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Although Mongolia is relatively far advanced in terms of promoting private ownership, the country still faces substantial transition challenges. The Bank, due to its deep and broad engagement in the Mongolian private sector, is well placed to continue to support the private sector and the development of market institutions in the country. The key challenges and strategic orientations for the coming Strategy period are outlined below.
Promoting diversification through support for non-resource sectors
Mongolia’s mining boom has resulted in an increased dependence on volatile commodity revenues. The relative weight of the mining sector in the economy needs to be reduced over the medium term through supporting development of a potentially competitive non-extractive sector. The Bank will aim to deepen and expand its engagement with the Mongolian non-extractive private sector through provision of financing, advisory and technical assistance, as well as through policy dialogue aimed at developing an enabling business climate and the appropriate institutional and legal frameworks.
Promoting sustainable growth through broadening access to finance
As the economy receives large and increasing inflows of capital and commodity revenues, it is particularly important to develop a strong financial sector capable of channelling these inflows throughout the economy, allocating resources efficiently through effective intermediation contributing to the growth of the private corporate and SME sector. . The Bank will support the financial sector through SME-debt programmes, equity and specific technical assistance programmes.
Promoting responsible mining and strengthening governance institutions
Mongolia’s mining boom should be leveraged to attain the country’s development and transition goals. This requires further strengthening of market and governance institutions and developing a transparent, effectively regulated mining sector and a long term framework for managing commodity revenues. The Bank will continue to offer debt and equity finance to reputable local mining companies which meet its high environmental, health, safety and corporate governance standards. To attract foreign capital, Mongolia will need to provide a stable business environment, including prudent fiscal policies and adherence to the rule of law. In support of institutional building, the Bank will increase its engagement with the authorities through high level policy dialogue, institutional capacity building programmes and, in close cooperation with other IFIs, assist in strengthening the framework and policies for (mineral resource) revenue management.
Modernising infrastructure and bringing in the private sector
Mongolia’s domestic and international trade expansion will rely on accelerating development of the country’s infrastructure, which needs to be achieved within a limited fiscal space, thus calling for exploring avenues for private sector participation. The Bank will support rehabilitation and development of Mongolia’s infrastructure, including through development of renewable energy, adoption of sustainable tariffs, commercialisation and modernisation of state-owned public utilities, and structuring viable PPPs where possible.
Last updated 26 June 2013