Projects and Programs to implement in Mongolia financed by “Chinggis” Bond of 1.5 billion USD
On January 04, the Prime Minister of Mongolia Norov ALTANKHUYAG made a brief statement regarding the current political and socio-economic situation of Mongolia at the plenary session meeting of the State Great Khural (Parliament) of Mongolia.
As part of the statement, Premier N.Altankhuyag gave specific information on spending the 1.5 billion USD sourced from "Chinggis" Bond
that has been already transferred into the Government account in December 2012.
According to his proclamation Premier N.Altankhuyag denied the rumor that Mongolia is paying huge money for interest a day and is plunged into debt further stressed, “In order to decrease the bonds’ loss of interest and to secure a positive macroeconomic influence through financial prudence mechanism, our Government for Changes has established the Financial Intermediation Agreement
with the Bank of Mongolia (Central Bank) that provides a financial management until the capital sourced from the bonds will be paid out.
Moreover, in order to spend the money more effectively and prudently, we have formed a Policy Council headed by the Prime Minister and members of the Council are Minister for Economic Development, Minister for Finance, Minister of the Cabinet Office of the Government of Mongolia
, Minister for Construction and Urban Development, Minister for Industry and Agriculture, Minister for Road and Transportation, Minister for Mining, Minister for Energy, Chairmen of Economic and State Budget Standing Committees of the Parliament, Governor of the Central Bank, Chairman of the Financial Regulatory Commission, Head of the Office of the President of Mongolia, Speaker of the Parliament, Advisor to the Speaker, and the Governor of the Capital City."
The Policy Council has sanctioned the following priority projects and programs to implement at first, and further to consider on each project and program respectively, added Premier.
The projects and programs to implement by the capital sourced from the Government "Chinggis" Bond are:
- to supply with necessary investments into “Baganuur
- to develop local demand of cement industry
- to develop local infrastructure of all 21 Aimags
- to build factories in order to support light industry export output
- to construct a power plant
near some large coal mines
- to construct a power plant based on renewable energy
sources and hydro-electric station
- to implement a “Street” project
- and several other projects are also included.