Government of Mongolia, ADB Promote Private Sector Opportunities www.adb.org
ULAANBAATAR, MONGOLIA (11 September 2019) — The Asian Development Bank (ADB) and the Ministry of Finance of Mongolia co-hosted a private sector opportunities workshop today in Ulaanbaatar, which was attended by over 150 local and foreign private sector companies operating in the country. Mongolia’s Vice Minister of Finance Ms. Bulgantuya Khurelbaatar and ADB’s Deputy Country Director for Mongolia Mr. Declan Magee opened the event.
Representatives from ADB’s private sector teams on infrastructure, agribusiness, health and education, and early stage ventures presented on relevant case studies, eligibility criteria, typical financing modalities and terms, and application processes for ADB’s financing. ADB Ventures helps early-stage companies scale technology in Asia and the Pacific for sustainable development impact. ADB discussed potential future collaboration with selected companies during in-depth one-on-one sessions.
“The growth of Mongolia’s private sector is very much aligned with ADB’s new long-term corporate strategy, Strategy 2030, where ADB aims to increase its private sector operations to reach one-third of its operations by 2024,” said Advisor at ADB’s Private Sector Operations Department Ms. Hisaka Kimura. “By actively engaging with Mongolian companies across infrastructure, agribusiness, health care and education, as well as early-stage ventures, ADB can explore opportunities to support the diversification of Mongolia’s economy.”
Through its private sector operations, ADB catalyzes and funds investments in private and state-sponsored companies across the energy, transport, water, telecom, financial, agribusiness, health care, and education sectors throughout developing Asia. The emphasis is on commercially viable transactions that generate financial returns while promoting environmentally sustainable and inclusive economic growth. In 2018, ADB committed $3.1 billion of its own funds for 32 private sector transactions and mobilized a further $7.4 billion through cofinancing partners.
In addition to ADB’s $2.5 billion sovereign financing for Mongolia to date, ADB has committed $371 million for private sector investments in the energy and financial sectors, including financing to local financial institutions and partner banks through ADB’s Trade Finance Program. ADB’s support for the Sermsang Khushig Khundii Solar Project signed in March 2019 was ADB’s first private sector solar financing in Mongolia and mobilized cofinancing from Leading Asia’s Private Infrastructure Fund (LEAP) into the country’s renewable energy sector.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.
Published Date:2019-09-11