State Bank of Mongolia reported that it has issued nearly 22 billion MNT in loans with a 10 percent interest rate to 5,800 herders under the government’s Good Herder program.
The program was launched to increase the income of herders. In February, the Food and Agriculture Ministry approved a mid-term program to support herders in production, export, and technology, and lowered the annual interest rate of loans for herders from 29.5 percent to 18 percent. On March 15, the annual interest rate of loans for herders was lowered to 10 percent.
Herders interested in low-interest loans must meet several criteria. They have to consistently make health and social insurance contributions, fully vaccinate their livestock, and consistently use their herder program bank account.