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ADB To Set Up Office In Mongolia

MANILA, PHILIPPINES (27 November 2000) - Mr. Tadao Chino, President of the Asian Development Bank (ADB) and Mr. Chultemiin Ulaan, Minister of Finance and Economy of Mongolia have signed an agreement for the establishment of an ADB Resident Mission in Mongolia. This paves the way for the official opening of ADB's Resident Mission in Ulaan Baatar.

The Resident Mission will build up to full strength in the coming months. Its primary role will be to strengthen ADB's effectiveness in delivering its program of assistance to Mongolia. "The new office would enable the ADB to develop a closer working relationship with the Government, the private sector, community groups and the civil society at large, " said Mr. Barry Hitchcock, ADB's first Resident Representative in Mongolia. He noted that the office would also help to improve coordination with other donors supporting Mongolia's development.

The ADB rededicated itself to the fight against poverty by adopting a new poverty reduction strategy in 1999. Mongolia was the first member country to sign a Partnership Agreement with the ADB, which sets specific targets for poverty reduction and improvements in social indicators over the medium term. This commitment to fighting poverty has been renewed by the Government of Prime Minister Enhbayar, which was elected in July 2000. The new Government's action program emphasizes employment growth to reduce poverty and strengthening the social sectors. The new Government has also signaled its intentions to continue the process of reform, which has seen Mongolia make substantial progress in its transition to a market economy.

ADB adopted in May 2000 a new country operational strategy for Mongolia entitled A Poverty Reduction Strategy for ADB Operations in Mongolia (2000 - 2005). It stresses the need to foster economic growth and to incorporate elements of good governance in any project supported by ADB, whose operations in Mongolia are now focused on five sectors - finance, agriculture, public, social and urban development.

The ADB has extended development assistance to Mongolia since it became a member in 1991. As of December 1999, cumulative lending to Mongolia consisted of 21 loans amounting to US$428 million. In addition, technical assistance grants for 89 projects amounting to US$45 million had been provided.

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