The EBRD in Mongolia

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The EBRD has been investing in Mongolia since 2006

In Mongolia, we focus on diversification, sustainable growth, responsible mining and institutions, as well as infrastructure and private-sector development. Almost all EBRD-financed projects in the country support private-sector companies and banks.

A Mongolian success story: how EBRD investment is helping Husug to enhance the quality of its products and implement new financial management software, driving further growth and efficiency.

158

Number of projects to date

€2,543m

Cumulative EBRD investment

€1,963m

Cumulative disbursements

77%

Private sector share of portfolio

Number of active portfolio operations

€1,102m

Current portfolio of projects

€792m

Operating assets

Equity share of portfolio

9 October 2000

Joined the EBRD

2,990

Capital subscription (€000)

EBRD Governor; Javkhlan Bold
EBRD Alternate Governor: Lkhagvasuren Byadran
EBRD Board Director: René van Hell
EBRD Board Alternate Director: Qiyong Liang

EBRD Shareholders information

In Mongolia, we focus on diversification, sustainable growth, responsible mining and institutions, as well as infrastructure and private sector development. Almost all EBRD-financed projects in the country support private-sector companies and banks.

Mongolia became an EBRD country of operation in 2006. The EBRD supports Mongolia in its transition to a full market economy and is currently the largest foreign investor in the country. Almost all projects we have supported there have been in the private sector and nearly all of these involve local entrepreneurs or banks. One of the priorities for the EBRD in Mongolia is to support infrastructure projects with private-sector participation, including public-private partnerships (PPPs).

Focus areas

Diversifying engagement

The EBRD aims to expand its engagement with the non-extractive private sector.

Backing sustainable growth

We support the financial sector through small and medium-sized enterprise (SME)-debt programmes, equity and technical assistance.

Supporting responsible mining and institutions

The EBRD continues to offer debt and equity finance to reputable mining companies that meet its high standards and will support institutional building. To date, all of our support in the mining sector has been directed to local enterprises.

Promoting infrastructure and private-sector development

The EBRD supports Mongolia's infrastructure-building "including through the development of renewable energy“ and promotes private-sector involvement where possible.

The Bank's latest country strategy for Mongolia was adopted on 19 October 2022.

6.3%

EBRD forecast for Mongolia's real GDP growth in 2025

6.0%

EBRD forecast for Mongolia's real GDP growth in 2026

Economic growth in 2024 remained robust, though it moderated compared with the previous year. Strong domestic demand was offset by weak net exports, while solid performance in services, mining, and domestic trade outweighed a 29 per cent contraction in the agriculture sector. The current account shifted from near-balance to a 9.3 per cent deficit, driven by a narrowing trade surplus in goods and a widening trade deficit in services. The tugrik remained relatively stable for most of 2024, supported by strong financial inflows, though it experienced some depreciation pressures since late 2024. The fiscal balance recorded a surplus for the fourth consecutive year, though smaller than in 2023. Continued growth in consumption—driven by rising real wages—and investments, particularly in planned large-scale infrastructure projects, alongside a projected recovery in agriculture, are expected to be the main drivers of growth in 2025.

However, Mongolia’s exceptionally high dependence on a few commodity exports to China—accounting for more than 90 per cent of total exports as of 2024—adds significant uncertainty to export dynamics. In 2024, coal alone accounted for 54 per cent of exports, followed by copper at 21 per cent. Both commodities are highly susceptible to price fluctuations, with coal prices weakening notably since 2024. Coal exports have begun to show signs of strain. Volumes declined by 10.7 per cent in the first quarter of 2025, while export revenues dropped by 42 per cent. Copper exports, by contrast, appear more resilient, buoyed by increasing production from Oyu Tolgoi. In the first quarter of 2025, copper export volumes rose by 24.2 per cent, with revenues up by 45.7 per cent. Given the potential softer demand from China, both external and fiscal balances are likely to face increased pressure. International reserves stood at US$5 billion in March 2025 (down from a peak of US$5.5 billion in December 2024), covering approximately 3.6 months of imports. The currency swap line with China provides additional liquidity assurance. Real GDP is projected to grow by 6.3 per cent in 2025 and 6 per cent in 2026.

Mongolia strategy and snapshot

Mongolia strategy

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Local language translation

PDF format / 3.01 MB

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Report on public comments

PDF format / 0.59 MB

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Mongolia country snapshot

PDF format / 1.19 MB

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Contact the EBRD in Mongolia

Head of Office: Hannes Takacs

Address:

EBRD Ulaanbaatar Resident Office, 3rd Floor, MCS Plaza, Seoul Street – 4A, 14251 Ulaanbaatar, Mongolia

Telephone:

+ 976 11 317 974

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The EBRD in Mongolia

A Mongolian success story: how EBRD investment is helping Husug to enhance the quality of its products and implement new financial management software, driving further growth and efficiency.

Focus areas

Diversifying engagement

Backing sustainable growth

Supporting responsible mining and institutions

Promoting infrastructure and private-sector development

Mongolia strategy and snapshot

Contact the EBRD in Mongolia

The EBRD in Mongolia

A Mongolian success story: how EBRD investment is helping Husug to enhance the quality of its products and implement new financial management software, driving further growth and efficiency.

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Diversifying engagement

Backing sustainable growth

Supporting responsible mining and institutions

Promoting infrastructure and private-sector development

EBRD names new Head of Mongolia

EBRD lending up to MNT 26.2 billion to support Mongolia’s automotive sector

EBRD and EU step up support for MSMEs in Central Asia and Mongolia

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