EBRD Bets Big on Central Asia, Mongolia With $2B Push www.caspianpost.com

In 2025 the European Bank for Reconstruction and Development (EBRD) invested almost US$2 billion (€1.72 billion) through 120 projects in Central Asia and Mongolia. This represents one of the Bank’s strongest operational results in the region for more than a decade, The Caspian Post republishes the article.
Uzbekistan was the leading recipient of EBRD funding in 2025 for the sixth year running (over US$ 1 billion (€880 million). The EBRD provided almost US$ 440 million (€378 million) for projects in Kazakhstan, US$ 218 million (€188 million) in Mongolia, US$212 million (€183 million) in the Kyrgyz Republic and US$100 million (€88 million) in Tajikistan.
Almost one third of the EBRD funds supported sustainable infrastructure projects and another third went to local banks for on-lending to small and medium-sized enterprises (SMEs), women and young entrepreneurs, as well as for climate resilience and resource efficiency lending. A further 15 per cent of the Bank’s loans were channelled to support private companies engaged in manufacturing and providing services across Central Asia. Many of these projects stimulated the inflow of foreign direct investment. Close to 68 per cent of loans supported private entrepreneurial initiative and 53 per cent of the EBRD investment went to promote green economy projects.
Renewable Energy
In Uzbekistan the EBRD’s financing package of US$142 million (€121 million) will support the development of Central Asia’s largest combined solar photovoltaic (1 GW) and battery energy storage system (BESS, 1,336 MWh) plant. Implemented jointly with ACWA Power, the project also marks the first investment by Japanese partners in Uzbekistan’s renewable energy and battery storage sector.
The EBRD also arranged a financing package of up to US$ 195.5 million (€168.5 million) for a 300 MW greenfield solar plant and a 75 MWh BESS facility in the Kashkadarya region of Uzbekistan. The project is owned and developed by Masdar, a global renewable and clean energy company.
In Tajikistan the launch of all six hydroelectric units of the Qairokkum hydropower plant marked the completion of a major renewable energy upgrade. The plant’s installed capacity has increased from 126 MW to 174 MW, ensuring a reliable electricity supply to 500,000 people in the Sughd province.
Sustainable Infrastructure
In Uzbekistan the EBRD’s sovereign loan of up to US$ 250 million (€240 million) will finance the modernisation of 110 irrigation pumping stations in 10 regions. New energy efficient pumps are expected to reduce electricity consumption by 251,000 MWh and cut CO₂‑equivalent emissions by more than 117,000 tonnes a year.
A financial package of up to €45 million provided by the EBRD and the European Union (EU) will finance an increase in cargo handling capacity at the port of Aktau, Kazakhstan’s primary maritime gateway on the Caspian Sea, which was identified as one of the key elements of the Transcaspian Corridor.
In Tajikistan the EBRD’s sovereign loan of up to €38 million and an US$ 86.7 million (€83.5 million) grant from the Asian Development Bank (ADB) will help to upgrade and expand the road from Dangara to Guliston. This road is an important link between the north and south of the Khatlon region - an area which generates more than 53 per cent of Tajikistan’s agricultural output and is home to 35 per cent of the country’s population.
In the Kyrgyz Republic the EBRD extended a €62 million sovereign loan, which will help to build a new 53 km, 500 kV transmission line between the towns of Kemin and Balykchy near Issyk-Kul in the north-east of the country. The funds will also allow for a new 500 kV substation to be built in Balykchy.
A financing programme of up to €23.8 million from the EBRD and EU will support the reconstruction and automation of a section of the Western Great Chui Canal, the largest irrigation system in the Kyrgyz Republic. The EBRD and EU also provided up to €38 million to facilitate critical infrastructure upgrades, including water intakes, pumping stations, main canals and distribution networks in the Jalalabad and Naryn regions of the country.
Urban sustainability advanced under the EBRD Green Cities programme. Osh in the Kyrgyz Republic joined the initiative, with plans to improve water treatment facilities and shift to greener public transport thanks to the Bank’s loan of up to €14.7 million and a grant of up to €8.3 million.
In Mongolia, a specialised cardiovascular hospital will be built with the EBRD’s sovereign loan of up to US$ 34.9 million (€33.5 million) in Ulaanbaatar under its Green Cities Action Plan.
Financial Sector and Support for Small Business
In Mongolia nearly 74 per cent of the EBRD’s annual investment was channelled to the real economy through partner financial institutions. Projects included an A/B loan of up to US$ 147 million (€135 million) to XacBank under the Youth in Business programme - the EBRD’s largest transaction with a Mongolian bank to date. A US$ 20 million (€16.8 million) loan to Khan Bank represented the EBRD’s first agribusiness dedicated facility in Mongolia and Central Asia; and a US$ 20 million (€17.2 million) package to Golomt Bank supported women and youth led enterprises and facilitated trade.
In Uzbekistan projects with partner banks generated almost 39 per cent of the Bank’s annual business in the country. They included transactions with Hamkorbank, Ipak Yuli Bank and Universalbank for a total of US$ 125 million (€108 million) in support of SMEs and green investments.
In Kazakhstan three loans totalling US$ 60 million (€57.6 million) were provided to Bank CenterCredit. The funds will be used to create growth opportunities for micro, small and medium-sized enterprises led or owned by young people or women. KMF bank also received a loan of up to US$ 25 million (€22.9 million) to support women entrepreneurs. Another local microlender, Arnur Credit, received a loan of up to US$ 7 million (€6 million) under the EBRD’s Youth in Business programme.
In 2025 the EBRD supported more than 4,600 SMEs in Central Asia and Mongolia with business advice, training, mentoring and other business development opportunities. Three companies from the region (Kazakhstan’s logistics company Jana Post and a greenhouse vegetable producer LST Agro as well as Tajikistan’s food production company Oilai Barakat) joined the EBRD Blue Ribbon programme for fast-growing and high-potential SMEs.
The Bank launched its first regional Star Venture programme in Central Asia, bringing together high-potential startups from Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan into a single cohort. The initiative aims to strengthen regional connectivity, accelerate innovation and enable such companies to grow beyond the region.
In 2025 the EBRD signed 31 risk-sharing transactions with 26 companies across Central Asia. Such projects, where the EBRD commits to sharing half of the risk on loans provided by partner banks, help to unlock development opportunities for domestic businesses.
Last year the EBRD marked the 10th anniversary of its Women in Business programme in Central Asia and Mongolia. Over the past decade, more than 100,000 women entrepreneurs from the region received financial support totalling about US$ 365 million (€305 million), and more than 17,000 women have received advice, training and mentoring services.
The EBRD is the largest institutional investor in Central Asia. To date it has financed 1,250 projects for more than €21 billion.

Four Investors Shortlisted for Erdenet-Based Copper Smelter Project www.montsame.mn

Chief of the Cabinet Secretariat of Mongolia, Byambatsogt Sandag briefed the Government at its session on January 28, 2026, on the progress of a sub-working group tasked with evaluating proposals submitted by parties that have expressed interest in investing in and jointly implementing a copper concentrate smelting and processing plant project based at Erdenet Mining Corporation.
Project information was distributed to 55 companies from more than 20 countries, of which 13 companies from seven countries expressed interest in investing and cooperating on the project. To select the most suitable investor and contractor, the sub-working group evaluated the submitted proposals based on criteria including experience in implementing similar projects, technical and technological solutions, financial and economic capacity, and comparative advantages.
As a result, the following entities were selected to advance to the next stage of the selection process:
NFC (China);
Jiangxi Copper Company (China);
A consortium comprising Liantou New Energy Technology (China), China ENFI Engineering Corporation, and Shanxi Northern Copper Industry;
Glencore International AG (Switzerland).
The shortlisted candidates have been notified and provided with investor selection documents. In addition, the sub-working group has developed a detailed work plan to enable access to necessary information and relevant materials.
Preparations are underway to complete the final stage of selecting an investor and contractor within the first quarter of 2026.
In September last year, by order of the Prime Minister, a working group was established to accelerate the implementation of the project to build a copper concentrate smelting and processing plant based at Erdenet Mining Corporation. The working group is chaired by Chief of the Cabinet Secretariat Byambatsogt.

Mongolia Calls for Faster Expansion of Chinggis Khaan International Airport www.montsame.mn

Although Chinggis Khaan International Airport was designed to serve 1.6 million passengers annually, it handled 2.4 million passengers in 2025.
As flight and passenger numbers continue to rise, Minister of Road and Transport Delgersaikhan Borkhuu emphasized the urgent need to begin the airport’s expansion during a meeting with Ambassador of Japan to Mongolia Masaru Igawahara and representatives of the Japan International Cooperation Agency (JICA).
During the meeting, the parties exchanged views on issues related to expanding and increasing the capacity of Chinggis Khaan International Airport using Japan’s concessional yen loan to Mongolia, the Ministry of Road and Transport reported.
Minister Delgersaikhan noted that the growing number of international and domestic flights has led to congestion, including long queues at baggage claim areas and delays in domestic flights. Taking these circumstances into account, he conveyed to the Japanese side Mongolia’s interest in amending the existing agreement. He also requested that construction begin earlier, the project timeline be shortened, and planning and feasibility studies be accelerated with projections through to 2039.
He also requested that construction begin earlier, the project timeline be shortened, and planning and feasibility studies be accelerated using projections through 2039.
As of last year, Mongolia operates flights to 56 international destinations and has concluded 50 air services agreements. With the number of transit passengers increasing, the Government plans to build a transit hotel serving the airport through a public–private partnership in the short term.
In addition, New Ulaanbaatar International Airport LLC sharply increased international landing and takeoff fees this year from MNT 17,000 to USD 18. Amid a challenging global geopolitical environment and high aircraft fuel costs, MIAT Mongolian Airlines JSC is operating at a loss of MNT 10 billion. Under these circumstances, a three- to fourfold increase in aviation fees could lead to higher ticket prices and other difficulties. The Mongolian side, therefore, proposed that the parties hold consultations and introduce the fee increases in stages.
Ambassador Masaru Igawahara and JICA representatives stated that preparations for the expansion of Chinggis Khaan International Airport are accelerating, adding that further discussions are needed on planning and financing the design and construction of a cargo terminal in order to commence the project at an earlier date.

Mongolia Advances IASA Preparations for Direct Flights to the U.S. www.montsame.mn

The Cabinet has approved a draft grant agreement to be signed between the Government of Mongolia, the Civil Aviation Authority of Mongolia, and the United States Government, U.S. Trade and Development Agency.
Mongolia and the United States signed an Air Transport Agreement in 2023, establishing the legal framework for operating direct flights between the two countries. On the Mongolian side, launching direct flights requires undergoing the International Aviation Safety Assessment (IASA) conducted by the U.S. Federal Aviation Administration, as well as a security assessment by the Transportation Security Administration.
As part of preparations to initiate direct flights, the Civil Aviation Authority of Mongolia announced a tender and, in 2024, signed a consultancy service contract with U.S.-based The Wicks Group Consulting to obtain professional guidance for the IASA assessment.
Civil aviation sector institutions are currently implementing the recommendations provided through the consultancy services. To fully complete preparations for the IASA assessment, negotiations have been held to secure second-phase funding for consultancy services from the USTDA.
The grant agreement is expected to be signed in the near future. Once concluded, it will provide the legal basis for the Civil Aviation Authority of Mongolia and The Wicks Group Consulting to sign a consultancy contract and commence work.

Construction Advances on Four Road Underpasses in Ulaanbaatar www.montsame.mn

A project to construct road underpasses at four locations in the capital is being implemented to improve traffic safety by eliminating intersections between railway and road traffic.
According to the Integrated Project Management Department, the project covers the following locations:
Tavan Shar railway crossing
Geological Central Laboratory intersection
Railway crossing near the “Hermes” Center
Narny Road–Ikh Khuree Street intersection
At the first site—the Tavan Shar underpass at Railway Crossing No. 396—construction progress has exceeded 90 percent. Works on lighting, landscaping, stormwater drainage systems, and other finishing tasks have been completed. Design documentation for a 90-meter-long pedestrian overpass to ensure pedestrian safety has been approved through expert review, and construction began in December 2025.
At the second site—the Geological Central Laboratory intersection—land acquisition is ongoing, with 19 of 21 land parcels fully cleared. Negotiations are continuing for the remaining two parcels. Following approval of the detailed design through expert review, construction began in 2024 but has been temporarily suspended due to winter conditions.
At the third site, located south of the “Hermes” Center, design documentation for the railway underpass has been approved and land acquisition has been completed. The main structure of the underpass has been installed beneath the railway foundation using a box-pushing method, which allows construction to proceed rapidly without disrupting train operations. Road construction works are planned to begin in the second quarter of 2026.
At the fourth site—the Narny Road–Ikh Khuree Street intersection—design work for the underpass is currently underway.

Integrated surveillance system operates to improve safety www.ubpost.mn

Ulaanbaatar City has established a centralized video surveillance center along with subsidiary monitoring centers in each district, and continues to operate an integrated system that includes infrastructure, management and control mechanisms, and software solutions. This system is designed to support crime prevention and detection, improve public order, and enhance overall public safety across the capital city, while contributing to a safer and more secure living environment for residents.
Through the use of surveillance cameras throughout the city, authorities are able to monitor and respond to criminal activities, public order violations, and road traffic accidents in a timely manner. A significant proportion of recorded offenses in Ulaanbaatar City; more than 80 percent; are related to violations of traffic regulations. In response, major intersections and pedestrian crossings have been equipped with cameras and placed under centralized monitoring, enabling more effective enforcement of traffic rules, encouraging disciplined participation in traffic, and improving travel conditions for the public.
The system also strengthens coordination and information-sharing among government agencies responsible for road and transportation management, as well as other stakeholders involved in traffic operations. By introducing modern technological solutions into the core functions of relevant institutions, the capital city aims to reduce time and financial costs for citizens, mitigate the negative effects associated with the growing number of vehicles, and manage traffic flow more efficiently. An integrated platform based on artificial intelligence has been introduced to monitor and regulate vehicle movement in real time.
Addressing traffic congestion, one of Ulaanbaatar’s most pressing challenges, is a key focus of the system. Surveillance cameras and analytical tools are used to identify traffic violations, collect data, and support intelligent traffic management and regulation. This approach facilitates quicker decision-making and improves the organization of road traffic, particularly during peak hours.
In addition to traffic management, the camera system supports urban services, monitors construction projects in real time, and is used by relevant organizations within the scope of their official duties. It also provides timely information in the event of potential emergencies or disasters, enabling rapid response and coordination.
Moreover, eight traffic accidents causing congestion on major roads in Ulaanbaatar were recorded as of 5:00 p.m. on January 28, all of which were captured by the surveillance cameras of the Traffic Management Center. Following the report, the relevant authorities urged drivers to strictly comply with Mongolia’s traffic regulations, ensure their vehicles are in proper condition, and exercise heightened caution while driving. With temperatures falling and icy patches forming on streets and roads, officials emphasized the importance of careful and responsible driving to prevent further accidents and ensure the safety of all road users.

Mongolia Receives National Productivity Master Plan (2026–35) to Drive Productivity-led Growth, Resilience, and Shared Prosperity www.globalnewswire.com

The Government of Mongolia received the National Productivity Master Plan for Mongolia 2026–2035 at the Deputy Prime Minister’s office, Government Palace, Ulaanbaatar, on 26 January 2026. The master plan was formally handed over to the Deputy Prime Minister of Mongolia, H.E. Gankhuyag Khassuuri, by the Asian Productivity Organization (APO) Secretary-General, Dr. Indra Pradana Singawinata, in an official ceremony jointly organized by the Ministry of Family, Labour and Social Protection; the Mongolian Productivity Organization; and the APO.
The master plan provides a national pathway for strengthening competitiveness and resilience by making productivity a deliberate, measurable priority. It presents a clear baseline message: Following a business-as-usual trajectory without significant productivity reforms, annual GDP growth in Mongolia is projected to slow from 6.2% (2000–24) to 4.2% in 2026–35 and then to 2.8% from 2036 to 2050, driven primarily by a decline in the contribution of labor productivity from 4.0% to 1.4% over the same periods.
“The Master Plan is not merely a report. It is a strategic instrument of statecraft,” said Secretary-General Dr. Indra. In addition, he emphasized that productivity, when treated as a deliberate national agenda, can raise living standards, strengthen competitiveness, and widen opportunity simultaneously.
In his remarks, Deputy Prime Minister Gankhuyag reaffirmed the Government’s productivity-led development objectives, including efforts to “increase the labor productivity and wages of Mongolian people” and to sustain stable growth “above 6 percent” through higher manufacturing processing, productivity, and diversification. He also emphasized public sector productivity reforms under the New Revival Policy, including digitalizing public services, reducing bureaucracy, streamlining inspections, and rationalizing special permits, while underscoring that “productivity is not only an economic indicator” but a concept that directly affects public service quality and citizens’ quality of life.
Minister for Family, Labour and Social Protection Aubakir Telukhan highlighted Mongolia’s national policy direction to advance a “Productivity Revolution,” reduce unemployment, and steadily increase labor productivity and wages while aligning reforms with rapid global changes in technology, trade, and climate policy. Highlighting the scale of the challenge, he stated: “In Mongolia, average labor productivity is 11.3 thousand US dollars, which is 3.6 times lower than the global average.”
To address the above, the master plan is structured around five strategic thrusts:
Expanding market access and prospects
Driving technology and digitalization
Raising the quantity and quality of talent
Making an efficient business environment
Shaping inclusiveness and equity
It also identifies eight priority sectors for focused productivity acceleration: agriculture, forestry, and fishing; processing industries (manufacturing); wholesale and retail trade (including vehicle repair); education services; accommodation and food services; human health and social work activities; water supply and sewerage, waste management, and remediation; and transportation and storage.
Secretary-General Dr. Indra expressed his appreciation to the Government of Mongolia, the Mongolian Productivity Organization, ministries, and stakeholders for their leadership and substantive contributions. He also reaffirmed the APO’s continued commitment to translating Mongolia’s National Productivity Master Plan into measurable outcomes.
About the APO The Asian Productivity Organization (APO) is a regional intergovernmental organization dedicated to improving productivity in the Asia-Pacific region through mutual cooperation. It is nonpolitical, nonprofit, and nondiscriminatory. Established in 1961 with eight founding members, the APO currently comprises 21 member economies: Bangladesh; Cambodia; the Republic of China; Fiji; Hong Kong; India; Indonesia; Islamic Republic of Iran; Japan; the Republic of Korea; Lao PDR; Malaysia; Mongolia; Nepal; Pakistan; the Philippines; Singapore; Sri Lanka; Thailand; Turkiye; and Vietnam.
The APO is shaping the future of the region by fostering the socioeconomic development of its members through national policy advisory services, acting as a think tank, institutional capacity-building initiatives, and knowledge sharing to increase productivity.

78 foreign nationals from 12 countries deported from Mongolia www.gogo.mn

The Immigration Agency of Mongolia says that inspections in January 2026 led to the deportation of 78 foreign nationals from 12 countries, each banned from re-entering Mongolia for 3–5 years. Nationality breakdown: 53 from China, 11 from Russia, 3 from Uzbekistan, 2 from Vietnam, 2 from Kyrgyzstan and 7 from other countries.
Authorities said the deportations were ordered for reasons including overstaying visas or residence permits, working without the required permission, engaging in activities other than the declared purpose of entry, and cases where foreigners had been convicted and served sentences.
The department noted that 1,222 foreign nationals were deported in the previous year, an increase of 41.4% from the year before.
Separately, in cooperation with the Investigation Department of the Criminal Police Service, Mongolian authorities organised the hand-over of a Chinese national, M.U., on 26–27 January 2026. M.U.’s Mongolian residence permit was revoked under relevant law and he was returned to authorities in his country of origin to face legal proceedings.

Japanese Military Maps Reveal First Look at the Hidden Great Mongolian Road www.indiandefencereview.com

Silver Elephant Announces Favorable Tax Tribunal Ruling in Mongolia www.investingnews.com

Silver Elephant Mining Corp. (TSX: ELEF,OTC:SILEF) (OTCQB: SILEF) (FSE: 1P2) ("Silver Elephant" or the "Company") announces that the Mongolian Tax Tribunal (the "Tribunal") has issued a decision dismissing and cancelling a supplementary tax assessment issued to its subsidiary, Redhill Mongolian LLC ("Redhill"), by the Mongolian tax authorities.
The supplementary tax assessment, issued on September 11, 2024, alleged MNT 63.8 billion (approximately CAD 24.6 million) in corporate income tax, value-added tax and related penalties and interest, as a result of the Company's internal restructuring of its Mongolian subsidiaries in 2021. For further information, please refer to the Company's disclosure documents under its profile on SEDAR+ (www.sedarplus.ca).
Following a hearing on Friday, January 23, 2026, the Tribunal ruled by majority vote in favor of Redhill, dismissing the tax assessment in its entirety. As a result of the Tribunal's decision, the supplementary tax assessment has been cancelled.
The Tribunal's decision is final, and the official written decision and resolution of the Tribunal are expected to be delivered in February 2026.