Leasing is a growing sector in Mongolia, where it represents an important alternative to bank lending for SMEs in need of finance. Although SMEs account for 90 per cent of all registered businesses in Mongolia, they have limited access to long-term financing due to lack of collateral and credit history.

Under the EBRD’s SME Local Currency Programme, the Bank’s funds will be on-lent to SMEs with a particular focus on machinery, commercial vehicles and medical appliances.

The financing will also support the business development plan of XacLeasing in the SME sector and help to diversify its sources of funding, while reducing foreign currency risk.

Noel Edison, Director for Insurance and Financial Services at the EBRD, said: “Partnering with XacLeasing will increase the availability of much-needed long-term funding in local currency for SMEs that are underserved by bank finance. SMEs are the backbone of the economy and they contribute to most employment and economic growth in Mongolia.”

Tsevegjav Gumenjav, CEO of XacLeasing, commented: “The fact that this is the EBRD’s second local currency loan to XacLeasing shows that the leasing sector in Mongolia has performed exceptionally well over the past years, experiencing tremendous growth, and that leasing is a promising alternative solution to financing needs. The EBRD’s financing will not only help us to increase our leasing to SMEs, but will also help our clients avoid foreign exchange risk.”

The EBRD is a leading institutional investor in Mongolia, with over €1.4 billion invested in 93 projects in the country to date. The Bank’s investments aim to make the local economy more competitive, integrated and resilient.

Turquoise Hill is of the firm view that Oyu Tolgoi LLC has paid all taxes and charges required under the Investment Agreement (and reconfirmed in the Underground Mine Development and Financing Plan) and Mongolian law.

The tax assessment is being evaluated by Oyu Tolgoi LLC and a response will be issued within the timeframe required by Mongolian Law.
source: Turquoise Hill

Minister Kim Young-Joo mentioned the Ministry’s plan to increase quota of Mongolians working in South Korea due to good results of people who worked in Korea in 2017 and decreasing number of illegal immigrants. Moreover, she has spoken about a possibility for implementing a project to establish a database connecting employers and job seekers in order to increase work opportunities.

The system is being successfully implemented in countries such as Cambodia and Vietnam. The creation of a database will allow a job seeker to get information on job vacancies in South Korea online and directly on their phones without time and distance restrictions, reported the Cabinet’s Press and Public Relations Department.

O.Onon

US-based nonprofit organization Ethical Traveler released the list of ten most ethical travel destinations in 2018, which includes Mongolia along with Belize, Benin, Chile, Colombia, Costa Rica, Palau, St. Kitts & Nevis, Uruguay and Vanuatu.

The award ceremony was held on January 13 in California, the US, and Consul General of Mongolia in San Francisco E.Galbadral received the certificate on behalf of Mongolia.

Every summer, the Ethical Traveler conducts a survey in developing nations with focus on three aspects – environmental protection, social welfare and human rights, as a result of which the list is created.

The authorities have established three hay and fodder stockpiles across the province. In anticipation of the worst possible scenario, food, fuel and insulation materials are being distributed among the neediest families.

'Zud' is a Mongolian word used to describe one of several forms of winter calamities, all of which result in the loss of livestock.

As for 10 January, 2018, mutton rose by 0.2-0.27 percent or MNT 10-14 per kg, beef by 0.16-0.26 percent or MNT 10-20 kg; horse meat is currently averaging MNT 4900.

The equipment worth USD 114 million 382,400 was provided by the World Health Organization, making it possible for the primary medical units to conduct tuberculosis diagnosis and hepatitis C virus tests in their localities.

Based on tuberculosis report from provinces, the equipment will be distributed to primary medical units in Uvs and Sukhbaatar aimags initially.

Within the ‘Whole Liver Mongolia’ program, hepatitis B, C tests are being conducted among the population, financed by the Health Insurance Fund. On the national level, the program has reached 353,445 people, who make up about 47.1 percent of the target group.
Kh.Aminaa

In a meeting held at the South Korean presidential office, Cheong Wa Dae, the visiting Mongolian prime minister said his country fully supports Moon's initiative to peacefully resolve the North Korean nuclear issue and establish peace on the Korean Peninsula.

"The Mongolian government will continue to support the policy initiatives you, Mr. President, have proposed to reduce tension and establish peace and stability on the Korean Peninsula," Khurelsukh said, according to Cheong Wa Dae pool reports.

South Korean President Moon Jae-in (R) shakes hands with Mongolian Prime Minister Ukhnaa Khurelsukh in a meeting held at his office in Seoul on Jan. 15, 2018. (Yonhap) South Korean President Moon Jae-in (R) shakes hands with Mongolian Prime Minister Ukhnaa Khurelsukh in a meeting held at his office in Seoul on Jan. 15, 2018. (Yonhap)

Moon proposed the countries work together to upgrade their ties into a "comprehensive partnership," noting they shared a long history of friendship.

"South Korea and Mongolia are very close ethnically, historically, culturally and geographically. They both pursue common goals of democracy and market economics," he told the Mongolian prime minister. "Also, they share a common goal of peace in Northeast Asia."

Khurelsukh arrived here earlier in the day for a three-day visit. He is set to attend a joint business forum and meet other Korean leaders before heading home on Wednesday. The Moon-Khurelsukh meeting also involved Mongolia's Foreign Minister Damdin Tsogtbaatar and other visiting officials, including lawmakers.

Monday's meeting came about four months after Moon and his Mongolian counterpart Khaltmaagiin Battulga agreed to increase exchange and cooperation between their countries in a bilateral summit held on the sidelines of a regional economic forum in Vladivostok, Russia, in September.

South Korea and Mongolia established diplomatic ties in 1990.

The conference patronized by Mongolian President Khaltmaa Battulga as a vice-President of the International Association for Mongol Studies opened with remarks of Ambassador of Mongolia to India G.Ganbold, ICCR President V.Sahasrabuddhe, IF director Dhruv C.Katoch and JNU vice-chancellor J.Kumar, Montsame reported.

At the conference, Mongolian and Indian researchers and scholars including Prof D.Purevjav, director of International Institute for the Study of Nomadic Civilizations, and Prof Sharad Soni, chairperson of the Centre for Inner Asian Studies, School of International Studies, JNU held discussions under the topics on Mongolia-India relations and Mongolian script and historical cultural memorials.

Jointly organized by Mongolia’s Embassy to the Republic of India, Indian Council for Cultural Relations (ICCR) and India Foundation (IF), the conference also touched upon issues on broadening bilateral relations and cooperation in trade, economy, agriculture and health sectors and scheduled to organize the next conference in Ulaanbaatar city.

Alongside the main event, an exhibition was opened to display books, photos and magazines on Mongolia published in the past two years in India.

Chairman Bill Ford said the car maker would have 40 hybrid and fully electric vehicles in its range by 2022.

It comes as countries around the world put more pressure on car makers to rein in carbon emissions.

General Motors, Toyota and Volkswagen have already outlined ambitious plans to offer more electric vehicles.

Speaking at the Detroit Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars.

He said the firm would offer 16 fully electric vehicles by 2022 and 24 plug-in hybrids.

Mr Ford told reporters: "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them.

"If we want to be successful with electrification, we have to do it with vehicles that are already popular."

Stephanie Brinley, a senior automotive analyst at IHS Markit, said it was part of a bigger trend of car makers investing in electrification.

"Part of it is about tougher regulation but also the expectation that electric vehicles will support autonomous driving.

"The big question is how quickly consumers will adapt, as electric is only 1% of the market right now.

"Changing that will take better infrastructure on our roads, but also having more electric vehicles available."

Competitors investing
Last year, America's biggest carmaker GM said it would add 20 new battery electric and fuel cell vehicles to its range by 2023.

Volkswagen said in November it would spend $40bn on electric cars, autonomous driving and new mobility services by the end of 2022 - doubling a previous commitment.

Ford's $11bn investment pledge is much higher than a previously announced target of $4.5bn by 2020 and was spearheaded by new chief executive Jim Hackett.

During the Detroit show, Ford teased the release of its first performance electric vehicle - the Mach 1 - without giving any details about how it would look or its spec.

The SUV will be inspired by a Mustang sports car of the same name, made in the 1960s and 70s, and will be released in 2020.

The US firm also unveiled a more fuel-efficient version of its Ranger pick-up truck, the Ranger 2019.

The SUV will have a 2.3-litre EcoBoost engine, 10-speed auto transmission and automatic emergency braking.