Mongolia and ADB
In the Spotlight
Rapid growth in mining and cross-border trade is putting a strain on existing infrastructure in Mongolia's South Gobi region, an area famous for its wild nature, nomadic culture, and rich mineral deposits. The Government with support from ADB is now working to improve urban infrastructure and services.
Mongolia’s economic growth is expected to remain solid in the next two years, albeit with a slight moderation from 2018, thanks to strong domestic demand, stable services and manufacturing, as well as a recovery in agriculture performance, says a new ADB report.
ADB and the Leading Asia’s Private Infrastructure Fund (LEAP) signed an $18.7 million loan with Sermsang Power Corporation Public Company Limited (SSP) and Tenuun Gerel Construction LLC (TGC) to build, operate, and maintain a 15-megawatt solar power plant supplying electricity to Mongolia’s central grid system.
Mongolia’s stunning landscapes and nomadic culture form the basis for a small but rapidly growing tourism industry. To achieve sustainable tourism development, a focus on at least four key areas is required
Mongolia urgently needs to restore macroeconomic stability to ensure social stability, and to develop in the longer term a more resilient and diversified economy that can consistently deliver rapid, inclusive, and sustainable growth.
ADB assistance in Mongolia addresses key development challenges by supporting investments, policy reforms, capacity building, and knowledge sharing to sustain inclusive growth in a period of economic difficulty.
Mongolia is a member of the Central Asia Regional Economic Cooperation (CAREC) Program.
Projects in Mongolia
- Strengthening Information and Communication Technology Systems for Efficient and Transparent Public Investment and Tax Administration
- Social Welfare Support Program Phase 2
- Conservation of Forest Genetic Resources
- Upscaling Renewable Energy Sector Project
- Asian Development Outlook 2016-2018 - Asian Development Outlook 2017 (Subproject 2)