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Economy / Featured News / Mongolia News / September 4, 2014

Development banks sign note of obligation

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In a scope of working visit of the Russian President Putin to Mongolia, the Development banks of Mongolia and of Russia agreed on trades with national currencies and signed an obligatory contract, addressing other cooperation as well.

The delegation of the visit includes Sergei Lykov, a managing director and board member of Development Bank of Russia (VnyeshEconomBank). He was at a meeting with N.Batbayar, the Minister of economic development on Wednesday morning. The two shared opinions on bilateral economic issues and inked the note of obligation. This document addresses issues of advanced cooperation in economic sector, financing of the bilateral trade projects, and use of own national currencies (MNT and RUB) when trading certain range of items. “One of the advantages of trade with the national currencies is a tendency of increased export from Mongolia to Russia,”expects B.Munkhbat, a director of Development Bank.

Development Bank of Russia is to provide USD 74 million of investment for the extension of Thermal Power Station-4. This project is funded by Development Bank of Mongolia, with no involvement from the government, and is distinctive as it is a cost-recovery project.


SOURCE: Montsame

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