Mongolia : Supporting Financial Sector Development and Stability
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 |
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| Project Status | Closed | ||||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | Governance and capacity development Partnerships |
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| Sector / Subsector | Finance / Finance sector development |
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| Gender | No gender elements | ||||||
| Description | |||||||
| Project Rationale and Linkage to Country/Regional Strategy | |||||||
| Impact | Public confidence in and capacity of the financial sector improved. |
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| 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) |
| 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 |
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 | 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 | 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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| Title | Document Type | Document Date |
|---|---|---|
| Supporting Financial Sector Development and Stability: Technical Assistance Completion Report | TA Completion Reports | May 2020 |
| Supporting Financial Sector Development and Stability: Technical Assistance Report | Technical Assistance Reports | Sep 2016 |
Safeguard Documents See also: Safeguards
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