677.5 MILLION USD TO BE INVESTED INTO ULAANBAATAR DEVELOPMENT
The Ulaanbaatar Investment Forum 2017 was organized on February 20 to promote economic development in the capital, protect business and consumer interests, to discuss business investment opportunities, promote improved cooperation between the government and the private sector, and create a favorable business environment.
More than 800 representatives from Parliament, the government, foreign embassies, businesses, and foreign companies participated in the forum.
The main topics of the forum were the redevelopment of the ger district, development of manufacturing based on innovation and new technology, and construction of technology parks. Participants discussed in detail about ways to improve the cooperation between the public and private sectors.
In 2017, 69.6 billion MNT from the state budget, 177.4 billion MNT from UB’s budget, 64.3 billion MNT from the Development Bank of Mongolia, 12.1 billion MNT from the Rural Development Fund, and 356.9 billion MNT from foreign loans, 677.5 million USD in total, is set be invested into the development of the city.
Specifically, 4.8 billion MNT from the total investment will be invested into infrastructure projects, construction of roads, improvement of public transportation, and development of the city environment.
During the forum, Senior Official of the Asian Development Bank (ADB) Arnau Heckman said, “The ADB is working with the government and the Mayor’s Office to develop not only infrastructure but social programs and health and energy projects. In other words, we are cooperating to build new health centers and improved roads for public transportation. The ADB is contributing 320 mil- lion USD and the European Reconstruction Bank is contributing 50 million USD.”
The government agencies and the Ulaanbaatar Mayor’s Office took the opportunity to introduce and report on new projects that are being implemented in 2017. This included a project to build a new innovations park based on new technology.