The government will launch a feasibility study to support the construction of Mongolia's second National Cancer Center. The estimated project cost is $230 million. Based on the results of the feasibility study, the government plans to decide whether to approve a loan from the Economic Development Cooperation Fund (EDCF).
According to the Ministry of Finance and Economy on the 10th, Koo Yun-cheol, deputy prime minister and Minister of Finance and Economy, met the previous day with Mongolia's First Deputy Prime Minister and Minister of Economic Development, Jadamba Enkhbayar, and Minister of Finance, Jargalsaikhan Mendsaikhan, on the sidelines of the Korea-Mongolia summit and discussed ways to expand strategic economic cooperation as outlined.
First, the Ministry of Finance and Economy signed a "memorandum of understanding (MOU) on cooperation for the construction of Mongolia's second National Cancer Center" with Mongolia's Ministry of Finance. Mongolia, where cancer incidence and mortality rates are among the highest in the world, has pursued the construction of a cancer center and asked Korea for support using the Economic Development Cooperation Fund (EDCF).
The ministry said it plans to "flesh out, during the feasibility study, ways to introduce a next-generation medical system based on artificial intelligence (AI) tailored to Mongolia's circumstances, and to identify opportunities for bilateral cooperation in the medical system sector," adding, "Beyond the EDCF, we will also cooperate through other development cooperation programs such as the Knowledge Sharing Program (KSP)."
In addition, The Export-Import Bank of Korea plans to pursue a $30 million relending facility with the Trade and Development Bank of Mongolia. Under this indirect financing scheme, if the bank lends funds to a local foreign bank, the local bank then extends loans to local importers of Korean goods. The ministry said, "Exports of our food and beverages, cosmetics and more to Mongolia will accelerate further."