Mongolia and World Bank celebrate 25 Years of Path toward Prosperity
Mongolia and World Bank celebrate 25 Years of the Path toward Prosperity.
Mongolia and the World Bank celebrate 25 Years of the Path toward Prosperity. Mongolia’s decision to join the international financial institutions came as old political blocs and economic alliances were crumbling, and a new epoch of globalization was just beginning. Joining the World Bank meant expanding the range of partners and integrating with the rest of the world. Mongolia was the World Bank’s 155th member, part of a wave of additions from the former socialist countries of Central and Eastern Europe and the former Soviet Union. In the earliest days, much of the World Bank’s support was aimed at helping Mongolia cope with the transition, on survival and rehabilitation—keeping the mines and power plants operational and the coal deliveries on schedule—and on building the rudiments of a private sector and new financial and legal systems. As the years went on, attention to poverty and human development deepened, as did support for rural livelihoods. An early project supported Mongolia’s rural infrastructure; a later project helped develop Mongolia’s Internet infrastructure. The sum of the financial flows is worth more than $800 million. World bank country manager said ‘Whether it is in mining governance or education, in environmental protection or crisis response, in herder protection or information and communications technology development, it has been an honor for the World Bank to accompany Mongolia on its development path’.
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