Prime Minister of Mongolia N.Altankhuyag received the Finance Minister of China Lou Jiwei on Monday April 29th.

At the start of the meeting, Prime Minister N.Altankhuyag applauded the progress made so far in bilateral financial and economic cooperation as a result of the large project launched after the visit by the head of the Government of Mongolia to China in 2013.

Prime Minister N.Altankhuyag continued to say that he is satisfied with the successful agreements and Memorandum of Understanding on mutually beneficial trade and financial cooperation signed during this visit by China`s Finance Minister Lou Jiwei to Mongolia.

At the meeting China`s Finance Minister Lou Jiwei expressed thanks to Prime Minister N.Altankhuyag for approving to establish the Asian Infrastructure Investment Bank in Mongolia that was initiated by China`s Chairman Xi Jinping.

The Government of Mongolia decided to support China`s initiation to encourage infrastructure development establishing the bank in Mongolia as it thinks infrastructure development is essential for economic cooperation of landlocked countries.

In the scope of the bilateral financial cooperation, Mongolian and Chinese central banks agreed on a currency swap arrangement. The currency swap agreement, which plays an important role facilitating bilateral trade and investment and maintaining financial stability, expired last March. It now needs to be renewed as well as adding an increase to the amount of the bilateral swap.

Minister Lou Jiwei as China`s Finance Minister asked for Prime Minister N.Altankhuyag`s support and attention to solve the issue as soon as possible.

At the meeting, talks were also held on bilateral financial and economic conditions and measures that are being taken.