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MONGOLIAN RAILWAY SHORTCHANGED FOR NEW RAILS, SAYS PROJECT DIRECTOR

The Development Bank of Mongolia has failed to make its contributions to the financing to pay for construction of new rails, said P. Bat-Erdene, project director at state-owned Mongolian Railway JSC. 
Bat-Erdene denied a claim made by Minister of Economic Development Nyamjav Batbayar that Mongolian Railway had received the entirety of its USD 455 million to fund construction. The Development Bank had provided less than half of the funds it promised for the New Railway project, he said.
“Currently, the Development Bank has financed USD 186.7 million in total for the project, of which USD 164.2 million is from the Chinggis bond and USD 22.5 million from its own funds,” he said. “Originally, the Development Bank planned to finance USD 455 million in total for the project, of which USD 400 million was to be from the Chinggis bond.”

Source: Zuunii Medee