ADB signs local-currency loan for Mongolian company

2019-12-02 16:10

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ULAN BATOR, Dec.2 (Xinhua) -- The Asian Development Bank (ADB) on Monday signed an agreement on a local-currency loan equivalent to 7.5 million U.S. dollars with Mongolia's dairy company Milko LLC.

The loan in the Mongolian tugrik is intended to support Milko's plans to expand its business and create jobs in its supply chain.

"Investing in agricultural value chains can yield solid economic and development impacts," Pavit Ramachandran, ADB country director for Mongolia, said at the signing ceremony.

Ramachandran said he believes it is good news for rural households in the East Asian country, where about one-third of the national population live in rural areas and their livelihoods mainly depend on animal husbandry and milk production.

Milko LLC is a subsidiary of Teso Corporation, which is a leading food, dairy and beverage products group in Mongolia.

The ADB loan to Milko is expected to increase the latter's exports to countries such as China and Kazakhstan.
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