Mongolia to set up bank to develop heavy industry
ULAN BATOR, Mongolia- The Mongolian Government would set up a development bank to finance large mining and infrastructure projects, the Mongolian Press Service announced Thursday.The government made the decision at a cabinet meeting Wednesday, the Press Service statement said, adding the decision would be submitted to parliament for approval soon.
The statement said the new bank would support the establishment of a heavy industrial development park in Sainshand, capital of Eastern-Gobi province.
The park would be home to many heavy industrial projects, including a copper smelter, an oil refinery, coal processing plants and power plants.
According to the Press Service, the Mongolian government will act as a loan guarantor for the bank.
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