WORLD BANK LAUNCHES AN EXPORT DEVELOPMENT PROJECT IN MONGOLIA
The World Bank and the Mongolian Ministry of Finance launched a joint export development project on March 24. The project aims to help small and medium-sized enterprises (SMEs) in non-mineral sectors by strengthening their export capabilities and improving their access to export markets.
The project will be implemented by the Government of Mongolia and will support Mongolian economic diversification in the next four and a half years by providing training to firms, matching grants, and improving access to export credit insurance products.
At the project’s launch event, James Anderson, the World Bank Country Manager for Mongolia said, “In an economy where exports are heavily dominated by mining commodities, export diversification will boost productivity, overall entrepreneurship, and employment. This project also complements other efforts by the World Bank to support inclusive economic growth and livelihoods in Mongolia."
James Anderson’s statement was followed by a statement from Minister of Finance B.Choijilsuren, who remarked, “Through the project, existing and future SME exporters in Mongolia’s nonminerals sector will have broader and easier access to export credit insurance, learn practical knowhow, and receive financial support to improve their export quality and competitiveness,” and added, “Agricultural Reinsurance Joint Stock Company, private insurance companies, and other financial institutions will learn to provide export-oriented financial products and services to Mongolian SMEs.”
The project is funded by a 20 million USD credit line from International Development Association, the World Bank’s fund for the poorest developing countries.