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ADB Opens Office in Mongolia

ULAANBAATAR, MONGOLIA (27 August 2001) - Tadao Chino, President of the Asian Development Bank (ADB), and Chultemiin Ulaan, Minister of Finance and Economy of Mongolia, officially opened the ADB's Resident Mission in Ulaanbaatar today.

The Resident Mission will strengthen ADB's effectiveness in delivering its program of assistance to Mongolia. It will also help improve coordination with other development agencies working in Mongolia.

ADB rededicated itself to fight poverty by adopting a new poverty reduction strategy in 1999. Mongolia was the first ADB member country to sign a poverty partnership agreement with ADB in March 2000. The agreement provides the basic framework for the government and ADB to work jointly towards the common objective of reducing poverty. It sets specific targets to reduce poverty and improve social indicators over the medium term. This commitment to fighting poverty in partnership with ADB was renewed by the government of Prime Minister Enkhbayar, which was elected in July 2000. The government's action program emphasizes job creation to reduce poverty.

In May 2000 ADB adopted a new operational strategy for Mongolia. "A Poverty Reduction Strategy for ADB Operations in Mongolia (2000 - 2005)" focuses ADB's operations on finance, agriculture, public, social and urban development. It stresses the need to foster economic growth and to incorporate good governance in projects supported by ADB.

Mongolia joined ADB in 1991 at the beginning of its transition to a market economy. ADB has approved 25 loans to Mongolia totaling US$439 million and has provided technical assistance grants for 89 projects amounting to US$44 million.

ADB's first Resident Representative in Mongolia is Barry Hitchcock, an Australian national.

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