World Bank Group releases report

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Governments in 119 economies carried out 264 business reforms in the past year to create jobs, attract investment and become more competitive, says the World Bank Group’s latest report Doing Business 2018: Reforming to Create Jobs.
At November 1 press conference of the WB Group, the report was provided. Business reforms continued at speed in East Asia and Pacific, with regional economies adopting 45 reforms during the past year.
Mongolia implemented substantive reforms to boost SME financing through ‘Secured Transactions Reform Project’. Access to finance is a challenge faced by many Mongolian SMEs, which struggle to obtain bank loans as they do not own land or buildings that banks generally seek as collateral.
To address this issue, the International Finance Corporation (IFC), a member of the World Bank Group, and the Ministry of Justice have partnered with the Bank of Mongolia, Mongolia Bankers’ Association, and other stakeholders since 2013 to help reform the country’s secured transactions system to unlock affordable financing for SMEs.
To date, around 90,000 pledge-notice have been registered, 38 percent of which is equipment, 24 percent is livestock, 5.4 percent is account receivables, and 2.0 percent is vehicles.
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