Yesterday the President of Mongolia Ts.Elbegdorj received a delegation from the State of Kuwait led by His Highness the Amir Sheikh Sabah IV Al-Ahmad Al-Jaber Al-Sabah in the State Palace on September 05, 2011.
There are over 300 soums in Mongolia. (A soum is roughly equivalent to a county in the United States.) Some have fewer than a thousand people. Some have ten times that. The Government has decided to spend MNT 24 billion for the economic development of soums. Each soum will receive between MNT 50 million and MNT 265 million, depending on its population.
The Government is implementing an ambitious program to build 100,000 new housing units in the capital. An apartment block with 15,000 units is already under construction on Yarmag hill. To make owning a home easier, the Government says it will pay MNT 1 million toward the purchase of a new housing unit. The money will be paid directly to the company building the home, and home buyers will still need to make a down payment. Our correspondent spoke with Ts.
Rio Tinto (LSE: RIO) paid CAD 529.5 million to increase its stake in Ivanhoe Mines (TSX:IVN). Its holdings rose by 2 percent to a total 48.5 percent of the company operating at Oyu Tolgoi, but the firm is unable to claim anymore.
Ts. Shinebayar, a Member of Parliament and former deputy in the MPRP, has announced that he has established a new party called the Khamug Mongol Labor Party. Mr. Shinebayar, who is the head of the Khamug Mongol Alliance, said he decided to establish the party at the urging of young people in the alliance. “We must now solve structural issues,” he said.