AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) is promoting further growth in non-extractive industries in Mongolia by supporting the operations of its longstanding client MSM Group, which is involved in the production and sale of industrial chemicals, the distribution and maintenance of cars and industrial vehicles, and the importing and distribution of beverages, Montsame reported.

MSM, which has been working with the EBRD since 2008, will use the Bank's loan of up to 26.2 billion tugriks (€7 million) for the construction of a storage facility, a workshop and an automotive showroom. The funds will also help MSM to finance its working capital needs.

The expansion of MSM's operations will help it to provide a better and faster service to its customers. The company will also be in a better position to cater for the needs of Mongolia's rapidly growing automotive industry, which saw a 67% increase in vehicle imports in 2024.

The EBRD has invested almost €2.77 billion in Mongolia's economy through 158 projects to date. Approximately 90% of these funds have been used to support private-sector companies.