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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%

GDP increased by 6.4 per cent year on year in the first half of 2023 on strong domestic demand and China’s re-opening. Monthly average household expenditure increased by 21.7 per cent year on year in the second quarter of 2023, supported by growth in nominal wages (up 26 per cent year on year). China’s demand for Mongolian commodities, the launch of two new rail lines connecting Tavan Tolgoi coal deposits with China and the start of underground production at Oyu Tolgoi resulted in a 34.5 per cent year on year growth of exports in January-July 2023. The number of incoming travellers in the first half of 2023 increased three-fold year on year as tourism fully recovered, helping business performance in the hospitality and cashmere industries. With Mongolia’s systemically important banks having been transformed into publicly traded companies, the country’s stock market capitalisation exceeded US$ 3 billion, while trading volumes in the first half of 2023 nearly doubled year on year. Concurrently, the ratio of non-performing loans decreased to 8.7 per cent in July 2023 from 9.1 per cent a year ago but remains elevated. Having peaked in June 2022, inflation dropped to 9.2 per cent in July 2023. On the back of elevated export revenues, the tugrik has started to appreciate since March 2023, while gross international reserves added 15.7 per cent year to date. Meanwhile, the country was able to partly refinance US$ 1.1 billion of debt maturing in 2023 and 2024 by issuing a new US$ 650 million bond. The economy is expected to grow by 7.2 per cent in 2023 and 7.5 per cent in 2024. Stronger growth in exports, mining and tourism may strengthen the outlook, while tightening of global credit conditions and slowdown in China may limit growth.

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