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Mongolia overview

Green landscape in Mongolia

Mongolia became an EBRD country of operations in 2006. The EBRD supports Mongolia in its transition to a full market economy and is currently the largest foreign investor in the country. All projects that we have supported have been in the private sector and almost 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).

The main priorities of the EBRD's work in Mongolia are:

Diversification: The EBRD will aim to expand its engagement with the non-extractive private sector.

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

Responsible mining and institutions: The EBRD continues to offer debt and equity finance to reputable mining companies which meet its high standards and will support institutional building. All of our support in the mining sector has thus far been directed to local enterprises.

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 EBRD's latest Mongolia strategy was adopted on 19 October 2022

The EBRD in Mongolia: Results snapshot


Current EBRD forecast for Mongolia's Real GDP Growth in 2023 7.2%

Current EBRD forecast for Mongolia's Real GDP Growth in 2024 7.5%

Despite weak performance in the early months of the year, Mongolia’s economy grew by 4.8 per cent in 2022. China’s re-opening in the second half of 2022 enabled a rapid expansion of mining and quarrying activities, providing a major boost for coal exports. The strong recovery continued in January-February 2023, as reflected in gross industrial output growing by 124.1 per cent year- on-year, and the volume of railway cargo adding 134.7 per cent. Meanwhile, exports almost doubled in the first quarter of 2023, reflecting a surge in coal shipments. As Covid-19-related travel restrictions have been finally rescinded, the number of incoming travellers has come back to its pre-pandemic level in the first quarter of 2023 (a five-fold increase compared with a year ago). Inflation has become a key concern for the economy, however, reaching 13.2 per cent year- on-year in 2022. The rise was fuelled by currency depreciation, a spike in global commodity prices, generous stimulus spending and an initially- accommodative monetary policy stance by the Bank of Mongolia (BoM). As tighter monetary policy has helped to dampen inflationary pressures, CPI inflation decreased to 12.2 per cent year-on-year in March 2023. Overall, Mongolia’s real GDP is forecast to grow by 7.2 per cent in 2023 and 7.5 per cent in 2024, supported by the recovery of the tourism and full production starting at the Oyu Tolgoi underground mine in March 2023. Downside risks to the outlook relate to external developments such as the war on Ukraine further disrupting transportation and transit through Russia, a tightening of global credit conditions, and uncertainty surrounding commodity prices and China’s demand for Mongolia’s exports.

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