(Yicai Global) May 19 -- The Belt and Road Forum for International Cooperation held in Beijing last weekend saw many business deals signed between participating sides. One such deal was between TBEA Co., one of China’s electrical equipment makers, and Mongolia, China’s northern neighbor.
The loan deal was signed by Mongolian Prime Minister Jargaltulgyn Erdenebat and Zhang Xin, chairman of TBEA Co. [SHA:600089], and involves a power transmission and transformation project in Mongolia. Once completed, the project will help supply electricity to more than 1.5 million people in Mongolia’s capital city of Ulaanbaatar and other regions.
The project is Mongolia’s first power transmission and transformation project with a 330-kilovolt power transmission line, China’s state-run radio station CNR’s website reported. Once completed, it will help Mongolia explore resources and develop industries in its southern areas and supply electricity. The total amount of the loan has not been made public.