AmCham hosts meeting with senior reps from leading international financial institutions

2016-06-16 17:58:35

Ulaanbaatar /MONTSAME/ The American Chamber of Commerce (AmCham) in Mongolia hosted its June monthly meeting on Tuesday with senior representatives from leading international financial institutions in Mongolia including James Anderson, Country Director for Mongolia of the World Bank (WB); Matthieu D. Le Blan, head of Office for Mongolia at the European Bank for Reconstruction and Development (EBRD); and Robert Schoellhammer, Country Director for Mongolia of the Asian Development Bank (ADB).

The meeting convened over 60 participants, including AmCham members and representatives from the Mongolian private sector. The comprehensive panel discussion focused on the medium-term economic outlook of post-election Mongolia, including a look at the opportunities and challenges.

The WB Country Manager James Anderson commented on the GDP growth of Mongolia by noting, “When Oyu Tolgoi Phase II development starts contributing to the economy, it will have some spillover effects on the overall economy,”

During the discussion on foreign direct investment in Mongolia, head of the EBRD Office for Mongolia noted, “In order to receive more foreign investment, we need quality ‪equipment, ‪machinery, and expert know-how,”

“What we can expect from the government after the election is a radical reduction in expenditures to start paying its debt,” says Robert Schoellhammer.

Chairman of AmCham Jay Liotta summarized the discussion noting, “It is important to have closer collaboration between the IFIs and the private sector. The two parties have common issues and interests,”