Mongolia to set up bank to develop heavy industry

会计考友

　　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.