Mongolia: Mining Sector Institutional Strengthening Technical Assistance Project

WASHINGTON, June 26, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

IDA Grant: SDR 2,570,000

IDA Credit: SDR 3,150, 000

Terms: Maturity= 40 year Grace Period= 10 year

Project Description: The project aims to assist the Government to develop further the policy, fiscal, legal, regulatory and institutional framework for the mining and extractive sector that meets the needs of government, industry, and civil society. This includes the operation of Erdenes MGL LLC, the Holding Company for State Equity, according to good international practice associated with a commercial entity.

For more information, please call Mohamad Al-Arief at (202) 458-5964 or email malarief@worldbank.org