“Ulaanbaatar Sustainable Urban Transport Project” Loan Agreement Ratified

On the morning of December 23, 2021, a Parliamentary session discussing the ratification of the project loan agreement started at 10.03 am with 59.2 percent attendance. The Minister of Finance, B. Javhlan, presented the draft law on the ratification of the loan agreement between Mongolia and the International Bank for Reconstruction and Development /Ulaanbaatar’s sustainable road and transport project. Voting on the ratification of the loan agreement, the loan agreement was ratified by the majority of the members who participated in the meeting.

As such, Parliament approved the phased implementation of the “Ulaanbaatar Sustainable Urban Transport Project”, with a total of 100 million USD in financing from the World Bank Group’s International Bank for Reconstruction and Development. The loan agreement was subsequently signed by the Government of Mongolia on August 24, 2021.