ADB Signs Projects to Develop Renewable Energy and Improve Tax Administration in MongoliaVideo
On November 2, the Asian Development Bank (ADB) and Government of Mongolia signed loan and grant agreements totaling USD85.6 million for projects focused on developing the country’s first distributed renewable energy system and improving tax administration and public investment management using information and communications technology (ICT).
The agreements were signed by Minister of Finance Mr. Khurelbaatar Chimed and ADB Country Director for Mongolia Ms. Yolanda Fernandez Lommen at a ceremony in Ulaanbaatar. Representatives from the Ministry of Energy and Mongolian Tax Authority witnessed the event.
Ms. Fernandez Lommen ADB Country Director for Mongolia
“These projects will support the government’s efforts to raise the share of renewable energy, decrease carbon dioxide emissions, and improve public financial resource mobilization and management,” “They are also closely aligned with ADB’s Country Partnership Strategy for Mongolia to foster inclusive growth, improve people’s access to services, and strengthen environmental sustainability.”
The renewable energy loan will develop a 41megawatt distributed renewable energy system—a first-of-its-kind in Mongolia—using solar photovoltaic and wind powers with advanced battery storage technology and energy management systems. The project will result in the supply of clean and reliable electricity to about 260,000 people in remote and less-developed towns in western Mongolia, who currently rely on high-cost and high-polluting carbon-intensive electricity.