EU funded project creates over 500 jobs

Oyundelger 2019-02-27 12:02

Economy

Board meeting of the Support for Mongolian Economic Diversification through SME Access to Finance project being implemented by the European Bank for Reconstruction and Development (EBRD) was held at t

Board meeting of the Support for Mongolian Economic Diversification through SME Access to Finance project being implemented by the European Bank for Reconstruction and Development (EBRD) was held at the Ministry of Food, Agriculture and Light Industry. The project funded by the European Union’s Asia Investment Facility is being implemented in 21 provinces of Mongolia since 2016. Currently about USD 90 million worth agreements were signed with four local financial intermediaries. It was reported that the sales of 70 percent of SMEs involved in the project have continuously increased thanks to the consulting services and over 530 new jobs were created. The entities interested in getting consulting service should have annual sales revenue of less than EUR 50 million, or total capital of less than EUR 43 million and up to 500 employees. EBRD plans a number of works including support the Ministry of Food, Agriculture and Light Industry for conducting survey on   demand and needs of SMEs, running public discussion to receive proposals on SMEs draft law and improving capacity of business associations.