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$285 million U.S. aid package to Mongolia expected to be signed in Washington PDF Print E-mail
Friday, 19 October 2007
ImageMongolian 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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The American Center for Mongolian Studies (ACMS) is an independent NGO that has quickly grown to play a central role in fostering academic cooperation between US and Mongolian institutions and scholars.