Glimmer of Hope (from an article by Ch.Sumiyabazar in The UB Post 13 Nov 2009)
EBRD Launches New Strategy for Mongolia
The European Bank for Reconstruction and Development (EBRD) announced on November 9 that it adopted a new strategy for Mongolia, to further support the Mongolian economy over the next three years. EBRD will continue to support the development of private enterprises by extending credit lines, and providing equity investments to selected agribusiness, cashmere/textile, and tourism and property businesses.
It will also increase its engagement in the banking sector by providing new credit lines for on-lending to micro, small and medium-sized companies, as well as co-financing facilities and equity investments. Additionally it will support the development of non-banking financial institutions, such as microfinance institutions, leasing, insurance and pensions. It will promote sustainable development of the natural resources sector, which is of strategic importance for the country, and will support infrastructure, energy efficiency and renewable energy projects. It will continue to pursue policy dialogue in areas of corporate governance, financial sector, mining industry and relations with investor community.
Since the beginning of the EBRD’s operations in Mongolia in 2006, the Bank has committed over EUR125 million across 28 projects in various sectors of the Mongolian economy, with total projects cost of EUR 337 million.
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EBRD Launches New Strategy for Mongolia
The European Bank for Reconstruction and Development (EBRD) announced on November 9 that it adopted a new strategy for Mongolia, to further support the Mongolian economy over the next three years. EBRD will continue to support the development of private enterprises by extending credit lines, and providing equity investments to selected agribusiness, cashmere/textile, and tourism and property businesses.
It will also increase its engagement in the banking sector by providing new credit lines for on-lending to micro, small and medium-sized companies, as well as co-financing facilities and equity investments. Additionally it will support the development of non-banking financial institutions, such as microfinance institutions, leasing, insurance and pensions. It will promote sustainable development of the natural resources sector, which is of strategic importance for the country, and will support infrastructure, energy efficiency and renewable energy projects. It will continue to pursue policy dialogue in areas of corporate governance, financial sector, mining industry and relations with investor community.
Since the beginning of the EBRD’s operations in Mongolia in 2006, the Bank has committed over EUR125 million across 28 projects in various sectors of the Mongolian economy, with total projects cost of EUR 337 million.
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