Construction planned for New Yarmag housing project
At the Cabinet meeting held on March 30, within the short-term “New Construction” program, Minister of Construction and Urban Development D.Tsogtbaatar, officials from the State Property Commission, and the Board of Directors of the Development Bank of Mongolia have been assigned with implementing step-by-step financing of 50 million USD for a project to build the New Yarmag apartment micro-district.
The “New Construction” project was approved through a parliamentary resolution under the government's plan for 2015 to 2016. In order to implement the New Yarmag project in Khan-Uul district’s 8th khoroo, a general loan agreement was concluded with China's Export-Import Bank in 2012.
Financing of 245 million USD is required for the launching of the first stage of construction, from which 195 million USD will come from a Export-Import Bank loan, and the remaining 50 million USD will be financed by the State Mortgage Corporation from Development Bank sources.