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PARLIAMENT RATIFIES EUR 5 MILLION LOAN AGREEMENT

PARLIAMENT RATIFIES EUR 5 MILLION LOAN AGREEMENT
26
Jan

PARLIAMENT RATIFIES EUR 5 MILLION LOAN AGREEMENT

Parliament ratified a Mongolia-Germany loan agreement, which will fund the completion of the New Turbine for Darkhan Thermal Power Plant project, being implemented within the Energy Efficiency -I Program. As such, the Mongolian Government will obtain EUR 5 million loan within the Mongolia-Germany Intergovernmental Agreement on Financial Cooperation in 2016-2017 for the Energy Efficiency -I Program, and an Additional Loan and Second Project Agreement between the Government of Mongolia and KfW Development Bank based in Frankfurt. The sides agreed on a 30 year-term loan with an annual interest of 2 percent and 10-year moratorium.