An agreement was signed yesterday between the Chief of the Managing Representative Council of the Development Bank, Ch.Khashchuluun, and the State Secretary of the Finance Ministry, D.Battur, under which the Government guarantees loans to be issued by the Bank. The guarantee will cover loans worth up to 9.8% of the GDP, said the Minister for Finance, S.Bayartsogt.

The Bank is expected to sell bonds to raise the funds that it will lend to finance large projects and programs.