To support the achievement of the MDGs (Millennium Development Goals), ADB (Asian Development Bank), based in Manila, continues to help promoting economic growth of developing countries for job creation and boost essential services for the poor. As a part of these endeavors, ADB recently decided to earmark $63 million in loans to Mongolia over the next two years. (Source: ADB)

It is noted that ADB's development strategy was shifted from a 'sector approach' towards 'priority themes'. The basis of such shift is the 'Country Strategy and Programme (CSP) Update for 2005-06' which was recently endorsed by ADB's Board of Directors.
In the case of Mongolia, the previous CSP Update has been strategically focused on identification of issues in agriculture, finance, public sector reform, and social services. However, ADB's future strategy will narrow to governance reform, private sector development, rural-urban migration issues, social service efficiency, and subregional cooperation.

Owing to strong agricultural performance and a buoyant services sector, Mongolia's economy grew by 5.5% in 2003. The continuing growth is helping to lift living standards, but the benefits are not equally distributed among the population, as revealed by widening income inequality and unchanged poverty incidence, ADB says.

ADB is dedicated to reducing poverty in Asia and the Pacific region through pro-poor sustainable economic growth, social development, and good governance.

More information at www.adb.org