One thous. kilometers high road to be completed in two years

Ulaanbaatar /MONTSAME/ A concession agreement has been signed to build a high way connecting south and north dry ports of the country through the capital city. The agreement was inked by N.Batbayar, the Economic Development Minister, and by S.Otgonbaatar, CEO of "Chinggis Land Development Group - New Development Road" Co (the Concessionaire). The Concessionaire will develop feasibility studies and technical specifications within nine months to them get approved by the Government. It shall have exclusive rights to construction and ownership of one thousand km of high road built under own financing. The concessionaire will also complete the construction within two years and operate the facility for another thirty years before transferring its ownership to the Government. The concessionaire will develop a feasibility study and blueprint of the project to get approved by relevant ministries before concluding a financing agreement. The agreement will come into effect after the Chinggis Land Development Group places a first stage financing in a commercial bank of Mongolia. The high road, which will enable a transit transportation from Russia to China over Mongolia, "is expected to greatly contribute to a development of logistics and industrialization in regions it passes through, the construction project will provide workplaces for 5,500-7,000 engineers and road workers," the Economic Development Minister said.