Supporting the Credit Guarantee System for Economic Diversification and Employment Project, which will be established between ADB and Credit Guarantee Fund of Mongolia, will be signed today.
The assistance will be targeted at small businesses outside the mining sector—which accounts for 25% of the gross national product but makes Mongolia highly vulnerable to swings in global commodity prices.
The assistance aims to make more long-term financing available for small and medium sized enterprises by strengthening the Credit Guarantee Fund of Mongolia as well as external factors like limited awareness of the facility among SMEs.
88 percent of total project funding or USD 60.5 million will be financed by ADB. The remaining 12 percent or USD 8.1 million will be provided by the Government of Mongolia.
Supporting the Credit Guarantee System for Economic Diversification and Employment Project, which will be established between ADB and Credit Guarantee Fund of Mongolia, will be signed today.
The assistance will be targeted at small businesses outside the mining sector—which accounts for 25% of the gross national product but makes Mongolia highly vulnerable to swings in global commodity prices.
The assistance aims to make more long-term financing available for small and medium sized enterprises by strengthening the Credit Guarantee Fund of Mongolia as well as external factors like limited awareness of the facility among SMEs.
88 percent of total project funding or USD 60.5 million will be financed by ADB. The remaining 12 percent or USD 8.1 million will be provided by the Government of Mongolia.