ADB and Erdenes Mongol sign $35m loan agreement.
Asia Development Bank Country Manager, Robert Shoelhammer and Byambasaikhan Bayanjargal, Erdenes Mongol CEO signed the largest technical assistance project loan ever granted by ADB. The $35m facility will be expended over the coming 3 years on projects that will see Erdenes strengthen its management and investment capacities, allowing it to more effectively support the country’s drive for economic diversification.
ADB’s technical assistance loan will be used to draw up a full corporate strategy with midterm and long-term targets. It will support Erdenes Mongol transition to international standards in policy and management practices. Erdenes Mongol will embed proper systems for investment decision making, sound corporate governance, and prudent risk management.