At the initiative of Minister of Foreign Affairs of Mongolia B. Battsetseg, “Funding Program for Digital Solutions to Enhance Women Enterprise Recovery and Growth”, supported by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and Women Enterprise Recovery Fund, is going to be implemented in Mongolia for the first time.

In connection with this funding program, the International Women's Federation of Commerce and Industry (IWFCI) in Mongolia held a press conference on February 3, 2023. Under the program, 3-4 successful applicants or teams will receive MNT 200 million. In other words, the best project proposals with innovative digital solutions submitted by the applicants or companies will be selected and entitled to receive up to USD 10 thousand in co-funding. However, the funding will vary depending on the type of solution, scope, and amount of the required investment.

O. Baigal, President of the IWFCI Mongolia, said, “Enterprises sending their project proposals to this program are not required to be led by women or have women employees. However, they must propose digital solutions to support women enterprises economically impacted by COVID-19 and to address their financial and other business requirements.” IWFCI is a non-profit, non-government, member-based organization. It was established with the purpose of supporting women entering the business and developing trade across the globe in 1992, in Melbourne, Australia, while IWFCI Mongolia was founded in 2017. As an organizing body of the program, IWFCI Mongolia will start accepting applications on February 6, 2023.