China to provide CNY 2 billion grant in next three years
Prime Minister of Mongolia J.Erdenebat paid a courtesy call on Chinese President Xi Jinping.
China to provide CNY 2 billion grant in next three years. Prime Minister of Mongolia J.Erdenebat paid a courtesy call on Chinese President Xi Jinping. Mr. Prime Minister was in Beijing to take part in the Belt and Road Summit. At the meeting, President of the People's Republic of China, Xi Jinping highlighted that China and Mongolia together need to benefit from world development. Due to Mongolia is standing in the middle of "Belt and Road" initiatives, the country has potential to be fully developed by participating the initiatives. In regards, two countries agreed to integrate "Steppe road" and "Belt and Road" initiatives, considering it as an opportunity to develop and broaden partnership between two countries. Prime Minister of Mongolia J.Erdenebat noted that relation with China is a priority of our foreign policy and expressed the country's position on some major projects and programs on trade, economy, border regions development and infrastructure that can be implemented by the two countries. The dignitaries pointed to the need to increase trade turnover between the two countries and improve the trade structure. The Chinese side expressed their readiness to support Mongolia on overcoming its temporary economic difficulties. China announced to bring funding ratio of USD one billion grant that issued at the first stage in terms of economic cooperation to 95 percent from 85 percent. Earlier, China agreed to extend the term of the swap agreement that established between the Bank of Mongolia and the People's Bank of China. This time, China will provide CNY 350 million grant to Mongolia. In addition, China promised to provide CNY 2 billion grant to Mongolia in the next three years.
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