EU to Continue Its Project to Support SME in Mongolia

2023-03-21 10:17:47

Ulaanbaatar, March 21, 2023 /MONTSAME/. The European Union has decided to continue its project to support small and medium enterprises (SME) in Mongolia with the financing of another EUR 11 million. The EU Ambassador to Mongolia Ms. Axelle Nicaise informed about this at the Steering Committee Meeting of the “Building Crisis-Resilient SMEs in Mongolia” program, held on March 15 in Tuushin Hotel.

Ms. Axelle Nicaise, the EU Ambassador to Mongolia: Based on past experiences, we have decided to continue our project in order to facilitate the recovery of the Mongolian economy after the pandemic. When we travelled to Khuvsgul and Bayan-Ulgii aimags, we saw many people engage in business at home, such as sewing clothes and carpentry, and opportunities for businesses. So, we are moving to the next phase of the project.

According to Ms. Axelle Nicaise, this time, the main target of the project will be the micro business owners. Within the framework of this 5-year project, SMEs and micro businesses will be able to receive technical assistance, financing, and business training through their local organizations and commercial banks.

“I have just come from the opening of the Spring Session of the State Great KhuraL. In his opening speech, the Chairman of the State Great Khural stressed that the spring session would focus on legal reform against corruption. I completely agree with it, as corruption hinders the growth and development of SMEs and entrepreneurship. If the state wants to support SMEs, it has to create a fair and healthy environment for them. On the other hand, I think Mongolian authorities are taking very rational actions, announcing to improve transparency and protect whistleblowers.” she continued.

Mr. Holger Wiefel, the Associate Director, Regional Head, Central Asia and Mongolia, SME Finance & Development Group of EBRD: SMEs play important roles in the economy of any country. Thus, we are always pleased to implement projects of the European Union, especially, nowadays when enabling SMEs to become green and digital has become even more crucial. Within EBRD’s Central Asian regional program supporting Women in Business, we have successfully implemented the project, engaging over 100 women entrepreneurs. 

We will continue our cooperation with the Implementing Agency of the Government, SMEs Agency, Mongolian National Chamber of Commerce and Industry, and other partner organizations in further supporting SMEs in Mongolia. 

Mr. Erdenesaikhan, the Chair of the Steering Committee of the “Building Crisis-Resilient SMEs in Mongolia” program and Head of the SMEs Agency: Within the framework of the “Support for Mongolian Economic Diversification through SME Access to Finance” Program, jointly implemented with the EBRD, our agency has been providing financial and non-financial assistance for SMEs to improve their performances. This time, we want the project would focus on improving the exports of SMEs. Our country is striving toward a goal to become a food exporter by optimizing our methods and practices of climate-resilient animal husbandry and farming, creating value, and intensifying our activities toward foreign markets. Moreover, our joint commitments, support, and participation of investors and partners are important to improve food supply and availability, reduce poverty and implement sustainable development goals.

During the Steering Committee meeting, the parties exchanged view on other issues, such as identifying the further possibilities of financing and ensuring the smooth process of the project.


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