After Wednesday’s Government meeting, Finance Minister S.Bayartsogt announced that Mongolia will borrow USD 300 million from the South Korean Economic Cooperation Development Fund at an annual interest rate of 0.15 percent. The loan is scheduled to be paid of in 2045. It will first be used to establish a National Center for Diagnostics and Treatment.

Parliament and the relevant Standing Committees will decide how the remainder of the loan will be spent. Among the possibilities: constructing a coal enriching factory, improving the national archive, and purchasing medical equipment. Under the terms of the loan, the money must be used for two projects every year.