ULAN BATOR, Oct. 1 (Xinhua) -- The Asian Development Bank (ADB) will approve the financial aid of 390 million U.S. dollars for Mongolia within this year, local media reported on Tuesday.
"The ADB has planned to approve the financing of 390 million U.S. dollars within 2019 for eight projects in Mongolia. This includes six loan projects and two grant projects," Declan Magee, ADB senior country economist for Mongolia, told the news website ikon.mn.
"We are also scheduled to start implementing these eight projects this year," said Declan.
The ADB, based in the Philippine capital Manila, is dedicated to reducing poverty in Asia through inclusive and environmentally sustainable economic growth, and regional integration.
Since Mongolia joined the ADB in 1991, the bank has provided assistance worth a total of 3 billion dollars to its government, he said.
