IFC looks to opportunities in MongoliaEconomy
Ulaanbaatar/MONTSAME/ Today, Nena Stoiljkovic, Vice President for Asia and Pacific, IFC, a member of the World Bank Group, has arrived in Mongolia for her first official visit to the country.
During her two-day visit, Stoiljkovic will meet senior government officials, representatives from financial institutions, and business leaders and visit projects supported by IFC, the largest global development organization working with the private sector in emerging markets.
“Mongolia is a unique country, with unique opportunities and challenges,” Stoiljkovic said. “IFC has been working in Mongolia since 1997 to help support the country meet its development challenges. I am keen to hear first-hand how IFC can do more to help Mongolia further diversify its economy and spur jobs for people, particularly Mongolia’s youth.”
IFC has been operating in Mongolia since 1997 and providing finance across many sectors, including banking, healthcare, hospitality, mining and services. Our most recent investment was a $65 million loan package to XacBank to support access to finance for more than 44,000 micro, small and medium sized enterprises in Mongolia. Support of MSMEs will continue to be one of our main focus areas.
“We know too many enterprises have been struggling to gain access to the finance they need to expand their businesses and create jobs,” Stoiljkovic said. “This financing will clearly help and IFC is also keen to explore other opportunities for investments to help the country build a more competitive, sustainable and diversified economy.”
IFC and its sister organization, the World Bank, both members of the World Bank Group, have been providing policy advice and technical support to Mongolia to enhance investment policy, restore investor confidence, diversify exports, and build institutional capacities.
Over the past 22 years, IFC has invested $2.6 billion — $849 million from its own account and $1.77 billion in syndication — in 35 private-sector projects across Mongolia’s key industries.