Mongolia to receive USD 20 million credit from International Development Association www.montsame.mn
Ulaanbaatar /MONTSAME/. During its plenary session of October 29, State Great Khural – the parliament of Mongolia ratified an agreement between Mongolia and the International Development Association (IDA) on USD 20 million credit for the Mongolia Emergency Support and Employment Support Project.
The project will provide temporary relief to eligible workers and employers in response to the COVID-19 crisis and help provide the country’s jobseekers and micro-entrepreneurs with improved access to labor market opportunities through financial and nonfinancial support.
It will also support upgrading of selected labor and social welfare institutions to help jobseekers find jobs more efficiently. Activities will include modernization of physical infrastructure, streamlined work organizations, improvements to information systems, and better use of labor market information in decision making.
The project will be built on the activities being implemented under the existing World Bank Employment Support Project, which was restructured in early May 2020.
The USD 20 million credit will have annual interest rate of 1.25 percent and payback period of 30 years.