The 56th meeting of the Asian Development Bank (ADB) was successful, and Deputy Minister of Finance S. Mungunchimeg participated in the meeting as the representative of the Governor of ADB

Information published: Financial Policy Department

Date of publication: 2023 оны 05 сарын 09

The 56th Asian Development Bank (ADB) meeting took place in Incheon, South Korea from May 2 to May 5, 2023, under the theme "Policies to Support Asia's Rebound."       S. Mungunchimeg, the Deputy Minister of Finance, represented Mongolia as the country's governor at the meeting. Mongolia considers ADB as its primary partner organization, and thus, it ensures its representation at the annual meeting without fail.

During this year's gathering, the governors engaged in discussions focused on enhancing the "asset utilization ratio," optimizing the organization's balance sheet, and promptly addressing the financial needs of member countries. Additionally, Deputy Minister of Finance S. Mungunchimeg had a meeting with ADB's Vice President, Ahmed Saeed, where they exchanged ideas on supporting the expansion of investment projects and financial instruments offered by ADB to the private sector.

Following, Deputy Minister of Finance S. Mungunchimeg held a meeting with Jaeyoung Jin, the director of Mongolia at the World Bank's "Multilateral Investment Guarantee Agency." During the discussion, it was highlighted that the agency holds the 8th position globally in terms of the amount of guarantees issued for financing the "Oyu Tologi" project. Furthermore, the World Bank expressed keen interest in fostering closer collaboration with Mongolia to explore opportunities for introducing additional guarantee and warranty products. This signifies the potential for enhanced cooperation between the two entities in facilitating investment projects and providing financial support to Mongolia's private sector.

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