Finance Minister S. Bayartsogt has told Bloomberg that Mongolia plans to sell as much as USD1.2 billion of bonds overseas later this year in what would be its first sale of dollar-denominated debt, to fund infrastructure supporting its mining industry. The offering will take place after International Monetary Fund restrictions on the country issuing debt end in October.

Investment banks are advising Mongolia to issue bonds with maturities of between five and 10 years, he said. The Government plans to meet investors in Hong Kong, London and New York, he said.