PREMIER MEETS IFC AND MIGA AUTHORITIES

Ulaanbaatar /MONTSAME/ In frames of the working visit to the USA, the PM of Mongolia Ch.Saikhanbileg Thursday held a meeting with Mr Jin-Yong Cai, the Executive Vice President and CEO of the International Finance Corporation (IFC) and with Ms K.Honda, the Executive Director of the Multilateral Investment Guarantee Agency (MIGA), in Washington DC. Mr Saikhanbileg emphasized that the U.S. investments have significantly contributed to the economic development of Mongolia, and that the mutual understanding in politics and other spheres have reached a high level. The IFC and MIGA leaders said the U.S. investors want to make investments to the biggest projects in Mongolia. In order to support the private sector of developing countries, the IFC invests these countries and provide them with consulting and capital management services. The Corporation has set goals to abolish extreme poverty by 2030 and to boost the development, so it has started several measures for ensuring the sustainable development of agriculture, increasing the adequacy of small-sized financing, improving the infrastructure and augmenting revenues of small-sized business, said the IFC CEO. With the representative office in Ulaanbaatar, opened in 1997, the IFC has made investments of USD 470 million to Mongolia so far. The MIGA has gained a right to give guarantee for foreign direct investments to be made to Mongolia because a standard agreement has been established between the Mongolia’s government and the MIGA. This agency expressed a willingness to activate its works in Mongolia and pointed out that it issued a guarantee for the investments to be made to the Oyu Tolgoi LLC. The MIGA also said it aspires to make the cooperation with Mongolia closer. Present at the meeting were B.Altangerel, the Ambassador Extraordinary and Plenipotentiary of Mongolia to the USA; D.Erdenebat, the Minister of Industry; S.Purev, the Vice Minister of Finance; B.Delgermaa, an advisor to the Premier; and B.Batbayar, a columnist.