Speaker discusses future collaboration with World Bank

Z.Enkhbold receiving Victoria Kwakwa

On Friday, Speaker Z.Enkhbold received delegates led by World Bank Regional Vice President for East Asia and Pacific Region Victoria Kwakwa to review and discuss future cooperation and relations with the bank.

Beginning the meeting, Kwakwa thanked the Speaker for the reception. In response, the Speaker thanked her for visiting Mongolia to attend the Asia-Europe Meeting (ASEM) Finance Ministers’ Meeting.

Speaker Z.Enkhbold said that Mongolia has been collaborating with World Bank and other international financial organizations for the past 25 years. He said that Mongolia has taken out 816 million USD in concessional loans and non-refundable and technical assistance from World Bank for implementing projects in Mongolia. The Speaker underlined that World Bank is one of Mongolia’s most trusted partners providing financial and non-financial assistance to Mongolia in making structural and legal changes in all of its economic sectors, creating and strengthening institutions, and introducing the practices and expertise of other countries.

Z.Enkhbold underlined that he was happy that following the improvement in Mongolia’s credit rating, the amount of financial assistance from World Bank to Mongolia has increased, facilitating the launch of many projects and programs.

The Speaker said that he hopes World Bank will continue supporting the nation’s macro economy, developing sustainable and accessible economic growth, and investing in the agriculture and infrastructure sectors to diversify the nation’s economy.

World Bank’s International Development Association (IDA) plans to implement five priority projects in Mongolia to boost development in the economic, finance, agriculture, social, and energy sectors. Z.Enkhbold said that the Government of Mongolia and World Bank held loan negotiations for a project promoting exports, and the final project agreement is waiting for approval from the Board of Directors of World Bank, which the Speaker believes will be supported.

During their meeting, the sides also exchanged views on cooperation and shared the latest news and information on the Mongolian and global economy. Speaker Enkhbold highlighted that Mongolia believes its future economic trends will be based on exports.

The Speaker also underlined that Mongolia and Japan’s economic partnership agreement became effective on June 7 this year, and it provides Mongolia with opportunities to enter the production and economic networks Japan uses for trade with other countries.

Z.Enkhbold said that Japanese companies can now make investments in Mongolia. He said that Japan is operating a solar power station built with solar panels produced in Mongolia, which he visited during his working visit to Japan last month.

He underlined, “As the economic partnership agreement is now effective, we believe that the number of Japanese companies that will make investments in Mongolia will enormously increase. We believe that by implementing the partnership agreement, Mongolia will have the third biggest economy in the world.”