The Standing Committee on Economics approved a EUR 40 million loan from Austria on Monday. 

Mongolia first requested a “soft loan” from Austria in 1991. In 2010, Austria agreed to loan Mongolia the EUR 40 million at a rate of 0.4 percent interest. Both nations have agreed that the money is to be used for health care and infrastructure improvements.

Health Minister S.Lambaa and Finance Minister S.Bayartsogt noted that the National Center for Cancer Research has begun two annexes, and EUR 10 million from the loan has been planned for those facilities.

S.Bayartsogt stated that the Government will give more detailed information after the formal conclusion of a loan agreement.