PROJECT PERFORMANCE AUDIT REPORT

ASIAN DEVELOPMENT BANK PPA: MON 26069 PROJECT PERFORMANCE AUDIT REPORT ON THE TELECOMMUNICATIONS PROJECT (Loan 1300-MON[SF]) IN MONGOLIA December 2003 CURRENCY EQUIVALENTS Currency Unit – togrog (MNT) At Appraisal At Completion At Operations Evaluation (February 1994) (April 2001) (August 2003) MNT1.00 = $0.0024 $0.0009 $0.0009 $1.00 = MNT409 MNT1,093 MNT1,150 SDR1.00 = $1.4068 $1.3845 $1.3813 ABBREVIATIONS ADB – Asian Development Bank CRC – Communications Regulatory Committee EIRR – economic internal rate of return FIRR – financial internal rate of return KfW – Kreditanstalt für Wiederaufbau MT – Mongolian Telecom MTC – Mongolian Telecommunications Company OEM – Operations Evaluation Mission PCR – project completion report PPAR – project performance audit report PTA – Post and Telecommunications Authority SDR – special drawing rights TA – technical assistance USOFuniversal service obligation fund NOTES (i) The fiscal year (FY) of the Government ends on 31 December. (ii) In this report, “$” refers to US dollars. Operations Evaluation Department, PE-633 CONTENTS PageBASIC DATA iiiEXECUTIVE SUMMARY ivMAP ix I. BACKGROUND 1 A. Rationale 1 B. Formulation 1 C. Purpose and Outputs 2 D. Cost, Financing, and Executing Arrangements 2 E. Completion and Self-Evaluation ...