Cabinet discusses financial cooperation agreement with Austrian Government

Cabinet meeting

During the regular Cabinet meeting held on Monday, the government discussed the draft of a general agreement on financial cooperation with the Government of Austria and decided to submit it for further discussion by parliamentary standing committees.

The governments of Mongolia and Austria successfully implemented an intergovernmental financial agreement for 40 million EUR in the past. Based on the previous experience, the Cabinet said that Mongolia needs another concessional loan to introduce techniques and equipment from Austria to a number of industries.

Mongolia and Austria will negotiate loan conditions and discuss projects to be implemented through the concessional loan. The Mongolian government hopes to use the credit line to finance projects in infrastructure, agriculture, water treatment, healthcare, waste management, railways, traffic safety, education, and social protection.