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Mongolia’s bond issue

MONGOLIA’S prime minister said yesterday he expected the country to issue a debut sovereign bond by autumn and aimed to develop its infrastructure to export power to neighbour China.

Sukhbaatar Batbold said the amount for the bond had not been finalised. A central bank official has said the north Asian nation may raise as much as US$700 million from a debut international bond issue, which was expected by the year-end.

“There are some discussions and ideas but it has not been finalised yet,” Batbold told reporters at a World Economic Forum event in Jakarta. “Probably [we] will desist our discussion by the autumn session of the parliament.”

He did not specify what the proceeds would be used for, though said the landlocked country plans to build railway lines and roads to neighbours China and Russia, in addition to power stations.

Mongolia sits on vast quantities of untapped mineral wealth and analysts say it could be one of the fastest growing economies of the next decade. REUTERS

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