Mongolia in CAREC
- Mongolia joined CAREC in 2003
- Since 2003, $419 million has been invested in transport, trade, and energy
- 6 ongoing CAREC projects
- 2 completed CAREC projects
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 2014:
Mongolia is challenged by significant external imbalances because foreign direct investment has declined rapidly and some mineral exports remain weak. Growth is forecast to moderate in 2014 and remain broadly stable in 2015, inflation to decline, and the current account balance to improve over the next 2 years, assuming appropriate policies. The major policy priority is to address pressures on the balance of payments and foreign exchange reserves. Read more.