Ulaanbaatar to develop with private and foreign funding
On July 23, Chief of the Ulaanbaatar City Governor’s Office, Yo.Gerelchuluun, reported the implementation of a new regulation to introduce and adapt in-demand, advanced technology and know-how funded not only by the state and city budget, but also by the foreign and domestic private sector.
The regulation is expected to accelerate the introduction of usable advanced technology without dependence on the state or city budget. It states that with their own funding, any foreign or local citizen or business entity is permitted to introduce new technology that will advance the city’s development. If it is proven to be efficient, the private developers may transfer ownership to state and be reimbursed for their expenses.
According to the regulation, project or program coordinators will be fully responsible for occupational risks, and if their projects are found to be inefficient, or unsuitable for the Mongolian climate, the Mongolian government will not compensate any investment made.
Both foreign and local business entities have proposed bringing new technologies to Ulaanbaatar at their own expense. A company headquartered in Denmark has proposed establishing a water treatment plant in the Nalaikh District, with private funding on the condition of concluding a repayment contract. Several other companies have requested to solve the heating issues of buildings in Ulaanbaatar. Incoming proposals will be discussed at the Ulaanbaatar City Representative’s Council.
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