1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

Events

Name organizer Where
MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Mongolia and Australia Enter into Negotiations on Social Security Agreement www.montsame.mn

The first meeting to launch negotiations on a social security agreement between Mongolia and the Commonwealth of Australia was held online.
Representatives from the Australian Government Department of Social Services, the Ministry of Foreign Affairs of Mongolia, the Ministry of Family, Labor and Social Protection of Mongolia, and the Australian Embassy in Mongolia participated in the meeting and shared information on the social security systems of the two countries and exchanged views on holding the first round of negotiations in next January and developing a draft agreement.
The Government concludes social security agreements with countries, where a large number of its citizens are residing, to ensure the social security rights for citizens living and working abroad. According to the Ministry of Foreign Affairs of Mongolia, as of 2023, about 16.6 thousand Mongolian citizens are residing in Australia, of which about 10 thousand are employed.
Mongolia has concluded social security agreements with the Russian Federation, the Republic of Korea, the Republic of Hungary, the Republic of Poland, the Republic of Turkiye, and the Czech Republic. The Ministry of Family, Labor, and Social Protection reported that negotiations are underway to renew social security agreements with the Russian Federation and the Republic of Korea and to establish new agreements with the Republic of Kazakhstan and the Republic of Austria.
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India, Mongolia in talks for preliminary mining pact www.reuters.com

India is in talks with Mongolia to set up a preliminary pact that will focus on mineral shipments between the two Asian nations, an Indian government source with direct knowledge of the developments said on Thursday.
“The pact with Mongolia will focus on transit of minerals” such as coal and copper, said the source, who did not want to be identified as the deliberations are not public.
The federal mines ministry did not immediately respond to a request for comments.
The talks come at a time when multiple domestic steelmakers, such as JSW Steel and SAIL, are also in talks with the landlocked nation to import coking coal, an essential ingredient for making steel.
Separately, the source said India is exploring lithium in the Himalayan region of Jammu and Kashmir, and expects it to be ready to be auctioned in two months.
Beyond domestic borders, India is exploring critical minerals in Russia, Mongolia, Chile and Zambia, the source added.
The government has launched multiple auctions of critical minerals as a part of its push toward cleaner energy alternatives and also plans to offer financial incentives for extraction of such minerals.
(By Neha Arora; Editing by Bill Berkrot)
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Combating Desertification in Mongolia’s Gobi: Story of Resilience and Restoration www.undp.org

As the world gears up for COP16 in Riyadh, Saudi Arabia, one of the most urgent global conversations will be about desertification, land degradation, and the future of our ecosystems. Under the theme “Our Land. Our Future,” the conference aims to heighten global ambition and accelerate action for land restoration.
This is particularly relevant for countries like Mongolia, where desertification is a growing challenge, exacerbated by climate change and human activity. To support Mongolia’s efforts in addressing these challenges, the Ensuring Sustainability and Resilience of Green landscapes in Mongolia (ENSURE) project, funded by the Global Environmental Facility (GEF) and implemented by Ministry of Environment and Climate Change and UNDP, with the partnerships with local governments and herders, is providing vital support to restore ecosystems, improve livelihoods, and secure a future where both people and nature can thrive together by working closely with herders and local communities.
A Land Under Pressure
Mongolia, a vast country of rugged terrain and extreme climate, has been identified as one of the top ten nations most impacted by climate change. With an average temperature increase of 2.26°C over the past 80 years and a significant decrease in annual precipitation, the country is increasingly vulnerable to desertification. As of 2020, over 76.9% of Mongolia's land area is affected by degradation, and many of the regions worst hit by desertification are also home to Mongolia’s nomadic herders, who rely on the land for their livelihood.
The southern Gobi, a unique and ecologically rich area, lies at the heart of this challenge. For generations, nomadic herders have grazed livestock across this region, but with the ongoing impacts of climate change and unsustainable land management practices, the pastureland is showing signs of severe stress. Thus, providing support to local communities while focusing on land restoration and conservation efforts became vital as these initiatives not only help herders sustain their livelihoods but also preserve centuries-old nomadic tradition, culture and way of life.
One of ENSURE’s key initiatives in combating desertification is its focus on sustainable pasture management. In particular, the project worked with 120 herder groups (sub-provincial administrative units) in the southern Gobi region to implement the “5-Year Rangeland Management Plan,” which aims to reduce livestock numbers to the carrying capacity of the land.
In 2023, participating herder groups managed to reduce livestock numbers by 23.4%, a significant achievement compared to the 13.3% reduction seen among non-participating herders. These reductions contribute to healthier rangelands and help mitigate the harmful effects of overgrazing. Also, they set aside pooled funds for fodder during times of drought, which directly supports their livestock during harsh weather conditions.
Donoinyamba, a member of the local herders’ group, says “With support from the project, our group, in collaboration with the soum’s environmentalist, established the boundaries of our pastures, developed a plan for their sustainable use, and began working together to protect the wildlife in our pastures. We were also able to dig wells, and fence off the sources of springs and streams together.”
This kind of people-centered and community-driven approach is crucial for ensuring greater equity in land use and ownership. Of the 1,899 herders involved in the herder group initiative, a significant percentage are women, who are playing key roles in pasture management, biodiversity conservation, and improving livestock quality. The establishment of local herder groups has also created a strong sense of community and collective responsibility, with participants regularly meeting to discuss and plan sustainable land-use practices.
In addition to rangeland management, the ENSURE project promotes biodiversity conservation expanding the protected area network for ecological corridor areas. In total, 1.2 million hectares of land have been taken as protected areas of which 18 new protected areas covering nearly 850,000 hectares in the southern Gobi region have been designated as vital biodiversity corridors. These efforts are not just about protecting the environment, but also ensuring the survival of endangered species such as the endangered snow leopard, argali sheep, and black-tailed gazelles that are vital to the ecosystem.
"One of the most effective ways to protect our environment and nature is by safeguarding the land—designating it as a specially protected area," says renowned Mongolian nature scientist Oyungerel.
Another vital and unique natural asset is the saxaul tree - the only tree species found in the vast Gobi Desert region of Mongolia, making it a vital part of the ecosystem. It plays an essential role in stabilizing sand dunes, preventing soil erosion, and supporting biodiversity. However, over the past 20 years, the distribution of saxaul forests have significantly declined, leading to increased desertification and a loss of natural resources. This decline threatens not only the land’s health but also the livelihoods of local communities who rely on the land for grazing and other resources.
To support Mongolia in addressing this pressing issue, the project has been implementing community driven restoration measures since 2020 focusing on the regeneration of saxaul forests over 400 hectares, having an encouraging result. In the protected areas, saxaul trees have started to regenerate, with improved biomass, carbon storage, and tree density. These activities are vital for halting land degradation, increasing the region’s carbon sequestration capacity, and restoring the Gobi’s natural balance.
Sustainable Livelihoods
Another crucial area of focus is creating long-term solutions that can help support herders diversify their income sources for reducing their reliance on the land. Among the various initiatives, the lamb fattening initiative is proving effective help to reduce the number of animals grazing on rangelands, allowing the land to regenerate more quickly. The result? A reduction in the number of animals on rangeland by 15-20%, allowing the grasslands to recover.
Furthermore, ENSURE has worked to add value to wool production, which has long been a staple of Mongolia’s agriculture economy. By providing training on the use of electric sheep shears, herders have increased their wool production significantly. For example, in 2022, a total of 7,080 kg of wool was produced through these improved methods, which were then sold to local wool processing factories. It was a significant improvement of productivity with electric shears and grading which allows six times faster shearing than current hand-clipping methods (200 sheep/day vs current 30 sheep/day) and harvesting of much more wool from each sheep. The training also included international internships in New Zealand, where Mongolian herders learned advanced techniques, further improving their skills and income potential.
“Land. We walk on it every day. It feeds, clothes, and shelters us. It sustains our economies, our lives, and our livelihoods. Today, the future of our land is on the line. But we have the power to bring the land back to life. For this, we need to scale up ambition and investment.” – COP 16
As COP16 approaches, Mongolia’s progress through projects like ENSURE sends a rallying call to the international community. By combining community-driven conservation efforts with sustainable land management practices, the project is not only contributing to desertification challenges but is also paving the way for a greener, more resilient future.
The tangible results—from restored pastures to improved livelihoods—show that with the right support, it is possible to reverse the damage of desertification and create a sustainable balance between human development and environmental preservation. It also demonstrates that land restoration is not just a technical issue but a human issue, deeply intertwined with the livelihoods and well-being of local communities.
Mongolia’s Gobi Desert and its surrounding steppes, home to a vast array of globally significant plants and wildlife and the largest steppe ecosystem in the world, is truly a global public good that requires protection. But national actions, braving this phenomenon alone, are not enough. Coordinated global action is critical as well.
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Number of HIV-infections in Mongolia rises to 388 www.xinhuanet.com

The total confirmed number of HIV-positive individuals and AIDS patients in Mongolia has reached 388, according to a report released by the National Center for Communicable Diseases (NCCD) on Thursday.
The NCCD estimates that the actual number of people living with HIV in the country may be as high as 667. This data was shared in a statement issued in observance of World AIDS Day, marked annually on Dec. 1.
Mongolia, with a population of 3.5 million, is classified as a country with a low prevalence of HIV among the general population. However, the infection is concentrated within high-risk groups, emphasizing the need for targeted prevention and intervention efforts, the NCCD noted.
To date, 66 individuals diagnosed with HIV or AIDS in Mongolia have died. Sexual transmission accounts for approximately 99 percent of all infections, with males comprising about 85 percent of the confirmed cases.
The first HIV case in Mongolia was reported in 1992.
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Gender Gap in Employment Rates Reaches 15.5 Percentage Points www.montsame.mn

According to the third quarter of the 2024 Labor Force Survey, conducted at the national level, 1.4 million people of the total population aged 15 and above are part of the labor force, while 849.6 thousand people are categorized as outside the labor force. The labor force participation rate rose to 63.0% in the third quarter of 2024, which showed an increase of 1.4 percentage points from the same period of the previous year. By gender, the labor force participation rate was 72.0 percent for men and 54.8 percent for women.
The widest gender gap in labor participation is observed in individuals aged 25-29. The employment rate reached 59.2%, a 0.8 percentage point increase from the previous year. By gender, 67.3% of men are employed, compared to 51.8% of women– a disparity of 15.5 percentage points.
The growth of the labor force participation rate can be largely attributed to a 2.6% (34.1 thousand) increase in the number of employed individuals compared to the same period last year. Simultaneously, the population outside the labor force decreased by 52.8% (23.0 thousand people), driven primarily by a decline in the number of individuals categorized as “potential labor force”---those not actively seeking work or not yet prepared to join the labor force.
In the third quarter of 2024, 52.9% (719.5 thousand people) worked in the service sector, 24.5% (332.8 thousand people) in the agricultural sector, and 22.6% (308.1 thousand people) in the industry and construction sector. Among workers under the age of 65, the majority are employed in the services sector. In comparison to the same period in 2023, employment in wholesale and retail trade, motor vehicle and motorcycle repair services, increased by 16.4% (26.4 thousand people) while sectors in agriculture, forestry, and fishery saw the largest decline, with a decrease of 13.0% (49.8 thousand people).
Labor underutilization affects approximately 79.8% (88.0 thousand) persons in unemployment, 18.6% (20.6 thousand) potential labor force participants, and 1.6% (1.7 thousand) underemployed workers due to time constraints. Compared to 2023, the unemployment rate increased by 0.8 percentage points, while both time-related underemployment and the combined unemployment rate rose by 0.4 percentage points. Meanwhile, the combined rate of unemployment and potential labor force decreased by 0.7 percentage points, and the composite labor underutilization rate declined by 1.1 percentage points.
The indicators of labor underutilization are split into four age groups: people aged 14 to 24 (those entering the labor market after education), people aged 25 to 54 (the core working-age population), and people aged 55 to 64 (those approaching retirement).
The National Statistics Office of Mongolia provides the following definitions of labor market terms:
Labor Force: is the current supply of labor for the production of goods and services in exchange for pay or profit, either as employed, or as unemployed persons.
Persons outside the labor force: are those of working age who are either employed or unemployed in the short reference period for reasons of either being in education, stay-at-home people, seniors, retired, persons with developmental challenges, or discouraged from seeking employment.
Status in employment: Employment status is the classification of employed persons with respect to the type of explicit or implicit contract of employment with other persons, organizations, or economic units.
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By 2030, GDP per capita will reach $8,410 www.gogo.mn

The Central Regional Development Conference is taking place in Darkhan.
Minister of Finance B. Javkhlan presented the policies and activities pursued by the Parliament and the Government to support the development of the central region.
To promote the development of the central region, the government plans to expand economic relations with other countries, integrate into a unified transport and logistics network, and diversify through intensive agriculture and manufacturing. The goal is to become a region producing and exporting "HEALTHY FOOD" that fully meets domestic demand.
For this purpose:
Increase energy supply, improve road connectivity, and enhance transport logistics.
Support the development of free zones and border checkpoints.
Introduce innovations and technologies.
Establish green and eco-friendly residential areas.
Strengthen human resources.
Under the goals of regional development, the following results are projected for the central region by 2030:
Regional GDP will reach 10-15 trillion MNT.
GDP per capita will reach $8,410.
The Human Development Index (HDI) will rise from the current 0.73 to 0.852.
The population will grow from 307,000 to 405,000.
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Renewable Energy Projects Being Implemented in the Western Region of Mongolia www.montsame.mn

The Government of Mongolia and the Asian Development Bank (ADB) are jointly implementing new projects to increase renewable energy sources in the western region of Mongolia.
Specifically, energy storage stations have been constructed and commissioned to connect solar and wind power plants with a total capacity of 40.5 MW to the Altai-Uliastai energy system. Moreover, a 5 MW solar power plant constructed in Uliastai generated about 18 million kW of electricity over the past two years. Due to the collaboration of the Government of Mongolia with the ADB, 10 MW solar power plants are operating in Yesunbulag soum, Gobi-Altai aimag, and Murun soum, Khuvsgul aimag, while a 0.5 MW hybrid system has been installed in Altai soum, Gobi-Altai aimag, which are all generating stable electricity. Furthermore, a 135 kW ground-based heat pump system has been installed to cover the heat supply of Kindergarten No. 1 in Jargalant soum, Khovd aimag, which serves as an environmentally-friendly and energy-efficient solution by reducing coal consumption and carbon emissions.
Project coordinator and engineer B. Sugar emphasized, “As part of the projects to increase renewable energy sources in remote areas far from the Central Energy System implemented by the Government of Mongolia and the Ministry of Energy, solar power plants are being built and put into operation with the concessional loans from ADB. These power plants serve as the second largest energy source of the country, generating 17.2 million kWh of electricity annually and providing clean energy to the residents of the western region.”
Could you introduce the technology that utilizes geothermal energy in the western region? What makes it a distinctive energy source?
Ground temperature increases with depth. For example, the temperature rises as we drill 2-3 km deeper. In general, the soil heat is about 2-5 degrees Celsius, however, the soil does not release or store heat. Therefore, to absorb the heat, a heat-conducting object should be inserted into the ground. Afterward, the object is put into a fluid to be boiled at a certain temperature. The efficiency of this process depends on the heat pump and absorption pressure. Heat condensed at 40-50 degrees Celsius is used for heating buildings. Basically, the initial cost, expenses, and investment for this technology are high.
This technology seems important as it abolishes the traditional brown energy. How could this technology be further improved?
Geothermal energy is already being utilized in several areas in Mongolia, including residential areas like the “ASEM Villa,” near Dulguun Nuur and Nogoon Nuur, as well as in Tuv aimag. In some areas, the system is working well, but in our conditions, there is a high risk of freezing. Currently, pilot projects are being implemented in the western region.
In addition to the projects in the western region, the Government of Mongolia and the Asian Development Bank are collaboratively implementing a Project on the “Large-Scale Energy Storage for Grid Use.” The total cost of this Project amounts to USD 114.95 million, of which:
USD 100 million- concessional loans from the ADB;
USD 3 million- grant aid from the ADB- USD;
USD 11.95 million- allocations from the Government of Mongolia.
With the Large-Scale Energy Storage project implemented, about 20 thousand households in the Capital city will be prevented from electricity shortages during peak hours.
Under the Project, 51.1 million kWh of electricity was supplied to the Central Energy System through the Songino substation from December 2023 to October 2024. According to Project Coordinator M. Naranbat, the Large-Scale Energy Storage, with a capacity of 80 MW/200 MWh, will be installed and operated in the 32nd khoroo of Songinokhairkhan district by December 2024.
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Mongolia: Magnitude-5.1 earthquake occurs near border of Khovsgol and Arkhangai provinces at around 04:34 Nov. 28 www.crisis24.garda.com

A magnitude-5.1 earthquake occurred in southern Khovsgol Province, near its border with Arkhangai Province, at around 04:34 Nov. 28. The epicenter was approximately 109 km (68 miles) south-southwest of Tsengel. The tremor occurred at a depth of about 10 km (6 miles), and light shaking was probably felt in parts of north-central Mongolia. There have been no initial reports of damage or casualties as a result of the earthquake; significant damage is unlikely. It could take several hours until authorities can conduct comprehensive damage assessments, especially in remote areas. Aftershocks are likely over the coming days.
Officials may temporarily shut down transportation infrastructure in the tremor zone to check for damage. Minor disruptions could occur during shutdowns, but service will likely resume quickly if no damage is found. Utility outages are possible, particularly near the earthquake's epicenter.
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Mongolia aims to attract foreign tourists year-round www.xinhuanet.com

Mongolia is ramping up efforts to enhance its tourism industry by drawing more foreign visitors throughout all four seasons of the year, according to a statement released by the government's press office on Thursday.
With a strongly continental climate characterized by long, harsh winters and short summers, Mongolia has traditionally faced seasonal limitations in tourism.
To overcome this challenge, the government has introduced several key measures, including plans to reduce airfares by up to 40 percent during off-peak seasons, develop airports in major tourist destinations, and promote cross-border tourism. These initiatives aim to position Mongolia as a year-round destination, offering diverse attractions in every season, said the press office.
The government views tourism as a vital sector for diversifying Mongolia's economy, which has long been reliant on the export-oriented mining industry.
In line with this goal, Mongolia has designated 2023-2028 as the "Years to Visit Mongolia," setting an ambitious target to attract at least 1 million foreign tourists annually.
In 2023, the country welcomed over 650,000 foreign tourists, generating 1.2 billion U.S. dollars in revenue from tourism. The upward trend has continued in 2024, with a record-breaking 680,711 foreign visitors arriving by October, marking a historic high for the sector.
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Foreign Exchange Reserves of Mongolia Exceed USD 4.9 Billion www.montsame.mn

As of November 25, 2024, the official foreign exchange reserves of Mongolia exceeded USD 4.9 billion, an increase of USD 38.8 million or 0.8 percent compared to the beginning of this year. This is the amount that satisfies the country's foreign exchange-paid import needs for 5.1 months, according to the Bank of Mongolia.
The increase in foreign exchange reserves was mainly due to the improvement in the USD flow into Mongolia, including export revenues and foreign direct investment. Specifically, export revenues reached USD 13.4 billion at the end of October, an increase of about USD 800 million from the previous year. The total export is constituted of:
• 55 percent hard coal,
• 19.8 percent copper concentrate,
• 6 percent gold export.
Exports of mining and mineral products are expected to continue to grow by the end of the year. International credit ratings agencies such as Fitch and Moody's have upgraded Mongolia's credit rating outlook to "B Stable." Due to the improvement in the country's credit rating, the ratings of commercial banks have also improved, and they are starting to attract affordable business and green loans from international markets.
Due to major projects to be implemented by the Government, investment in Mongolia is anticipated to increase. Official sources have reported that the country's foreign exchange reserves are expected to exceed USD 5 billion by the end of 2024.
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