Mongolia: Supporting Financial Sector Development and Stability

Sovereign (Public) Project | 50017-001

Project Details

  • Project Officer
    Giacomo Giannetto
    East Asia Department
    Request for information
  • Country
    Mongolia
  • Modality
    • Technical Assistance
  • Sector
    • Finance
Project Name Supporting Financial Sector Development and Stability
Project Number 50017-001
Country Mongolia
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9180-MON: Supporting Financial Sector Development and Stability
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 Equity and Mainstreaming 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 consultants 8 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)
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)
S.Danzangiin Gudamj 5/1, Zasgiin Gazriin
II Bair, Ulaanbaatar 15160 Mongolia
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

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 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,250,000.00 300,000.00 0.00 0.00 0.00 0.00 1,550,000.00 07 Sep 2021 1,240,370.57

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Tenders

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Procurement Plan

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