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Mongolia is expected to receive US$20 m soft loan from the International Development Agency in order to increase its exports. The loan was approved by the Board of the World Bank.

The soft loan shall be a source to finance export development, the project which shall provide financial support to SME except mining sector and aims to improve the export capacity to reach out export markets. Various activities are planned to be carried out within the scope of the loan, including insurance of export products produced and manufactured by the Mongolian SME. The loan also shall target agricultural products to increase the employment and efficiency of the sector.

Resident Representative of the World Bank to Mongolia James Anderson highlighted that the export development project to be carried in Mongolia where majority of export products are mining commodities shall increase the export commodities and support small and medium enterprises. He said “Strengthening of the SME will positively impact to low income families of Mongolia”.

In 2015, 87% of Mongolia’s export consisted of mining commodities against only 5% was cashmere. The increase of categories of export commodities shall improve efficiency along with support of industry and build up new participants in the market.

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Монгол эхийг энд дарж уншина уу