ADB President to Visit Mongolia to Mark 20th Anniversary | Asian Development Bank

ADB President to Visit Mongolia to Mark 20th Anniversary

News Release | 8 October 2011

MANILA, PHILIPPINES - Asian Development Bank (ADB) President Haruhiko Kuroda will visit the Mongolian capital of Ulaanbaatar from 8 to 12 October to mark 20 years of ADB-Mongolia partnership and the 10th anniversary of the establishment of ADB's office in the country.

Mr. Kuroda will give a keynote speech at the ADB-Mongolia Partnership Forum on 10 October. The event, titled A Roadmap for a Happy, Healthy, and Harmonious Mongolia, will gather local and international experts, including Nobel laureate and chairman of the United Nations Intergovernmental Panel on Climate Change, Rajendra Pachauri. The gathering will discuss the social and economic challenges facing Mongolia in the wake of significant economic progress in the country over the past 20 years. Mr. Kuroda will address faculty and students at the National University of Mongolia on 11 October.

During his visit, Mr. Kuroda will also meet Mongolian President Elbegdorj, Finance Minister Bayartsogt, Central Bank Governor Purevdorj, and members of Mongolia's Economic Advisory Board to the President.

"President Kuroda's visit to Mongolia highlights the significant progress that Mongolia has made in recent decades and the major role that the Asian Development Bank will play in helping the country secure a prosperous future for all its citizens," said Robert Schoellhammer, ADB's Country Director in Mongolia.

In August, ADB reclassified Mongolia as a Group B borrower, making the country eligible for funding from ADB's Ordinary Capital Resources, while still retaining access to ADB's concessional funds through the Asian Development Fund (ADF). This reclassification is a mark of Mongolia's recent and expected future economic development, and increased creditworthiness. The change will help Mongolia to finance its broader infrastructure needs.

Mongolia joined ADB in 1991 and since then, ADB has provided 45 loans totaling $794.7 million and 12 grants from the ADF totaling $172.2 million. In addition, Mongolia has received technical assistance of $86 million and grants of $31.5 million from the Japan Fund for Poverty Reduction.

Despite strong economic growth in recent years, around a third of Mongolia's 2.8 million population still live below the national poverty line. Incomes diverge sharply between urban and rural areas of the country. Climate change is a big challenge, particularly for those living in the countryside who depend on the nation's natural resources.