|
Mongolia receives EBRD assistance
Technical cooperation funding is made available to Mongolia
Jean Lemierre, President of the European Bank for Reconstruction and Development (EBRD), Kees van Dijkhuizen, Treasurer General of the Netherlands Finance Ministry acting on behalf of the Dutch Finance Minister G. Zalm, and Jean Guill, the Director of Treasury, Luxembourg, acting on behalf of Prime Minister and Minister of Finance Jean-Claude Juncker, signed agreements whereby the Netherlands and Luxembourg make contributions to the Mongolia Cooperation Fund. The Cooperation Fund is administered by the Bank.
In addition Jean Lemierre also signed a Memorandum of Understanding with Koji Tanami, Special Advisor to the Japanese Minister of Finance, marking Japan's commitment to provide the Fund with a substantial contribution.
The Fund, expected to amount initially to €10 million, will finance a technical cooperation programme that aims to assist the development of the private sector in Mongolia and promote commercialisation and privatisation of state-owned entities and companies. Mongolia joined the EBRD as a shareholder in 2000.
"Although it is not one of the EBRD's countries of operations, Mongolia can greatly benefit from the specific private sector financing experience the EBRD has gained over the past 10 years by working with similar transition countries", said Jean Lemierre, President of the EBRD. "We intend to commence technical assistance activities in Mongolia in the autumn of this year."
At the signing the Netherlands formally committed to provide €3.3 million from its Development Cooperation Budget. Luxembourg committed to provide €1 million to the Fund.
The programme, to be financed by the Fund will focus on providing advice and assistance that will contribute to the development of the private sector, attracting private foreign investment and assist state entities in commercialisation.
|
