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IFC Supports Insolvency Reform in Mongolia
IFC, a member of the World Bank Group, has signed a Memorandum of Understanding with the Ministry of Justice and Home Affairs (MOJHA) of Mongolia to help reform the country’s bankruptcy framework. It further aims to improve access to finance and ensure financial stability in the country by strengthening the insolvency and debt collections system.
EBRD supports Mongolian logistics company Terra Express
The EBRD is supporting the integration of Mongolia into the global economy with the provision of a US$ 7.6 million financial package to Terra Express, one of the leading local logistics companies.
Mongolia: World Bank Calls for Spending Controls to Curb Rising Deficit
A new World Bank Economic Brief calls for public spending controls in Mongolia as the country’s budget deficit is widening rapidly due to a large revenue shortfall and rising expenditures.
Mongolia’s Growth Moderates amid Global Uncertainties
Growth is slowing across much of developing Asia as a result of the continued weak recovery in major industrial economies and softer growth for the People’s Republic of China (PRC). This will combine to push growth in developing Asia for 2015 and 2016 below previous projections, says a new Asian Development Bank (ADB) report.
ADB Supports Mongolia’s Drive to Boost Food Safety, Exports
The Asian Development Bank (ADB) has approved a $15 million loan to support Mongolia’s efforts to continue strengthening food safety and animal and plant health standards to realize the country’s vast potential by increasing agri-food exports to neighboring countries.
Production of fruit juice and tea will expand in Mongolia with EBRD loan to MCS Coca-Cola
The European Bank for Reconstruction and Development (EBRD) is continuing to support the local production of fast-moving consumer goods in Mongolia with a new loan to MCS Coca-Cola LLC, a fully Mongolian-owned company.
IFC Partners with the Corporate Governance Development Center to Help Mongolian Companies Improve Performance
IFC, a member of the World Bank Group, and the Corporate Governance Development Center (CGDC) have signed a cooperation agreement to help Mongolian companies improve their performance in a bid to attract new investment and boost economic growth.
EBRD arranges US$ 46 million syndication in Mongolia to boost XacBank’s SME financing
The EBRD is arranging a senior US$ 46 million loan to Mongolia’s XacBank, the fourth largest bank and a leading small business lender in the country.
Mongolian appliances retailer BSB Service to get new store and warehouse
The EBRD is continuing to support the diversification of the Mongolian economy with a US$ 4 million senior loan and US$ 2 million mezzanine loan, one of the first in the country, to support the leading electronic retailer BSB Service.
EBRD funds first privately owned copper mine in Mongolia
In its largest investment in Mongolia to date, the EBRD is raising the standards in the country’s mining industry with a US$ 250 million loan for the development of the Tsagaan Suvarga copper mine located in the Dornogobi province, south-eastern Mongolia.
EU and EBRD launch new programme for SMEs in Mongolia
The European Union (EU) and the European Bank for Reconstruction and Development (EBRD) are joining efforts to help Mongolia diversify its economy with a new €3.8 million programme dedicated to small and medium-sized tnterprises (SMEs), launched in Mongolia’s capital Ulaanbaatar.
Equipment modernisation programme will improve product quality and its production capacity
The EBRD is providing a new loan of US$ 5 million to wool and garment company Gobi JSC for partial financing of an equipment modernisation programme that will improve the quality of the group’s products and increase its production capacity.
IFC Invests in Mongolia’s First Private Equity Fund to Support Small and Medium Firms
Ulaanbaatar, Mongolia, June 24, 2011—IFC, a member of the World Bank Group, will provide a $7.5 million equity investment to Mongolia Opportunities Fund I L.P., the first private equity fund in the country focused on providing small and medium firms much-needed capital and expertise to help them grow and create jobs.
IFC Invests $2 million in Mongolia’s Leading Dairy Processor to Support Rural Economy
IFC, a member of the World Bank Group, said today it invested $2 million in Suu JSC, Mongolia’s leading dairy processor, helping expand economic opportunities in Mongolia’s rural areas, while diversifying the country’s natural resource-led economy and improving food safety.
OSCE-Mongolia Conference co-operation with Asian Partners
Strengthening synergies between the 56 participating States of the OSCE and its Asian Partners for Co-operation in addressing transnational threats, such as illicit drug trafficking. Advancing international economic co-operation, in particular on transport and energy security; as well as promoting human rights and fundamental freedoms in the whole OSCE area, are key topics of the [...]
World Bank Provides Assistance to Mongolia to Support Investments in Infrastructure
Today, the World Bank ’s Board of Executive Directors approved an investment credit of US$25.0 million for the Mining Infrastructure Investment Support Project (MINIS). The objectives of this project are to facilitate investments in infrastructure to support mining, and related economic activity by financing feasibility studies and building local capacity to prepare and transact infrastructure [...]
EBRD President visits Mongolia
A senior delegation from the European Bank for Reconstruction and Development (EBRD), led by President Thomas Mirow, is visiting Mongolia on 8-9 April. Mr. Mirow will be joined by Olivier Descamps, Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia, and Paul Vlaanderen, EBRD Board Director for the Netherlands and Mongolia. According to [...]
ADB Funds Logistics Center to Help Mongolia Expand, Speed Up Trade
Mongolia with support from the Asian Development Bank (ADB) will build a state-of-the-art road/rail linked logistics facility that will help expand and speed up trade, and increase the landlocked country’s global competitiveness. ADB’s Board of Directors approved loan and grant assistance of $45 million equivalent for the Regional Logistic Development Project, which will put up [...]
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 [...]
Benetton: numerous new openings in the East
The FINANCIAL — Luciano Benetton will inaugurate a series of new stores in Russia, Mongolia and Azerbaijan, a number of them in partnership with eminent architecture studios: a commercial grand tour that demonstrates the Benetton Group’s drive to invest in the future, underpinning its development with optimism, and moving apace with this changing, growing world. [...]
IMF Executive Board Completes the Final Two Reviews under Stand-By Arrangement with Mongolia
“The Board also approved the Mongolian authorities’ request for rephasing the final disbursement. While the completion of the final two reviews under Mongolia’s SBA enables the disbursement of an amount equivalent to SDR 30.66 million (about US$46.4 million), the Mongolian authorities do not intend to draw this amount. Total disbursements under the arrangement remain an [...]
EBRD and Mongolia’s Khan Bank sign first co-financing facility
The EBRD and Mongolia’s largest bank Khan Bank have signed a participation agreement for USD 10 million under the EBRD Medium-Sized Co-Financing Facility (MCFF). “The MCFF is designed to provide co-financing by EBRD for up to 50 per cent of Khan Bank’s loans to selected customers. This will allow Khan Bank to expand its lending [...]
EBRD: First local currency financing for micro and small businesses in Mongolia
The FINANCIAL — The EBRD is boosting the availability of local currency financing in Mongolia with a synthetic loan in Mongolian Togrog worth $8 million to XacBank for on-lending to local micro, small and medium-sized enterprises (MSMEs). Established in 1998, XacBank is the second largest microfinance bank in Mongolia, with a wide network of branches [...]