COVID-19: Partnerships in Improving SME Access to Credit – 2021 forum heldEconomy
Ulaanbaatar /MONTSAME/. On September 16, 2020, “COVID-19: Partnerships in Improving SME Access to Credit - 2021” forum was organized under the USAID Mongolia funded BEST program. The event served as a platform for private and public sector representatives to openly discuss and propose potential solutions to address current SME financing issues.
Representatives from the U.S. Embassy led by U.S. Ambassador Michael Klecheski, Mongolia’s Ministry of Food, Agriculture, and Light Industry, Independent Authority Against Corruption of Mongolia, American Chamber of Commerce, and other relevant stakeholders from the private and public sector participated in the forum.
“The economic recession, triggered by the COVID-19 pandemic, is having a significant impact on the global economy, including Mongolia’s SMEs,” U.S. Ambassador Michael Klecheski said. “The U.S. government will continue to work with the government and private sector to provide opportunities so SMEs can grow and thrive despite the negative impacts COVID-19.”
During the forum, participants were given the opportunity to participate in-person or through an online live stream. 200 representatives from Ulaanbaatar and the BEST program’s eight aimag branches (Bayankhongor, Darkhan-Uul, Dornod, Dornogovi, Khovd, Orkhon, Selenge, and Zavkhan) participated through the live stream.
The USAID-funded, five-year BEST program supports SMEs in Mongolia by working with government and private sector partners to foster an environment conducive to the growth of SMEs, including easier access to business financing, improved corporate governance, capacity-building training on transparency and accountability, and the provision of small grants to disadvantaged enterprises.