U.S. provides additional MNT 8.5 billion to advance sustainable, inclusive economic growth in MongoliaEconomy
On January 14, 2021, the United States, through the United States Agency for International Development (USAID), signed a MNT 8.5 billion ($3.0 million) expansion of the bilateral agreement with the Ministry of Finance of Mongolia to promote good economic governance; reliable, efficient and affordable energy; and sustainable, private sector-led growth in Mongolia.
These new funds bring the total value of the United States’ contribution of this 17-year agreement to nearly MNT 360 billion ($126 million).
“The United States and Mongolia share a commitment to inclusive democratic governance, the growth of small and medium enterprises, and a financially sustainable energy sector,” Ambassador Michael Klecheski said.
“As a friend and third neighbor, the United States will continue to support Mongolia’s good governance, economic growth, and sovereignty. The expansion of this long-standing agreement is the latest demonstration of how the U.S. – Mongolia strategic partnership is making a real positive impact.”
The expanded bilateral agreement will help grow and diversify Mongolia’s economy by continuing to assist small and medium enterprises (SMEs). USAID will work with the government and private sector to foster an environment conducive to the growth of SMEs, including easier access to financing and improved corporate governance, capacity-building training on transparency and accountability, and the provision of small grants to disadvantaged enterprises.
USAID, lead U.S. government agency for international development and disaster assistance, will also initiate a new sustainable energy program that will provide focused capacity building and technical assistance. The program will help establish a competitive, diversified, modern and financially sustainable energy sector that will help move Mongolia toward energy independence.
USAID, building on the success of previous programming, will also continue to back the Government of Mongolia’s efforts to reduce corruption, increase transparency, improve administrative reform, and promote a culture of civic participation and education, thereby contributing to an improved climate for private sector growth.