Mongolia becomes new donor to World Bank's fund for poorest countries

The World Bank ​Group said on Saturday that ​Mongolia has become a ‌new donor ​to the International Development Association fund for the poorest countries, after previously spending nearly ‌three decades as a recipient of IDA funding. The development lender said that Mongolia's parliament approved a 4.8 billion tugrik ($1.3 million) contribution to the latest ‌IDA funding round, marking a milestone in the country's development ‌journey.

Since becoming a World Bank member country in 1991, Mongolia has received more than $1.62 billion in development financing, including IDA support for transport, rural development, ⁠health and education. ​Mongolia graduated ⁠from IDA support in July 2020, becoming a client of the World Bank's ⁠main lending arm for middle-income countries, the International Bank for Reconstruction and Development. "Mongolia’s ​contribution to IDA21 marks an important milestone in our longstanding ⁠partnership with the World Bank and reflects our commitment to international solidarity," Mongolian Finance ⁠Minister ​Mendsaikhan Zagdjav said in a statement released by the World Bank.

"Having benefited firsthand from IDA’s support, we recognize the vital ⁠role of concessional financing in helping countries reduce poverty, build resilience, and ⁠expand ⁠opportunities. As we continue to advance Mongolia's own development priorities, we are proud to support other countries in ‌pursuing ‌theirs."