Asian Development bank supported Road development loan for Mongolia

 ULAANBAATAR, MONGOLIA (2 July 2018) — The Asian Development Bank’s (ADB) Board of Directors has approved a $60 million loan to help improve and rehabilitate 311 kilometers (km) of road corridors in Mongolia, which will help facilitate economic cooperation and trade, as well as inclusive growth, in the country.
“Mongolia’s economy slowed down recently with the country’s gross domestic product growth declining from a high of 17.3% in 2011 to 5.1% in 2017,” said ADB Director for East Asia Transport and Communications Ms. Sujata Gupta. “Having safe and reliable road networks will help Mongolia foster economic activities through trade and tourism, which will underpin the economic outlook.”
Mr. Masahiro Nishimura, ADB Senior Transport Specialist for East Asia, highlighted the importance of infrastructure investments, not only on development but also on rehabilitation and maintenance, and regional integration to improve connectivity and access to domestic and external markets, given Mongolia’s urgent needs to restore macroeconomic stability in the short term and develop a more resilient and diversified economy that can deliver rapid, inclusive, and sustainable growth, according to ABD.
Currently, Mongolia has a road network of about 48,538 km, but only about 13.2% are paved—a situation that affects the country’s growth prospects, particularly on jobs, trade, and connectivity. The project and its attached technical assistance will improve Mongolia’s road asset management practices. Mr. Nishimura noted that investing in road improvement and maintenance is crucial because it creates jobs, provides people with better connectivity and access to markets and public services such as schools and hospitals, and improves road safety.
The Regional Road Development and Maintenance Project will rehabilitate and enhance the safety of road corridor sections, Mongolia’s crucial links with the People’s Republic of China and the Russian Federation, along Ulaanbaatar–Darkhan and Darkhan–Altanbulag. The road improvement project will promote inclusive economic growth through increased trade, as well as boost agriculture, agribusiness, and tourism.
Road safety in the project areas will also be improved, including the installation of road markings, barriers, and guide posts. Independent road safety audits will be conducted, according to ADB.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and IMF Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and Thailand Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers