On November 28, under the witness of Chinese President Xi Jinping and Mongolian President Ukhnaa Khurelsukh, Wu Fulin, Chairman of the Export-Import Bank of China, and Zabkhirun, Minister of Finance of Mongolia signed a loan agreement for the design and construction of the Railway Underpass Project in Ulaanbaatar City at the Great Hall of the People in Beijing.

The project includes the construction of four cross-railway underpasses and associated ancillary facilities in Ulaanbaatar, capital of Mongolia. These underpasses go underneath the China-Mongolia-Russia trans-continent railway. In recent years, the population and vehicle density have been increasing in the downtown of Ulaanbaatar while the traffic load of existing roads are full. Especially, the north-south cross-rail traffic featured by crossings at grade has resulted in low traffic efficiency and serious congestion. Upon completion, the project is expected to increase the road's throughput by about 50% and to shorten cross-railway journey time by about 40%. It will effectively ease road congestion, further improve the transport infrastructure in the capital region and contribute to the modernization of the city.

Over the years, China Eximbank has supported a number of projects in municipal transportation, electricity and communications, agriculture, education and other sectors in Mongolia. All these projects have yielded good economic and social benefits, significantly contributing to the sustainable economic and social development of Mongolia as well as the improvement of local people's living standards. Adhering to the principle of amity, sincerity, mutual benefit and inclusiveness, China Eximbank will continue to give full play to its role, in the hope that Mongolian people will benefit more from practical outcomes gained through the high-quality joint building of the Belt and Road.