Mongolia is seeking to raise $500 million in a sale of its debut dollar-denominated bond, Bloomberg reports. The government intends to appoint investment banks in New York to underwrite the sale.
The proceeds will be used to finance expansion of the mining industry and build roads and bridges. The country needs to quadruple the size of its rail network, add power and water plant and build more roads to increase metal and mineral exports.
Click here for the story from Bloomberg.http://www.bloomberg.com/news/2011-06-17/mongolia-plans-dollar-bond-sale-to-finance-mining-roads-elbegdorj-says.html