Mongolia : Supporting Financial Sector Development and Stability

Sovereign Project | 50017-001

Project Details

  • Project Officer
    Giacomo Giannetto
    East Asia Department
    Request for information
  • Country/Economy
    Mongolia
  • Modality
  • Sector
    • Finance
Project Name
Supporting Financial Sector Development and Stability
Project Number
50017-001
Country / Economy
  • Mongolia
Project Status
Closed
Project Type / Modality of Assistance
  • Technical Assistance
Source of Funding / Amount
TA 9180-MON: Supporting Financial Sector Development and Stability
Source Amount
Technical Assistance Special Fund US$ 1.25 million
Republic of Korea e-Asia and Knowledge Partnership Fund US$ 300,000.00
Strategic Agendas
  • Inclusive economic growth
Drivers of Change
  • Governance and capacity development
  • Partnerships
Sector / Subsector
  • Finance / Finance sector development

Gender
No gender elements
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact

Public confidence in and capacity of the financial sector improved.

Project Outcome

Description of Outcome

Financial sector stability and services improved

Progress Toward Outcome
Work on the TA subcomponents have generally been completed. The TA will close as planned.

Implementation Progress

Description of Project Outputs

Financial stability framework strengthened

Financial consumer protection framework enhanced

Sound and sustainable development of savings and credit cooperatives promoted

Effective non-performing loan resolution mechanism initiated

Risk management capacity in the disaster risk insurance sector improved

Status of Implementation Progress (Outputs, Activities, and Issues)

Work on the outputs has generally been completed: (1) Financial Stability Council Secretariat - Work has been completed with the final reports submitted and accepted by the Bank of Mongolia. The final task was preparation of a survey on risk perceptions in the banking sector. This has become a regular survey of the Bank of Mongolia. (2) Bank of Mongolia - The draft law on the AMC is finalized and with parliament to consider submission in the Spring term 2019. A training event is scheduled for selected members of parliament on AMC operations to KAMCO in late April 2019. This will be the last task of the TA in this area; (3) Bank of Mongolia, Department for Public Education and External Communication - All work has been completed and the final report has been submitted and accepted by the Bank of Mongolia. A final international conference on financial consumer protection was held October 12 2017; (4) FRC - Inputs to the draft law on savings and credit cooperatives in in final process. The law amendment will be submitted to Parliament this Fall. A rehabilitation and restructuring program has been approved by FRC to support SCCs strengthening. An assessment of the condition of each SCC was completed to support the rehabilitation and restructuring program for the sector; (5) MOF - Work on conversion of AgRe into a national re-insurer has stopped and this element of the TA will not continue. AgRe has already converted to a national re-insurer and further assistance it no longer needed.

Geographical Location
Nation-wide

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples

Stakeholder Communication, Participation, and Consultation

During Project Design
Detailed discussions were held with the BOM, MOF and the FRC to define the project and the outputs.
During Project Implementation
Ongoing review missions are held and the last one was in March 2019. Meetings were held with each implementing agency and MOF.

Business Opportunities

Consulting Services
The consultants8 international (35 person-months total) and 5 national consultants (26 person-months total)will be individually selected and engaged on a lump sum basis by the Asian Development Bank (ADB) in accordance with its Guidelines on the Use of Consultants (2013, as amended from time to time)

Contact

Responsible ADB Officer
Giacomo Giannetto
Responsible ADB Department
East Asia Department
Responsible ADB Division
Public Mgt, Financial Sector and Regional Coop Division, EARD
Executing Agencies
Ministry of Finance (formerly Ministry of Finance and Economy)

Timetable

Concept Clearance
28 Jun 2016
Fact Finding
01 Feb 2016 to 03 Feb 2016
MRM
-
Approval
26 Sep 2016
Last Review Mission
-
Last PDS Update
27 Mar 2019

Funding

TA 9180-MON

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
26 Sep 2016 11 Oct 2016 11 Oct 2016 30 Jun 2019 - 06 Aug 2019
Financing Plan/TA Utilization
ADB Cofinancing Counterpart Total
Gov Beneficiaries Project Sponsor Others
1,250,000.00 300,000.00 0.00 0.00 0.00 0.00 1,550,000.00
Cumulative Disbursements
Date Amount
17 Jun 2022 1,240,370.57

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.

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Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.


Evaluation Documents See also: Independent Evaluation

Title Document Type Document Date
Mongolia: Supporting Financial Sector Development and Stability Validation of Technical Assistance Completion Reports Mar 2021

Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.

Tenders

No tenders for this project were found.

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.