World Bank provides USD 400 thousand to support Mongolian SMEs
Over 20 small-and medium-sized enterprises (SMEs) receive USD 400 thousand from the World Bank through its Mongolia Export Development Project.
World Bank provides USD 400 thousand to support Mongolian SMEs. Over 20 small-and medium-sized enterprises (SMEs) receive USD 400 thousand from the World Bank through its Mongolia Export Development Project. In accordance with the agreement established with the Mongolian Government, the World Bank will support Mongolian small and medium size firms (SMEs) in the non-mining sectors with the fund totaling USD 20 million. So far, the World Bank has approved to render financial support to six entities which submitted their export plan. The sides agreed to allocate the financial incentives for researches on marketing tourism, wool and cashmere products, Mongolian interlocking puzzles and souvenirs as well as for developing and testing new export products. The World Bank funding will not be granted directly. The project will cover 50 per cent of the total expense of activities including strategic business plan, management reform, product quality examination, certification, product launching, and participation in export trade fairs and training. The highest amount of assistance equals to USD 100 thousand.
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