Program will be accelerated on renovating UB public transport

Ulaanbaatar /MONTSAME/ At its regular meeting on Monday, the cabinet backed a financing agreement for the first draft of an investment program on developing the public transport of Ulaanbaatar city. The cabinet also decided to have the PM issues an order on authorizing the Minister of Finance to sign the agreement, representing the government. This financing agreement was established in 2012 between the government of Mongolia and the Asian Development Bank (ADB) with an aim to resolve the financial source for the program, coordinating it with the sector’s policy. Within the first phase of the investment, a 7.7-km road of the vertical axis will be repaired, the “Peace” bridge will be extended, a 14-km bus road and 14-km infrastructure for the electric transportation along the vertical axis will be run and renewed, a control system of monitoring bus locations will be introduced, and the project management, graphics and institution will be developed. These works will be fulfilled under soft and mixed loans of USD 59.9 million from the ADB, a non-refundable aid of USD 1.5 million from the World Environment Organization and investment of USD 17 million from the government of Mongolia.