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.
" S' O- ~' U$ ^; | 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., P3 y( ]) c4 m i5 `
The statement said the new bank would support the establishment of a heavy industrial development park in Sainshand, capital of Eastern-Gobi province.5 ?" A3 d7 ^, V6 I ] w7 D
The park would be home to many heavy industrial projects, including a copper smelter, an oil refinery, coal processing plants and power plants.
) b+ H. m5 a( h+ U/ [3 f. t* p According to the Press Service, the Mongolian government will act as a loan guarantor for the bank. |