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$285 million U.S. aid package to Mongolia expected to be signed in Washington |
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Friday, 19 October 2007 |
 Mongolian government and business
officials are waiting to see how the Mongolian economy will be affected
by a United States development package to be signed in Mid-October.
Called the 'Millennium Challenge
Account Compact' (MCC), the package will be worth $285 million in development
aid for Mongolia over a five year period.
The pact will be signed by
Mongolian President N. Enkhbayar and U.S. President George Bush at a
White House ceremony.
Commenting on the MCC, a newsletter
of the Business Council of Mongolia noted, “The grant will fund improvements
to the railway system; healthcare; vocational training and land registration.
It will be a catalyst to stimulate greater private sector success in
Mongolia and is expected to lead to increased revenues and provide efficient
sustainable services based on a market economy model.”
During a recent press conference,
US Ambassador to Mongolia, Mark Minton, said he expects the MCC to attract
additional private investment to Mongolia. "For example,
the US $188 million funded railway project will strengthen the company
and attract private investment to develop the railway further,” noted
Minton.
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