Prime Minister Ch.Saikhanbileg paid a working visit to Combine to Build Houses – 1, an industrial complex which will produce construction materials for houses, on Wednesday for the Hour of Solutions meeting. The project is undergoing renovation and the installation of equipment with financing from Development Bank of Mongolia as part of the New Construction program.
A total of 23 million USD has been invested from Chinggis Bond funds for the renovation of the factory, and financing was also provided by the Russian Federation. During the Hour of Solutions meeting, CEO of Development Bank N.Munkhbat noted that Commerzbank of Germany opened a 13 million EUR line of credit for the financing of the factory’s equipment and facilities, with 12 million EUR in credit used so far.
“The specialists of the EBAWE company from Germany are assembling the fully-automatic equipment, and completion is at 90 percent. Once the factory’s construction is completed, it will supply the market by producing all types of construction materials, metal, and concrete products. It will have the potential to make construction panels for houses for 5,000 families annually,” project coordinator B.Erdenebat said, stressing that the factory can start operating if Development Bank invests 6.2 million USD more to the construction effort.
Prime Minister Ch.Saikhanbileg instructed Development Bank CEO N.Munkhbat to report on total financing and investment for the project, and said that the additional financing will be considered after reviewing the investment that has been made so far.