ADB confirmed its assistance program for Mongolia in 2015 at $290 million, comprising concessional and non-concessional loans, and grants.
As agreed with the government, top priority will be given to investments that create jobs, especially those that support small- and medium-sized enterprises and agribusinesses. ADB will also provide support to Mongolian companies to tap export markets, including upgrading sanitary and phytosanitary standards so Mongolian products can freely enter overseas markets without quarantine.
In view of the economic slowdown and budgetary pressures, ADB will provide assistance for social welfare to ensure continued delivery of support for the most vulnerable. ADB will also continue its successful program of development of provincial towns, as well as supporting a pilot project to improve school dormitories.
The 2015 program also includes ADB's first tourism project in the country, in Khuvsgul aimag, which will act as a pilot for ADB to scale-up.
New investments will build on existing assistance, amounting to $698 million, which includes 18 loans, 9 grants, and 30 technical assistance projects. Investments under way include modernization of ger areas in Ulaanbaatar, constructing water and sewerage systems across Mongolia, connecting isolated western Mongolia with neighbors through an international standard highway, improving health services, and skills development to boost job opportunities.
In Mongolia, ADB approvals amounted to $218.8 million in 2014, including 4 sovereign loans for $168.5 million, nonsovereign loans totaling $40 million, and 15 technical assistance grants totaling $10.31 million.
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, it is owned by 67 members—48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.
Source: Asian Development Bank
ADB confirmed its assistance program for Mongolia in 2015 at $290 million, comprising concessional and non-concessional loans, and grants.
As agreed with the government, top priority will be given to investments that create jobs, especially those that support small- and medium-sized enterprises and agribusinesses. ADB will also provide support to Mongolian companies to tap export markets, including upgrading sanitary and phytosanitary standards so Mongolian products can freely enter overseas markets without quarantine.
In view of the economic slowdown and budgetary pressures, ADB will provide assistance for social welfare to ensure continued delivery of support for the most vulnerable. ADB will also continue its successful program of development of provincial towns, as well as supporting a pilot project to improve school dormitories.
The 2015 program also includes ADB's first tourism project in the country, in Khuvsgul aimag, which will act as a pilot for ADB to scale-up.
New investments will build on existing assistance, amounting to $698 million, which includes 18 loans, 9 grants, and 30 technical assistance projects. Investments under way include modernization of ger areas in Ulaanbaatar, constructing water and sewerage systems across Mongolia, connecting isolated western Mongolia with neighbors through an international standard highway, improving health services, and skills development to boost job opportunities.
In Mongolia, ADB approvals amounted to $218.8 million in 2014, including 4 sovereign loans for $168.5 million, nonsovereign loans totaling $40 million, and 15 technical assistance grants totaling $10.31 million.
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, it is owned by 67 members—48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.
Source: Asian Development Bank