Senior EBRD delegation visits Mongolia
A senior delegation from the European Bank for Reconstruction and Development (EBRD), led by Olivier Descamps, the Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia, visited Mongolia during 25-29 October. Olivier Descamps was joined by Jan Willem van den Wall Bake, the EBRD Board Director for the Netherlands and Mongolia.
The EBRD delegation met with the Mongolian authorities, including Prime Minister Batbold, Minister of Finance Bayartsogt, Minister for Mineral Resources and Energy Zorigt, the Governor of the Bank of Mongolia Mr. Purevdorj and the State Secretary of the Ministry of Justice Mr. Bayasgalan.
The EBRD delegation also met with senior managers and owners of the companies representing the Bank’s existing as well as prospective clients.
“During the visit, Olivier Descamps signed a debt and equity transaction with the Bank’s new client, Monos Holding, — largest pharmaceutical company in Mongolia — in support of the expansion of its wholesale and manufacturing activities, including the construction of a green-field GMP-standard pharmaceutical production facility,” EBRD says.
This visit is reinforcing the Bank’s strong commitment to support the economic development of Mongolia with a view to strengthen the country’s financial sector and the development of the private sector, including the promotion of micro, SME and large local enterprises and its continuing support for a sustainable development of Mongolia’s important natural resources sector.
Since the beginning of its operations in Mongolia in October 2006, the EBRD in Mongolia has invested approximately US$ 360 million in 29 projects, with currently 100 per cent of the projects representing investments into the private sector.