ADB approves 30-mln-dollar loan to Mongolia

Xinhua News,ULAN BATOR
2020-06-22 11:15

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ULAN BATOR, June 20 (Xinhua) -- The Asian Development Bank (ADB) has approved a loan of 30 million U.S. dollars to build Mongolia's Zamiin-Uud free zone, local media said Saturday.

The Zamiin-Uud free zone, a proposed Mongolia-China economic cooperation zone, situates near the busiest international border port between Mongolia and China in a district where the local economy and population rely heavily on border traffic and trade activities.

"The project will serve as a catalyst for diversifying Mongolia's economy, integrating it into regional and global value chains and increasing job opportunities for the country's people," said Dorothea Lazaro, the ADB's regional cooperation specialist.

"By addressing infrastructure gaps within the zone and improving connectivity, the ADB will also help Mongolia reduce trade costs," she said.

The project is part of a wider network of the ADB trade-related projects in Mongolia along the Central Asia Regional Economic Cooperation (CAREC) program's corridor 4b, according to the ADB.

The CAREC corridors link Central Asia's key economic hubs and connect landlocked CAREC countries such as Mongolia with markets in Asia, Europe, and the rest of the world.
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