Mongolia to receive MNT 600 billion loan from Japan

Ulaanbaatar /MONTSAME/ Japan will give a loan of JPY 36 billion 850 million, or 608 billion Togrog, to Mongolia for construction of a new international airport in Khoshig Valley in Tov aimag. The intergovernmental exchange note on the second-round credit for this project was signed Thursday by Mr L.Purevsuren, the Minister of Foreign Affairs, and by Takenori Shimizu, the Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia. Mongolia had received loans of JPY 65 billion 657 million (one trillion 83.4 billion Togrog) from Japan for the airport’s construction, which includes the first-round credit of JPY 28 billion and 870 million. Purevsuren underlined that this has been the largest amount of loan given from Japan to Mongolia since 1990. Interest of the soft-loan is 0.1% per year, the repayment term is 40 years. The new international airport is expected to open in 2017, officials say.