State Bank signs MoU to cooperate with Development Solutions NGOEconomy
Ulaanbaatar/MONTSAME/. Through ‘Development Solutions’ NGO, the United States Agency for International Development (USAID) is implementing many projects towards the improvement of SME’s access to credit. In partnership with Development Solutions NGO, for instance, the USAID implemented REACH Project in Ulaanbaatar, Bayan-Ulgii, Dornod, and Dundgobi aimags in 2016-2018.
The next project ‘Business Excellence for Sustainability and Transparnecy’ (BEST) will be implemented in Ulaanbaatar and 12 aimags for five years. Within this project, the State Bank signed a memorandum of cooperation with ‘Development Solutions’ NGO on March 3.
To be funded with the USAID, the BEST project aims to help grow and diversify Mongolia’s economy by increasing lending to SMEs and improving economic governance and accountability. The project will be achieved through five objectives: 1) Increase SME access to finance; 2) Improve corporate governance among SMEs; 3) Improve the capacity within Mongolian institutions; 4) Maintain an analytical agenda for strategic learning; 5) Provide small grants to reach disadvantaged, but otherwise well qualified, small enterprises.