3,387.17
Ch. Khashchuluun, head of the National Development and
Innovation Committee, has said selection of an internationally renowned
management team for the Development Bank would begin after the last date for receiving
bids on November 23. Since expansion of the mining and mineral resources sector
needs infrastructure development, the bank will mainly provide capital for
heavy industries and infrastructure, he said.
Development Banks have played useful roles
elsewhere. For instance, China established such an institution in 1994 and has
since then lent 1.6 trillion yuan to be invested in infrastructure, industry
and communication. The Mongolian bank will have an initial capital of MNT16
billion, double that of any commercial bank here.
