Mongolia in CAREC
- Mongolia joined CAREC in 2003
- Since 2003, $419 million has been invested in transport, trade, and energy
- Mongolia currently has six ongoing CAREC projects
- Since 2001, two CAREC projects have been completed
Western Regional Road Corridor Development Program - Tranche 1
Expected outcome: The first project of the investment program will improve transport accessibility in the western region of Mongolia, contributing to the region’s economic growth.
Regional Logistics Development Project
Expected outcome: The project will promote international and regional trade in Mongolia by developing an efficient, competitive, and reliable multimodal transport system at Zamyn-Uud.
Regional Road Development Project - Supplementary
Expected outcome: The supplementary financing will help finish the project and realize the benefits of establishing a modern highway link between Mongolia's economic centers and its main trading partners.
Mongolia spreads across 1.5 million square kilometers of the Central Asian plateau, strategically bordering the Russian Federation in the north and the People's Republic of China in the south. Much of its land area is covered by steppes, with high mountains and valleys to the north and west, and the Gobi desert to the south.
Highlights from the Asian Development Outlook 2013:
Continuing economic trends feature high growth and inflation, procyclical fiscal policy, and large current account deficits. GDP growth decelerated to 12.3% in 2012 from 17.5% in 2011, and inflation accelerated. Overly expansionary policies, including substantial off-budget spending, have caused internal and external macroeconomic imbalances. Over the longer term, sound public resource management and effective cooperation with private investors are needed to develop Mongolia's energy sector in a sustainable and environmentally friendly way. Read more.