The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, "Korea Eximbank") announced on July 18 that it will provide a total of USD 44.6 million EDCF loans to support the 'Renewal of Intercity Bus Fleet Project Phase Ⅱ' and the 'ICT Integrated Class Establishment Project.'

Korea Eximbank Chairman Lee Duk-Hoon met with Mongolian Finance Minister Bolor Bayarbaatar on July 17 at the State Palace in Ulaanbaatar and signed the loan agreements.

The loan agreements were signed in the presence of President Park Geun-hye and her Mongolian counterpart, President Tsakhia Elbegdorj, following their bilateral summit talks.

The EDCF loan amounting to USD 25 million for the ‘Renewal of Intercity Bus Fleet Project Phase Ⅱ’ will be provided to replace old intercity buses with new ones.

Back in March this year, Korea Eximbank had provided another EDCF loan of USD 2.75 million for the ‘Renewal of Intercity Bus Fleet Project Phase I.'

Used as the official vehicles for the delegates from many countries participating in the on-going Asia-Europe Meeting (ASEM) summit in Ulaanbaatar, the buses supplied through the project are playing a part for the successful operation of the event.

Meanwhile, the buses, which will be procured in the Phase II Project, are expected to increase passenger satisfaction and vitalize the public transportation system in Mongolia with more enhanced safety and efficiency.

The other EDCF loan amounting to USD 19.6 million will be offered to support the ‘ICT Integrated Class Establishment Project.’

Upon completion of the project, it is anticipated that the quality of education will be increased with ICT integrated classes and interactive educational environment based on digital teaching materials in Mongolian language, built into public schools in Mongolia.

Korea Eximbank official said, "The successful implementation of the projects will prove the excellence and top-level technology of Korean automobiles, ICT equipment, and digital contents, which will eventually facilitate Korean companies' participation in projects in Mongolia."