GENERAL AGREEMENT ON LOAN FROM SOUTH KOREA TO BE EXTENDED

At its irregular meeting on April 27, the Cabinet backed a draft Letter of Exchange on the extension of the General Agreement between Governments of Mongolia and the Republic of Korea on loan from the Economic Development Cooperation Fund (EDCF) for 2017-2019.

Minister of Finance was deputed to sign the Letter, representing the Government of Mongolia.

Within the framework of the agreement, the Mongolian government received a soft loan of KRW, equaling USD700 million that has an annual interest of 0.2 percent and 30 years of repayment term with a 10-year grace period.  With the loan, a total of 15 projects have been effectively implemented.

The agreement term, which ended on December 31, 2019, is extended until the end of 2020.

Source: https://montsame.mn/en/read/223676