The World Bank has approved a 100-million-U.S.-dollar loan to support a sustainable urban transport project in the Mongolian capital of Ulan Bator, the bank's office in Mongolia said, Trend reports citing Xinhua.
The project is aimed at developing a comprehensive framework for sustainable urban mobility for Ulan Bator and reducing congestion, improving road safety, and addressing climate resilience on selected transport corridors, the office added.
"Improving traffic conditions in Ulan Bator has become a top priority for the municipality and the Mongolian government, and the World Bank is pleased to be providing support in this area through its expertise and financial resources," said Andrei Mikhnev, World Bank country manager for Mongolia.
In Ulan Bator, home to around half of the country's 3.3 million population, travel demand has been increasing amid rapid urbanization.
The city's current 1,100-km-long street network is sparse and disconnected, while traffic management and road safety facilities are insufficient, causing delays, traffic accidents, and congestion, according to the bank. Poor public transport services and vulnerability to natural hazards such as flooding are affecting residents' livelihoods and disproportionately hurting vulnerable and low-income population.
The project is expected to finance street network infrastructure for selected transport corridors as well as better integrated public transport systems. This includes road reconfiguration, rehabilitation, and construction on selected priority corridors, upgrading bus management systems and improvements of bus stops, and installation of intelligent transport systems and smart parking management systems across the city, said the bank.