UlaanBaatar, March 7, 2012 – Following a careful review of Mongolia’s development opportunities, the World Bank has decided to declare Mongolia creditworthy for its International Bank for Reconstruction and Development (IBRD) lending.
“As Mongolia’s development needs remain great, the government is seeking to access new sources of financing to accelerate critical investments” said Mongolia’s Finance Minister D. Khayankhyarvaa. “We are pleased that the World Bank, which has been a strong partner of Mongolia over the past twenty years, has decided to extend additional support to Mongolia through its IBRD financing.”
“With our financial and analytical support, Mongolia has been able to achieve some excellent results – bringing water to the ger areas of Ulaanbaatar, helping set up mobile phone services across the country, and establishing more transparent and effective public management systems. We are confident that they will continue to make good use of IBRD resources” said Klaus Rohland, World Bank Country Director for China and Mongolia.
The World Bank Group makes IBRD financing available to middle-income and creditworthy poorer countries to promote sustainable, equitable and job-creating growth, reduce poverty and address issues of regional and global importance. IBRD clients gain access to capital on favorable terms in larger volumes, with longer maturities, and in a more sustainable manner than world financial markets typically provide. Unlike commercial banks, IBRD is driven by development impact rather than profit maximization.
Mongolia will continue to qualify for concessional financing from the International Development Association (IDA), the World Bank fund for the poorest, during a transition period.
To know more about IBRD, visit https://treasury.worldbank.org/bdm/htm/index.html
To know more about the impact of IDA-funded projects in Mongolia, visit https://www.worldbank.org/en/country/mongolia/projects/results