State Secretary Mr. M. Bayarmagnai met with representatives of the OPEC Fund for International Development, led by Toshifumi Kazaoka and Senior Transport Specialist Juan Gonzalez, on May 11, 2026.

During the meeting, the parties discussed the planning and development of the “New Kharkhorum City” project and the proposed financing of the phased expansion and modernization of the Ulaanbaatar–Lun–Kharkhorum expressway project.

State Secretary M. Bayarmagnai emphasized that the development of the “New Kharkhorum City” is a strategic national-level project and noted that the Ulaanbaatar–New Kharkhorum highway is one of the key infrastructure projects supporting the initiative.

He stated that the total cost of the project is estimated at USD 380 million and highlighted its economic significance in reducing transportation and logistics costs and travel time, as well as improving access to tourism destinations.

In response, Mr. Toshifumi Kazaoka expressed appreciation for the prompt provision of project-related information and explained that the delegation had arrived in Mongolia with two primary objectives.

First, the delegation intends to review the project’s feasibility study, engineering design, technical preparedness, and environmental assessment to identify and address any issues that may not meet the bank’s requirements.

Second, the delegation plans to meet with officials of Ministry of Finance of Mongolia to discuss possible financing arrangements for the project. In this regard, Mr. Toshifumi Kazaoka highlighted the importance of discussing the Ministry of Finance’s position on involving the Kuwait Fund for Arab Economic Development in the project financing structure.

He also expressed the OPEC Fund’s readiness to support the implementation of the second phase of the project, which involves the construction of the 280-kilometer highway section from Lun to New Kharkhorum City.