AKIPRESS.COM - The U.S. government, through the United States Agency for International Development (USAID), announced the launch of a five-year, MNT 40.7 billion ($15 million) project that will enable Mongolia’s small and medium enterprises to contribute more actively to the country’s economy, Montsame reported.

USAID’s Business Excellence for Sustainability and Transparency project, implemented in partnership with Mongolian non-governmental organization Development Solutions, will provide technical assistance and training to increase the access of local entrepreneurs to needed financing to help grow and strengthen their businesses.

“Mongolia’s small and medium enterprises play a significant role in creating jobs and diversifying the country’s economy,” Ambassador Michael Klecheski said. “As a key partner in the Indo-Pacific, the United States is committed to advancing a private-sector led growth in a free, democratic society.”

USAID will work with government and private sector partners to foster an environment conducive to the growth of SMEs, including easier access to business financing, improved corporate governance, capacity-building training on transparency and accountability, and provision of small grants to disadvantaged enterprises. Since 2016, USAID support to SMEs helped improve their access to credit and has facilitated linkages between financial institutions and 750 borrowers, multiplying their investments 20 times over and creating more than 600 new jobs.

The U.S. government, through USAID, works with the Mongolian government, the private sector and non-government organizations to support Mongolia’s continued democratic development, facilitate sustainable, inclusive economic growth, and solidify its path to greater independence and self-reliance. In October, the U.S. and Mongolian governments signed an MNT17 billion ($6.4 million) expansion of the bilateral agreement to implement new activities that will promote good governance, strengthen the rule of law, secure reliable, efficient, and affordable energy; and encourage sustainable, private sector-led growth.