The EBRD in Mongolia – our work in pictures
The EBRD has been working to change lives in Mongolia for a decade. Together with donors such as the European Union and the Early Transition Countries Fund, we support the private sector, boosting MSMEs (micro, small and medium-sized enterprises) and large enterprises; we improve the investment climate; and we promote sustainable, green growth.
The vast steppe
Nestled in the Eurasian steppe, Mongolia is one of the least densely populated countries in the world. The economy is heavily dependent on natural resources. Strengthening other sectors is a priority for the EBRD.
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Promoting the private sector
Reaching out to the private sector, we’ve invested more than €1.3 billion since we started work in 2006, in projects from energy and small business, to industry and financial institutions.
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Ulaanbaatar
Half the population is concentrated here, in the capital Ulaanbaatar. In recent years, foreign investors flocked in too, as the economy boomed – until factors such as an uncertain business climate and a global decline in commodity prices dampened enthusiasm. We’re working with the private sector and the government to restore growth.
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Ger districts
Modern Ulaanbaatar is surrounded by Ger districts –agglomerations of once-nomadic tents and small dwellings, lacking planning or municipal services. In winter, families burn coal for heating, blanketing the capital in smoke and making it one of the world’s most polluted cities.
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Salkhit windfarm
Clean energy is a priority. We participated in Mongolia’s first commercial windfarm project. Salkhit – meaning ‘Windy Mountain’ – generates about five per cent of the country’s needs: a big step forward.
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Livestock farming
For centuries, livestock of one sort or another have provided livelihoods for Mongolians. Milk producer Hishigten Nuudelchin has imported several hundred French-bred cows. It’s expensive in the long cold winter – but the farm has developed a link with dairy producer Teso to secure a steady income.
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Ice cream
From a single second-hand ice cream machine, six siblings have built Teso into a company that employs more than 1000 people. Donors to the EBRD are helping entrepreneurial successes like theirs become more resilient – and provide an example to others.
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Local currency lending
Foreign exchange risk is a significant disincentive to investment. With support from our donors, we’re promoting loans in the Mongolian currency – the tugrik – to small business and start-up owners like Gulmaira Akim with her workshop producing traditional textiles and handcrafts.
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Oyu Tolgoi
At the other end of the scale, we arranged a US$ 1.221 billion syndicated loan for mining operations in the world’s largest undeveloped copper and gold deposit. Oyu Tolgoi – meaning Turquoise Hill – will contribute as much as a third of Mongolia’s GDP.
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Cashmere
Another abundant resource is the wool from cashmere goats – and it’s one of Mongolia’s main exports. With EU support, we helped this producer, Mongol Noos, improve their accounts and management systems, making exports to markets like Japan and Italy much simpler.
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Women in business
Gerelmaa Enebish runs Molor Zam, a manufacturer of PVC insulated windows– a vital defence against the fierce Mongolian winters. Funded by the EU, our business advice and know-how has helped her put in place the conditions to expand her business.
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Growing businesses
Building work is under way at a new branch of Doctor Auto Chain, a company that sells car parts and accessories in a country with few real roads - and hence a lot of off-road driving. We helped the business raise its financial reporting to international standards.
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Sustainable growth
Since 2006, the EBRD has become one of the largest foreign investors in Mongolia. Our priorities are to diversify the economy, while supporting sustainable growth, responsible mining and institution building.
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Donor support
We couldn’t achieve this without generous support from our donors, who include the European Union, the and the Early Transition Countries Fund ( whose contributors include Canada, Finland, Germany, Ireland, Japan, Korea, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland, Taipei China and the United Kingdom).
From the EBRD in Mongolia: Bayarlalaa! (Thank you!)
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