By Elena Fehrbach
May 5 – The Government of Mongolia has approved 8 percent interest rate for long- term housing loans. The duration of the loan can be up to 20 years for the purchase of both old and new houses and apartments with the total area not more than 80 square meters. The compulsory condition is the provision of deposit in the amount of 10 to 30 percent of the purchase amount. Continue reading
May 18 – Mongolia’s Cabinet identified a list of several “urgent” roads and bridges that need to be built. It also announced that 5,572 kilometers of roads and 900 kilometers of highways connecting Ulaanbaatar with aimags (provinces) would be restored under the umbrella of the country’s US$3.75 billion “New Up Building” program.
While US$3.5 billion will be drawn from the mining sector for the program, US$17.5 million of the funding is expected to come from foreign and domestic investment, according to officials. Continue reading