Parliament of Mongolia passes EUR 5 million loan agreement in Germany
AKIPRESS.COM - Parliament of Mongolia passed the loan agreement with Germany on January 26.
The loan will finance completion of the New Turbine for Darkhan Thermal Power Plant project implemented within the Energy Efficiency -I Program.
As such, the Mongolian Government will obtain EUR 5 million loan within the Mongolia-Germany Intergovernmental Agreement on Financial Cooperation in 2016-2017 for the Energy Efficiency -I Program, and an Additional Loan and Second Project Agreement between the Government of Mongolia and KfW Development Bank based in Frankfurt, Monstame reported.
The sides agreed on a 30 year-term loan with an annual interest of 2 percent and 10-year moratorium.