Project Data Sheets (PDS) contain summary information on the project or program: Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
|PDS Creation Date||05 Dec 2006|
|PDS Updated as of||26 Aug 2008|
|Project Name||Housing Sector Finance|
|In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.|
|Sector and/or Subsector Classification||Finance
/ Housing Finance
|Gender Mainstreaming Categories||–|
|Type/Modality of Assistance||Approval Number||Source of Funding||Approved Amount (thousand)|
For more information about the safeguard categories, please see http://www.adb.org/site/safeguards/safeguard-categories
Environmental implications under Parts A and B of the Project were reviewed. Based on an assessment of the anticipated environmental impact of the Project, no significant negative effects were identified.
|During Project Design
|During Project Implementation
|The main objectives of the Project are to (i) meet the immediate shortage for adequate housing in Mongolia; (ii) contribute to establishing a sustainable, market-based system for the delivery of housing finance to meet the borrowing needs of low and middle income households; (iii) reduce poverty in ger housing areas by providing and upgrading basic infrastructure and services through the HAAP schemes; and (iv) improve the quality of life of low-and middle-income urban households through the provision of affordable housing loans. The proposed Project consists of three parts: Part A, lending to middle- and low-income households through participating commercial banks and intermediaries; Part B, addressing poverty reduction by financing HAAP schemes in ger housing areas; and Part C, establishing effective project management and capacity building to ensure the project are sustained.|
|Over the past three decades, Mongolia has experienced rapid urbanization. Presently, over half of the population resides in urban areas. However, since the end of the socialist era, very little new housing has been built, resulting in a critical shortage of adequate housing in Mongolia and a rapid increase in unserviced ger housing areas surrounding the cities. The access of the poor to urban services and adequate housing continues to be limited. One of the critical factors to increase access to good housing and services, for the poor and for middle-income families, is housing finance, which is not available in Mongolia. By establishing and partially funding a sustainable housing finance system in Mongolia, the proposed Project is the logical next step in developing the housing sector after Mongolia has promulgated the National Housing Strategy, Housing Policy Law, Housing Privatization Law, and the Condominium Law with assistance from earlier Asian Development Bank (ADB) technical assistance (TAs). The lack of long-term finance and past inadequacy of legal framework for property rights has kept Mongolian commercial banks from engaging in lending for housing. Currently, the major sources of housing finance for low- and middle-income households are their own savings and family assets. The access to a housing finance loan release the financial and technical resources of family, friends, and relatives for other activities. When surveyed regarding housing finance, most potential beneficiaries indicated their willingness to contribute at least as much as the loan to the construction or purchase of the house. Further, the results indicate the overwhelming demand to improve housing, mainly by buying or constructing new houses. ADB's involvement in housing in Mongolia is justified by (i) a large demand for adequate housing and shelter, which is essential for survival of the households, particularly for the poor, given the extremes of the Mongolian climate; (ii) the significant health benefits that will accrue from better and improved basic infrastructure; and (iii) the interlinkages between the financial, banking, housing and construction sectors that will be strengthened, and substantial employment opportunities that will be created.|
|Description of Outcome
|Progress Towards Outcome
|Description of Project Outputs
|Status of Implementation Progress (Outputs, Activities, and Issues)
|Status of Development Objectives
|Date of First Listing||2006 Dec 05|
A total of 171 person-months of consulting services (41 of international and 131 of domestic) will be needed for project implementation and capacity building.
Facilities finance by ADB under the Project will be procured in accordance with ADB's Guidelines for Procurement. For procurement of goods and services to be financed by the loan proceeds, MOFE will satisfy the ADB that the procurement procedures they apply are appropriate to the circumstances.
|Procurement and Consulting Notices
|Fact-finding||01 Dec 2000 to 13 Dec 2000|
|Management Review Meeting||12 Mar 2001|
|Approval||18 Oct 2001|
|Last Review Mission||–|
|Loan 1847||18 Oct 2001||29 Jan 2002||15 May 2002||30 Jun 2007||31 Dec 2007||24 Aug 2008|
|Date||Approval Number||ADB (US$ thousand)||Others (US$ thousand)||Net Percentage|
|Cumulative Contract Awards|
|04 Dec 2013||Loan 1847||0||0||0.00%|
|04 Dec 2013||Loan 1847||11,888||0||100.00%|
Covenants are categorized under the following categories—audited accounts, safeguards, social, sector, financial, economic, and others. Covenant compliance is rated by category by applying the following criteria: (i) Satisfactory—all covenants in the category are being complied with, with a maximum of one exception allowed, (ii) Partly Satisfactory—a maximum of two covenants in the category are not being complied with, (iii) Unsatisfactory—three or more covenants in the category are not being complied with. As per the 2011 Public Communications Policy, covenant compliance ratings for Project Financial Statements apply only to projects whose invitation for negotiation falls after 2 April 2012.
|Sector||Social||Financial||Economic||Others||Safeguards||Project Financial Statements|
|Responsible ADB Officer||Sangay Penjor (firstname.lastname@example.org)|
|Responsible ADB Department||East Asia Department|
|Responsible ADB Divisions||Urban and Social Sectors Division, EARD|
Ministry of Finance
Mr. O. Erdembileg
|List of Project Documents||http://www.adb.org/projects/32017-013/documents|