To promote the production of value-added products, President of Mongolia, U. Khurelsukh, officially launched the national movement "White Gold."
The state budget for 2025 has approved loan financing of 788.9 billion MNT, including 300 billion MNT for working capital, 488.9 billion MNT for investment loans, and 66.4 billion MNT for interest subsidies on concessional working capital and investment loans, which will be covered by the government.
Today, December 26, 2024, the Ministry of Food, Agriculture, and Light Industry (FALI) signed financing agreements for "Working Capital and Investment Loans to Support Wool, Cashmere, and Leather Processing Industries" with 10 commercial banks: Khan Bank, State Bank, Trade and Development Bank, Golomt Bank, XacBank, Capitron Bank, Transport and Development Bank, Bogd Bank, M Bank, and Arig Bank.
During the opening ceremony, Minister of FALI, J. Enkhbayar, stated that the "White Gold" program, aimed at increasing the production of leather, wool, and cashmere products in Mongolia, has officially commenced. “Currently, over 70% of our wool and cashmere and 30-40% of our leather undergo primary processing. Therefore, the ‘White Gold’ program focuses on developing value-added production. This movement marks the start of reducing Mongolia's excessive dependence on mining and diversifying its economy. By revitalizing traditional sectors such as agriculture, animal husbandry, and light industry, we can move forward. In these favorable political, social, and economic conditions, it is crucial for us to collectively work towards strengthening our light industries,” he emphasized.
Translated by ChatGPT
To promote the production of value-added products, President of Mongolia, U. Khurelsukh, officially launched the national movement "White Gold."
The state budget for 2025 has approved loan financing of 788.9 billion MNT, including 300 billion MNT for working capital, 488.9 billion MNT for investment loans, and 66.4 billion MNT for interest subsidies on concessional working capital and investment loans, which will be covered by the government.
Today, December 26, 2024, the Ministry of Food, Agriculture, and Light Industry (FALI) signed financing agreements for "Working Capital and Investment Loans to Support Wool, Cashmere, and Leather Processing Industries" with 10 commercial banks: Khan Bank, State Bank, Trade and Development Bank, Golomt Bank, XacBank, Capitron Bank, Transport and Development Bank, Bogd Bank, M Bank, and Arig Bank.
During the opening ceremony, Minister of FALI, J. Enkhbayar, stated that the "White Gold" program, aimed at increasing the production of leather, wool, and cashmere products in Mongolia, has officially commenced. “Currently, over 70% of our wool and cashmere and 30-40% of our leather undergo primary processing. Therefore, the ‘White Gold’ program focuses on developing value-added production. This movement marks the start of reducing Mongolia's excessive dependence on mining and diversifying its economy. By revitalizing traditional sectors such as agriculture, animal husbandry, and light industry, we can move forward. In these favorable political, social, and economic conditions, it is crucial for us to collectively work towards strengthening our light industries,” he emphasized.
Translated by ChatGPT