PM asks for ADB support in the private sector

PM J.Erdenebat receiving ADB Country Director to Mongolia Lommen

In a meeting with Mongolia’s Country Director of Asian Development Bank (ADB)
Yolanda Fernandez Lommen and other ADB representatives, Prime Minister J.Erdenebat asked the ADB to provide support to the nation’s private sector.

Beginning the meeting, Prime Minister J.Erdenebat underlined that Mongolia and the ADB will mark their 25th anniversary of cooperation this year. The PM thanked the ADB for providing consistent support to Mongolia in the difficult years following its social and political transitions.

The ADB delegates noted that they projected that Mongolia would be facing its current economic, budgetary, and financial difficulties. They underlined that even though the ADB started collaboration to help mitigate the nation’s 2016 budget deficit, the program isn’t finished yet. The ADB delegates said they will “stand together with Mongolia” to overcome the current budgetary and financial crisis.

Director Lommen said that the ADB can provide financial support to Mongolia and also provide support with a working group to help conduct analysis and provide financial advice to Mongolia.

Lommen emphasized that moving forward with ABD partnered projects that have not yet been implemented or left unfinished, along with those planned for implementation with other foreign investors, would help in regaining the trust of foreign investors.

The PM expressed his gratitude for the ADB’s proposals for overcoming Mongolia’s economic crisis and expressed interest in expanding collaboration, asking the ADB to provide business loans to Mongolia’s private sector.

The ADB delegation said that the bank primarily issues business loans in the agricultural sector to support small and medium-sized enterprises, but promised to study the PM’s proposal and pay attention to including them in a strategic cooperation agreement between
Mongolia and the ADB.