Mongolia to receive EU aid hike

Noting that Mongolia has “made a lot of progress” in improving its economy, exhibiting positive growth of 7 percent in 2006, E.U. Commissioner for Foreign Relations Benita Ferrero-Waldner committed to increase aid to the Asian country by 17 percent, equivalent to EUR17 million ($23 million) over the next three years. Ferrero-Waldner, who made the promise at the sidelines of the Asia-Europe Meeting of Foreign Ministers in Hamburg, Germany, said that the aid program will seek to prop up the country’s rural economy, pointing out promising prospects in the mining sector.

Source: At ASEM meeting, EU promises to step up aid to Mongolia (Jurnalo)

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