ADB to implement $287 million investment program in 2016

B.Chimeg GoGo.mn

2016-05-12 13:43 GMT+8

ADB confirmed its assistance program for Mongolia in 2016 at $287 million, comprising concessional loans from its own and market-raised sources, and grants.

A priority this year is a major investment in the Ulaanbaatar electricity transmission and district heating network and a landmark project to support people with disabilities to find jobs and improve their living standards. In addition, a grant will be provided to help communities become more resilient to future disasters. This follows recent assistance from ADB’s Asia Pacific Disaster Response Fund to help the country cope with the impact of the 2016 dzud.

In the year to date, ADB has already approved three loans, including one to strengthen the governance and management capacity of state-owned assets manager, Erdenes Mongol. Other loan assistance has been committed to improve border crossing points at Zamyn-Uud, Altanbulag and Bichigt and to provide wastewater treatment plants in Arvaikheer, Dalanzadgad, Sainshand, and Tsetserleg.

New investments will build on existing assistance, amounting to $953 million, which includes 23 loans, 12 grants, and 35 technical assistance projects. Projects under way include modernization of ger areas in Ulaanbaatar, construction of water and sewerage systems across Mongolia, connecting isolated western Mongolia with neighbors through an international standard highway, supporting agribusinesses, improving health services, and skills development programs to boost job opportunities. 

In Mongolia, ADB approvals amounted to $305.5 million in 2015, including 4 sovereign loans for $275 million, trade financing totaling $8 million, 2 grant projects for $6 million and 16 technical assistance grants totaling $16.5 million. Total approvals amount to $2 billion since the country joined ADB 25 years ago.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.

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