Mongolia and EBRD discuss cooperation matters
The discussion was held between the President of Mongolia Kh. Battulga and Philip Bennett, the First Vice President of European Bank for Reconstruction and Development (EBRD).
Mongolia and EBRD discuss cooperation matters. The discussion was held between the President of Mongolia Kh. Battulga and Philip Bennett, the First Vice President of European Bank for Reconstruction and Development (EBRD). It has been more than a decade since the Bank started operating in Mongolia, and the amount of investment from EBRD to Mongolia has reached about USD 1.6 billion, noted the EBRD’s First Vice President Philip Bennett. 100 percent of EBRD investment went to the private sector, with the largest amount of investment to Oyu Tolgoi. EBRD set out four priorities in the strategy for Mongolia, and the priorities revolve around promoting non-extractive sectors. Investment of approximately USD 100 million was dedicated to promoting agriculture and land-farming, especially, to milk and dairy production. EBRD has also been supporting cashmere production by acting as the main investor for Gobi Cashmere Company. Another focus is placed on renewable energy, especially on commissioning of windmills noted Mr Philip Bennett. President Kh.Battulga touched upon many issues related to the added value to the livestock products, measures towards air pollution reduction, and provision of safe food supply and trade turnover increase between Russia and China with the construction of the 1,100-kilometre long highway. All these initiatives should increase the number of workplaces dramatically in order to reduce unemployment and eradicate poverty, which are the foremost priorities of their discussion.
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