This is excellent news for Mongolia as they will now be able to benefit directly from EBRD investment in infrastructure, and with the EBRD’s emphasis on managing environmental and social risks many projects can be expected to benefit from the application of the EBRDs environmental and social policy requirements.
European Bank for Reconstruction and Development (EBRD) has decided to grant credit rights to Mongolia. This issue will be decided in the near months. Besides, the EBRD is expected to establish its Resident Representative Office in the country. A Director for Russia, Central Asia Regional Group in the EBRD Hubert Pandza reported on the above on Wednesday.
“The EBRD is delighted to be able to start working fully with Mongolia. We see Mongolia’s admission as a recipient country of the EBRD as a natural continuation of the work the Bank started in central and eastern Europe 15 years ago,” said EBRD President Jean Lemierre. “Our experience and our expertise will help move forward the process of economic and political transformation.” President Lemierre is expected to visit Mongolia in September.
Map courtesy of the University of Texas Libraries, The University of Texas at Austin