October 7, 2016
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President says Erdenet Mining Corporation information should be made public  

Summary: The President of Mongolia, Ts. Elbegdorj, held an uncensored talk with journalists and answered their questions. Ts. Elbegdorj stated that he has no personal stake in Erdenet Mining Corporation, and B. Choijilsuren and Ts. Nyamdorj are behind the allegations of wrongdoing. Ts. Elbegdorj stated, “I have talked to the President of the Russian Federation, Vladimir Putin and he said that Mongolia is ready to manage Erdenent Mining Corporation.  When the Prime Minister of Russian Federation, Dmitry Medvedev visited, during the 11th ASEM Summit, he stated that the sale is a stepping stone to further cooperation.”  The President urged the government to release information related to Erdenet Mining Corporation.  The President also criticized the Cabinet for its performance during its first 100 days in office.

Keywords: President, Erdenet Mining Corporation   The Official Gazette /page 2/

Minister of Finance’s EMC decrees are nullified

Summary: A Cabinet taskforce presented their findings on the investigation of the sale of Mongolrostsvetmet’s 49% stake in Erdenet Mining Corporation. After a thorough review, Cabinet ordered a revision of the rules of ownership for the government to exercise its rights concerning the state's 51% stake in the company. The Minister of Finance’s decrees issued last June regarding Erdenet Mining Corporation have been nullified. The Cabinet called for transparent reporting on the sale of the 49% stake and to investigate the funding of the sale.

Keywords: Minister of Finance, Erdenet Mining Corporation, Cabinet     The Century News /page 1/


 Education Loan Fund approved

Summary: The Minister of Education, Culture, Sciences and Sports, J. Batsuuri, announced that the government has approved the Education Loan Fund and related student loan regulations. Students pursuing a bachelor's degree are qualified to apply for a student loan,  and if a student has a GPA of 2.0 or higher, the student is eligible to apply for a short or long-term loan, or a reduced interest rate loan without collateral. The standard student loan will have a 5% annual interest rate and a 10-year term. Student loans will be issued starting next year and 101.5 billion MNT has been allocated for the program in the state budget. Around 125,000 students are pursuing undergraduate degrees in Mongolia.       

Keywords: education, loans   The National Post /page 1/

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ADB and Mongolia mark 25 years of cooperation

Summary: This year marks the 25th anniversary of cooperation between Mongolia and ADB. Over the years, ADB has invested 1.6 billion USD in the education, health, finance, infrastructure,      and other sectors by issuing over 270 loans, grants and funding for technical assistance projects. Deputy Prime Minister of Mongolia U. Khurelsukh received Koichi Hasegawa, a member of the Board of Directors of Asian Development Bank (ADB), to discuss the strategic relationship between Japan and Mongolia and ways to improve it through an effective mid-term strategy. Since 1990, Japan has invested 1.7 billion USD in Mongolia’s infrastructure, agriculture, and social development through the implementation of projects and program financing.  Japan has also invested over 60 million USD through the ADB to implement 33 projects to improve innovations and technology in Mongolian industries and to reduce poverty, and plans are in place to implement five more programs in the future. U. Khurelsukh highlighted that Japan and the ADB are the two of the biggest contributors to Mongolia's development, and celebrated the fact that they have supported the development of Mongolia from the beginning.

Keywords: ADB, international finance, development

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia