“Through the project, existing and future SME exporters in Mongolia’s non-minerals sector will have broader and easier access to export credit insurance, learn practical knowhow, and receive financial support to improve their export quality and competitiveness,” said Minister of Finance Choijilsuren Battogtokh. “The agricultural Reinsurance Joint Stock Company, private insurance companies and other financial institutions will learn to provide export-oriented financial products and services to the Mongolian SMEs.”
In 2015, 87 percent of Mongolia’s exports consisted of mining commodities, while making up only 4 percent of the nation’s jobs. By contrast, agriculture employs nearly 30 percent of the total workforce, with livestock providing subsistence, income, and wealth for nearly half of Mongolia’s population.
The project is funded with a $20 million credit from the International Development Association, the World Bank’s fund for the poorest.