On April 1st, “Erdenes Mongol” and the Asian Development Bank (ADB) signed a loan agreement for USD 35 million. The money will be used to intensify the operations of “Erdenes Mongol’s” three subsidiaries – “Erdenes Tavan Tolgoi”, “Baganuur” and “Shivee Ovoo”.
The contract was signed by “Erdenes Mongol” CEO B.Byambasaikhan and ADB Resident Representative Robert Schaulhammer. Under the project, the priority will be supporting the subsidiaries. It is anticipated that between 2016 and 2024, MNT 2 trillion will be paid for the exploitation of natural resources; of which, MNT 825 billion taxes, and MNT 518 billion dividends will be transferred to the state budget.
Over the past 25 years, the ADB has been providing financial support to Mongolia. The USD 2 billion which has been invested has been provided, primarily for the transportation sectors.