Mongolia, World Bank ink $26.9 million loan agreement for COVID-19 Emergency Response

AKIPRESS.COM - Minister of Finance of Mongolia Ch.Khurelbaatar and the World Bank Country Manager Andrei Mikhnev signed a $26.9 million loan agreement on COVID-19 Emergency Response and Health System Preparedness Project that will help Mongolia fight coronavirus and prepare better for future health crises. The project will address the immediate needs in the country's health sector, such as the purchase of more than 11500 pieces of about 1000 kinds medical and laboratory equipment and supplies for the 300-bed maternity hospital in Khan-Uul district, Mongolia-Japan Teaching Hospital, 3rd Central Clinic, central hospitals of nine districts and rural hospitals as well as operate a 1000-bed hospital in response to Covid-19, Montsame reports.
The project funding comprises a USD13.1 million credit from the International Development Association (IDA) and a USD13.8 million loan from the International Bank for Reconstruction and Development (IBRD), allocated as part of the World Bank Group's USD14 billion COVID-19 fast-track financing package.
Loan and credit terms are 30 years, with a grace period of 5 years.