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Mongolia approves USD 10 million loan from Asian Development Bank |
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Sunday, 23 July 2006 |
Ulaanbaatar, /MONTSAME/. The Parliament approved the grant loan
negotiation "Financial Regulation and Governance Program", which was
concluded on July 4, 2006 between Mongolia and the ADB. Mongolia is
borrowing 10 million USD loan from the ADB for implementing a four-year
program in the financial sector. Under the program, steps will be taken
on improving loan repayment, decreasing expenses of registration for
security, strengthening governance of commercial banks and protecting
rights and interest of savings owners. It will be also assisted to set
up a financial info unit in the MongolBank in order to establish a
united regulatory institution for non-banking and financial
organizations and to decrease money laundering. The duration of the
grant loan is 24 years. One percent of interest will be paid in the
first eight years of the loan, and 1.5 percent of interest in remaining
years.
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