AKIPRESS.COM - The European Bank for Reconstruction and Development, EBRD will provide a second loan of US$ 5.5 million to help Monos pharmaceutical and cosmetics workshop in Mongolia build a new production plant, develop training activities and support its wholesale business, the Bank said in a release.

The company aims to secure a certification of Good Manufacturing Practice (GMP) and to employ at least 30 new staff trained to GMP standards.

Luvsan Khurelbaatar started a small pharmaceutical and cosmetics workshop in 1990, using locally-grown herbal ingredients to produce skin lotions, powders and solutions for respiratory diseases. Over the years, it grew into a large factory, with more and more people joining him.

Today, the workshop that became a factory has moved to a large industrial site on the outskirts of Mongolia’s capital Ulaanbaatar – with the help of the EBRD.

Monos has turned into the largest player in the sector in the country:  it employs more than 800 people and produces a wide range of cosmetic, medical and pharmaceutical products.

The EBRD’s investments in Monos are helping to build a more diverse economy in Mongolia. The European Union supports this project with funding aiming to improve access to finance and know-how in the country.

While the EBRD provided €52.7 million in total in investments, the EU has made available €9.3 million to support this finance.