World Bank gives USD 400 thousand to support Mongolian SMEs

Economy | Agriculture
2018-02-20 17:55:16
Ulaanbaatar /MONTSAME/ In the frame of the Mongolia Export Development Project, the World Bank has rendered financial support to over 20 small- and medium-sized enterprises (SMEs) worth USD 400 thousand.

In particular, the World Bank has approved to render financial support to six entities which sent export plan at their last meeting. The sides agreed to allocate the financial incentives for researches on marketing tourism, wool and cashmere products, Mongolian interlocking puzzles and souvenirs as well as for developing and testing new export products.

In accordance with the agreement established with the Mongolian Government, the World Bank will support Mongolian small and medium size firms (SMEs) in the non-mining sectors with the fund totaling USD 20 million. However, the funding will not be granted directly. The project will cover 50 per cent of the total expense of activities including strategic business plan, management reform, product quality examination, certification, product launching, and participation in export trade fairs and training.

The highest amount of assistance equals to USD 100 thousand. Moreover, there are seven requirements set to enterprises to benefit from the program, including export development plan.Therefore, free training is held on methods of developing the plan.