This year celebrates 25 Years of Mongolia-World Bank collaboration

Odonchimeg 2016-03-27 09:03

Economy

This year celebrates 25 Years of Mongolia-World Bank collaboration.

This year celebrates 25 Years of Mongolia-World Bank collaboration. In 1991, Mongolia joined WB to expand the range of partners and integrate with the rest of the world.  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. Series of events are being held in frame of the celebration. A blog named 25 years in 25 days has been conducted by the World Bank and the report on every year has been published till 2008. Recently, an event themed ‘World economic development patterns, China’ new approach and its impact on Mongolia’ was held. During the event discussions were held on challenges and risks in the world’s economic development, and on possible solutions of reducing their impacts and consequences on Mongolian economy. 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, said World Bank’s country director James Anderson. ‘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,’ noted Mr James Anderson.