The Asian Development Bank (ADB) and the Mongolian government have signed loan agreements worth USD 103 million 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 Ch.Khurelbaatar signed the agreements at a ceremony in Ulaanbaatar on Wednesday 2 October.
“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 stressed.
Since Mongolia joined the ADB in 1991, the bank has provided assistance worth USD 3 billion to the country.