AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) is supporting the integration of Mongolia into the global economy with the provision of a $7.6 million financial package to Terra Express, a leading local logistics company, the Bank said in a release.

“Integrated” is one the six transition qualities that the EBRD has identified as elements of a successful and sustainable economy. The other qualities are resilient, green, competitive, well-governed and inclusive.

The loan to Terra Express is the first project in the transport sector financed by the EBRD in Mongolia. It will consist of two tranches and support the expansion of the company by restructuring its balance sheet.

Terra Express, established in 2011, is a mining logistics service provider. With the expansion of the multi-billion-dollar Oyu Tolgoi mining project the market demand for the services of Terra Express is expected to increase significantly. In turn, Terra Express plays an important role in the value chain of key exports. The company is preparing itself for this increase with an ambitious investment programme that includes the acquisition of 35 new vehicles.