Mongolia and ADB
In the Spotlight
In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2018, ADB is revising its growth outlook for Mongolia to reach 6.4% in 2018 and 6.1% in 2019, exceeding its April estimates of 3.8% growth this year and 4.3% next year. This upward revision is based on better performance of coal exports and stronger than expected private consumption.
ADB Board of Directors has approved a $40 million loan to develop a 41 megawatt (MW) distributed renewable energy system. It's a first-of-its-kind in Mongolia using a variety of renewable energy technologies to supply power and heating in the remote and less-developed western regions of the country.
The ADB Board of Directors has approved a $25 million loan to help the Government of Mongolia improve its tax administration and public investment management using information and communication technology (ICT).
The Country Operations Business Plan is consistent with the strategic priorities of the country partnership strategy (CPS), 2017–2020 of ADB for Mongolia. In line with the Government Action Plan, 2016–2020 and the midterm review of Strategy 2020, the overarching goal of the CPS is to help Mongolia sustain inclusive growth in a period of economic difficulty.
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
- Promoting Investments and Economic Growth in Central and West Asia, East Asia, and South Asia Subregions
- Strengthening Knowledge and Actions for Air Quality Improvement
- Vegetable Production and Irrigated Agriculture
- Southeast Gobi Urban and Border Town Development Project (additional financing)
- Upscaling Renewable Energy Sector Project