Feb. 28 – Mongolia’s Cabinet has asked to accelerate the completion of the project proposal for the construction of the Fifth Thermal Power Plant in Ulaanbaatar, which is scheduled to start in 2013, according to local media. The government would like to announce the tender winner no later than June, 2012.
At the start of the bidding procedures, 11 companies submitted formal applications to participate in the process. Now, only four of them remain, according to the Ministry of Mineral Resources and Energy. Continue reading
By Marina Romanova
Feb. 24 – Cashmere is the second largest hard currency-earning export of Mongolia, which makes the emerging Asian nation the world’s second largest producer of the coveted goat’s wool, after China.
According to the latest available statistics, Mongolia produces 6,700 tons of raw cashmere annually, accounting for about 28 percent of the total world supply. The number of cashmere goats in the country increased almost 300 percent between 1990 and 2009. During the same period, the amount of raw cashmere produced increased by 450 percent. Continue reading
Feb. 10 – Banking giant Goldman Sachs has agreed to buy a 4.8 percent stake in the Trade and Development Bank of Mongolia (TDB), according to a statement released by the Mongolian bank on Thursday. The value of the deal was not disclosed.
The investment was kept below 4.99 percent because buying a higher stake would have triggered greater requirements under U.S. legislation, according to Reuters. Continue reading
Feb. 8 – Mongolia has set a record for the largest budget in the history of the country at MNT4.63 trillion, amounting to more than half of GDP, which experts’ identify not only as a sign of economic development, but also as a symptom of election syndrome.
“We have to mobilize all of our resources to fully fulfill the election promises,” Prime Minister S. Batbold said when presenting a draft budget to Parliament last fall.
Mongolia’s legislative elections will be held in June 2012. Continue reading