Mongolia plans to build a $3.5 billion cross-country highway between its Russian and Chinese borders, state-run news agency Montsame reported.
The 627-mile-long highway will be built under a concession agreement and operated privately from 2015 to 2040, the news agency reported March 29. Foreign investors will provide the funding for 70 percent of the cost of construction while a Mongolian investment group called Chinggisland Development will bear the remainder, according to Montsame. North American and Italian companies will be involved, the agency reported, without identifying specific firms.
Construction of the road from Altanbulag on the Russian border to Zamyn-Uud on the Chinese frontier will start in May and is expected to finish in late 2015, Montsame reported.
The road will facilitate trade between China, Russia and Europe, the agency reported. It will also boost Mongolian trade volume and help develop towns, according to the report.