Luxembourg Prime Minister Jean-Claude Juncker, who is paying an official visit to Mongolia, formally opened a new Business Advisory Services office of the European Bank for Reconstruction and Development, commonly known as EBRD, in Ulaanbaatar on October 27.

Varel Freeman, the First Vice President of the Bank, led a team of officials to Mongolia last week. They met leaders of the Government, held discussions with present and potential business partners, and finalized important investments in the country. The visit, Freeman said, was meant to reinforce the EBRD's commitment to supporting the economic development of Mongolia. The Bank focuses on developing the private sector, including promotion of micro, SME and large local enterprises, strengthening the financial sector and sustainable development of the country's crucial natural resources sector.
Freeman signed a major project providing financing of up to US$47.5 million to the petrol distribution company Magnai Trade. The EBRD team also finalized a US$6 million credit to Mongolian Star Melchers Ltd, a leading distribution network company which is building a major new facility on the outskirts of Ulaanbaatar.
Moreover, on the team's agenda was a review of progress of the EBRD's support for Government efforts to reduce air pollution in Ulaanbaatar. Using donor funding, the EBRD has been spearheading a project to help some of the poorest households in Ulaanbaatar move away from using raw coal. Policy dialogue with the Mongolian authorities has been a major plank of the EBRD's strategy for the country, helping promote good governance and better coordination between investors, foreign and domestic, and the government. A Consultative Council on Investment Climate was set up with the aim of driving forward such initiatives.
The EBRD team’s visit also highlighted the activities of the Bank’s TurnAround Management and Business Advisory Services (TAM/BAS). The TAM and BAS Programs help enterprises adapt to the demands of a market economy and twin well with the EBRD’s support for small businesses. The new office will take this work forward.

 

Source: Montsame