A USD 2.5 million grant from Japan’s Fund for Poverty Reduction, which is financed by the Japanese government and administered by Asian Development Bank (ADB), will be used to attempt to strengthen the regulation of Mongolia’s savings and credit cooperative market.
Having passed a new law recently to regulate savings and credit cooperatives, Mongolia will use the grant to further support the Financial Regulatory Commission, which inspects all savings and credit cooperative activities, provides training for staff and offers evaluation systems.
The grant will also be used to improve financial literacy in poor households through a six-part pilot drama series on Mongolian television covering savings and managing money. According to Betty Wilkinson, Senior Finance Specialist in ADB’s East Asia Department, this television series will be extended if the public response is positive.
By Paul K. Kim, Research Associate
ABOUT Asian Development Bank (ADB):
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a development finance institution that consists of sixty-seven members, of which forty-eight are located in the region. The ADB has three strategic priorities: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, the ADB uses loans, technical assistance programs, grants and direct assistance in the form of equity investments, guarantees and credit to private companies in member countries. The ADB reported a total capitalization of USD 56 billion as of December 31, 2009.
SOURCES:
[1] Asian Development Bank. “ADB, Japan Help Mongolia Improve Financial Services, Education For Poor” http://www.adb.org/Media/Articles/2010/13443-mongolia-inclusive-financia…
MicroCapital’s Microfinance Universe Profile: Asian Development Bank (ADB) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asi…
MicroCapital.org Story, December 22, 2010. “Asian Development Bank (ADB) Launches $250m Microfinance Risk Participation Program” https://www.microcapital.org/microcapital-brief-asian-development-bank-ad…
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