30th Anniversary of ADB–Mongolia Partnership Launched

30th Anniversary of ADB–Mongolia Partnership Launched

The Asian Development Bank (ADB) has launched today year-round commemorative activities for the 30th anniversary of its partnership with Mongolia.

To mark the anniversary, ADB plans a series of knowledge sharing events and activities to engage all key stakeholders, including the government, civil society, private sector, academia, youth, and media, in a forward-looking discussion. The series of events includes provincial level workshops, nationwide competitions, and a high-level innovative event. Starting the series, ADB announced a journalistic story competition on “New Beginning Post-COVID” at an annual workshop with the Economics Journalists and Experts Club. For more information about the competition, click here.

“We are honored to have been a trusted partner for Mongolia’s incredible transformation journey for the last 30 years,” said ADB Country Director for Mongolia Pavit Ramachandran. “The milestone provides an opportunity to look back at the ADB–Mongolia partnership over the past three decades to understand achievements, learn from experience, and hold a dialogue on future partnership goals. Through a series of joint activities, we will reaffirm our commitment to help Mongolia achieve sustainable and inclusive development.”

ADB has been Mongolia’s largest multilateral development partner since 1991, playing a central role in the country’s transformation to a middle-income, market-based economy. ADB has supported the government’s efforts to stabilize and restructure the economy, strengthen necessary institutions and human resources, and build vital infrastructure helping Mongolia successfully complete the transition process.

Working closely with the government to meet the country’s development needs, ADB has evolved and expanded its operations in Mongolia to foster economic diversification, inclusive social development, and regionally integrated and competitive growth. To date, ADB has committed $3.3 billion in cumulative lending, grant, and technical assistance for projects in agriculture, education, energy, finance, health, social protection, transport, urban and rural development, industry and trade, and information and communications technology.

In addition to sovereign financing, ADB works directly with Mongolia’s private sector, through loan and equity investments in the energy, finance, and industry and trade sectors, including financing to local financial institutions and partner banks through its Trade Finance Program. ADB’s private sector investment has reached $490 million today.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Source : https://www.adb.org/news/30th-anniversary-adb-mongolia-partnership-launches