ADB to invest USD 290 million in Mongolia for job creation and social protection

2015-09-10 13:47:49

Ulaanbaatar /MONTSAME/ The Asian Development Bank’s (ADB) assistance program for Mongolia in 2015 is confirmed at USD 290 million, comprising concessional and non-concessional loans, and grants.

The news was published on Tuesday on the ADB’s website.

As agreed with the government, top priority will be given to investments that create jobs, especially those for 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, according to ADB.

In view of the economic slowdown and budgetary pressures, ADB will ensure continued delivery of support for the most vulnerable and will 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 Khovsgol aimag.

New investments will build on existing assistance, amounting to USD 698 million, which includes 18 loans, nine 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 USD 218.8 million in 2014, including four sovereign loans for USD 168.5 million, non-sovereign loans totaling $40 million, and 15 technical assistance grants totaling USD 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 USD 22.9 billion, including co-financing of USD 9.2 billion.