Yonhap News Agency reported that Export-Import Bank of the Republic of Korea announced on Monday that it will provide 44.6 million USD in loans to Mongolia to help upgrade its transport system.
The bank said it will issue 25 million USD from its Economic Development Cooperation Fund to replace aging buses in Mongolia, and provide 19.6 million USD to build classrooms equipped with information and communications technology and to develop digital textbooks.
Exim Bank believes that its projects in Mongolia will help Korean companies in expanding their business activities in Mongolia. Last Sunday, during South Korean President
Park Geun-hye’s visit to Mongolia, the two countries signed a pact under which the Republic of Korea will provide 170 buses to Mongolia through loans.