ADB to Enhance Relations with Mongolia, Says ADB President
ULAANBAATAR, MONGOLIA - ADB President Haruhiko Kuroda said today ADB will further strengthen its relations with Mongolia to support the country’s efforts to meet the changing demands of a rapidly growing economy. “We will continue to make poverty reduction the overarching goal of our operations in Mongolia, working closely with the Government to ensure that ADB-funded projects are accessible to the poor,” said Mr. Kuroda at a joint press conference with Finance Minister Nadmidiin Bayartsaikhan. During his first official visit to Mongolia since assuming the presidency of ADB in February 2005, Mr. Kuroda met with Mongolian officials, including Prime Minister Enkhbold Miyegombo, Central Bank Governor O. Chuluunbat, and Finance Minister Bayartsaikhan. They discussed a wide range of issues including development challenges for Mongolia, regional integration, donor coordination, and ADB’s strategic priorities in the coming years. Mr. Kuroda and Mr. Bayartsaikhan signed a loan agreement for a financial sector reform and governance program, through which ADB will help the Government develop a sound and broad-based financial sector. The program is expected to lay the foundation for robust private sector development as it will help reduce the cost of borrowing and expand access to credit. During the meetings with government officials, Mr. Kuroda emphasized that one of Mongolia's biggest challenges is to broaden and sustain growth to and provide opportunities for the many poor people who have not yet benefited from the transition to a market economy. “Mongolia has made remarkable political and economic progress since the early years of transition,” Mr. Kuroda said. “As the structure of the economy has changed, so have development and financing needs.” ADB will work with the Government to identify financing needs for infrastructure development, and to mobilize investments toward this end. “Many unique qualities of Mongolia make it attractive to international markets and could provide the basis for economic growth,” he said. Mr. Kuroda also stressed that Mongolia can benefit substantially from regional economic integration. Mongolia is a member of the Central Asian Regional Economic Cooperation program (CAREC), which is supported by ADB. “CAREC serves as a focal point for identifying regional investment projects that could attract substantial investments to Mongolia from international financial organizations and the private sector,” Mr. Kuroda said. Mongolia joined ADB in 1991 at the beginning of its transition to a market economy. Since then, ADB has approved 36 concessional loans to Mongolia totaling US$616 million and one private sector equity investment of $6.1 million. It has also provided technical assistance grants totaling $67 million. About ADB | 
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