed the agreements at a ceremony in the Mongolian capital of Ulan Bator.

"As a landlocked country, a large share of Mongolia's gross domestic product is linked to foreign trade. Improving the efficiency of trade processes and enhancing physical connectivity are essential to facilitate trade and transport in Mongolia," Lommen said.

"Improving people's access to social services has always been a priority in the ADB's operations in the country," she said.

Since Mongolia joined the ADB in 1991, the bank has provided assistance worth 3 billion dollars to the country. Enditem