Улаанбаатар
30th anniversary of Mongolia’s accession to World Bank
Society
Ulaanbaatar /MONTSAME/. This year marks the 30th anniversary of Mongolia’s accession to the World Bank Group. Specifically, on February 14, 1991, the eve of Tsagaan sar, the delegation led by former Minister of Finance A.Bazarkhuu signed a cooperation agreement at the World Bank’s headquarters in Washington, becoming the 155th member country.
Through the years of cooperation, USD 1.2 billion has been committed to Mongolia by the World Bank in development financing, including low-interest loans, zero to low-interest credits and grants.
At the beginning of the cooperation, most of the World Bank's support was aimed at helping Mongolia overcome the transition period, ensure the sustainable operation of mines and power plants, supply coal on schedule, lay the foundation and develop the private sector and a new financial and legal system.
In the years that followed, the focus shifted to poverty, human development, and rural livelihoods. The first projects that the World Bank realized in Mongolia was to improve rural infrastructure, as well as Mongolia’s accessibility to internet.
