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.
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