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AKIPRESS.COM - The U.S. government on October 10 said the United States Agency for International Development (USAID) and the Ministry of Finance of Mongolia signed a MNT 17 billion ($6.4 million) expansion of the bilateral agreement to implement new activities in support of good governance; the rule of law; reliable, efficient and affordable energy; and sustainable, private sector-led growth in Mongolia, Montsame reported.
“The United States is proud to stand with the government and the people of Mongolia to promote sustainable and inclusive growth,” Ambassador Michael Klecheski said. “As strategic partners that share a commitment to democracy, this enhanced partnership will deepen our cooperation to support peace, prosperity, and stability in the region.”
The new assistance from USAID will help grow and diversify Mongolia’s economy through support to small and medium enterprises (SMEs). USAID will work with government and private sector partners to create an environment conducive to the growth of SMEs, including easier access to business financing, improved corporate governance, and provision of small grants to disadvantaged enterprises.
In partnership with the Ministry of Finance, the U.S. government will also increase the people of Mongolia’s access to economical, clean, and quality energy. USAID assistance will help accelerate deployment of new and advanced technologies, including for energy efficiency; improve the performance of power utilities; and enhance private sector participation.
The U.S. government, through USAID, supports Mongolia’s continued democratic development; sustainable, inclusive economic growth; and sovereignty. Through its Leaders Advancing Democracy (LEAD) Mongolia program, USAID is helping to build the next generation of democracy champions across the country. USAID has also helped SMEs improve their access to credit and has facilitated linkages between financial institutions and 750 borrowers, multiplying their investments 20 times over and creating more than 600 new jobs.