On November 28, S.Bayartsogt, Minister of Finance, and Martin Sajdik, Ambassador of Austria to China signed an agreement on financial cooperation to be established between the governments of Mongolia and the Republic of Austria.In frames of the agreement, Austria’s government will grant a soft-loan of up to EUR 40 million to Mongolia for two years. The money will go into the fields of infrastructure, local water supply, sanitation, traffic safety, railway, education, vocational training,health, social welfare and others.

In 1991, when Mongolia officially asked Austria to include it in the list of nations who receive developmental assistance and loans, the Austrian government postponed the request because of limited capital and of the impossibility to develop economic activities in Asia. At the 4th Mongolia- Austria intergovernmental meeting held last year,the government of Austria agreed to finance certain projects in Mongolia with soft loans. This is the very
first contract to be created between the governments of Mongolia and Austria.

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