ADB approves USD 60 million road development loan for Mongolia

Oyundelger 2018-07-05 01:07

Economy

The three hundred eleven km road in Mongolia will enable resilient, rapid, inclusive and sustainable growth, the Asian Development Bank said in a statement.

The three hundred eleven km road in Mongolia will enable resilient, rapid, inclusive and sustainable growth, the Asian Development Bank said in a statement. “Mongolia’s economy slowed down recently with the country’s gross domestic product growth declining from a high of seventeen point three percent in twenty eleven to five point one percent in twenty seventeen. “Having safe and reliable road networks will help Mongolia foster economic activities through trade and tourism, which will underpin the economic outlook,”  Sujata Gupta, the ADB’s director for East Asia transport and communications, said. Only about thirteen point two percent of Mongolia’s some 48000 km road network is paved, which affects the country’s jobs, trade, and connectivity. The funds and technical assistance, which will also be provided by the bank, will improve the management of roads, including road improvement and maintenance to provide better access to markets and public services, such as schools and hospitals. “The road improvement project will promote inclusive economic growth through increased trade, as well as boost agriculture, agribusiness, and tourism,” the ADB said.