The European Bank for Reconstruction and Development (EBRD) announced recently that it is helping to finance the construction of the Senj Sant dry process cement plant in southern Mongolia.
First Vice President Phil Bennett has signed an agreement to lend Senj Sant $65 million following a $20 million equity investment deal last May, according to an EBRD press release.
"This project represents yet another step towards the diversification of Mongolia's economy," Bennett said at the signing ceremony.
The company, which is owned by Mongolia's Monpolymet Group, is using the loan to continue the construction, commissioning and operation of the plant, which is expected to begin producing about 3,000 tons of cement per day in 2015.
"The EBRD's long-term finance, including equity, is not only helping us build the first greenfield cement plant in Mongolia using environmentally friendly dry process but also supporting the company in raising business standards to international levels," Monpolymet Group CEO Munkhnasan Narmandakh said.
- UniCredit sells non-performing mortgage loans
- European Investment Bank lends millions to AccessBank to finance small businesses
- First Ukrainian International Bank among most transparent financial institutions in region, study says
- VTB Bank named best trade-finance bank in Russia by magazine
- AtaBank, Central Bank of Azerbaijan Republic host financial literacy event
- Richard de Keijzer named managing director for ABN AMRO Commercial Finance in the UK
- Galt & Taggart named Best Investment Bank in Georgia by Global Finance magazine
- Armeconombank customers can repay loans via Idram, EasyPay terminals
- Kapital Bank joins American Bankers Association
- CEO of ACBA-Credit Agricole Bank receives Tigran Mets medal