Health Sector to Get 60 Million USD Loan

The Standing Committees on Economy and State Budget held a joint meeting on Tuesday and discussed the draft loan agreements on “Health sector development program-4: Additional financing” and “Health sector development program-4” that will be implemented by the fund from the Asian Development Bank. The Asian Development Bank will be granting about 400 million USD to Mongolia within the next four years. 

This year, Mongolia will be granted a 60 million USD soft loan. The funds will be used for health-related projects and the legal framework regarding this issue is being finalized.

The Minister of Economy and Development, N, Batbayar reported that 25 million USD has been budgeted to build a new hospital, projected to have 300 beds within its complex and an ambulance in the Songinokhairkhan district. The new hospital will offer a variety of health services. In addition, 30 million USD will fund a project to remove medical rubbish, to prevent contagion and towards blood transfusions. 

Moreover, the interest on the loan for the projects will be 1.2 percent and cover 32 years. The loan will be interest-free in the beginning eight years. The funds will be transferred once the two sides sign an agreement and the project is expected to be complete in 2016. The Budget and Economy Standing Committee has supported this project which will be discussed during the meeting for the Standing Committee of Foreign Policy.

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