To lessen the socio-economic effects of the COVID-19 pandemic on poor and vulnerable groups, the Asian Development Bank (ADB) and Mongolia signed three projects, supporting the country’s post-pandemic recovery by developing an economic cooperation zone, and improving SWM (Solid Waste Management).
The regional development bank approved a $26.4 million loan for the Shock-Responsive Social Protection Project, and a grant of $2 million is being provided for the solid waste management project by Japan Fund for Poverty Reduction (JFPR). Also, the bank is providing a $30 million loan for developing the Economic Cooperation Zone Project.
“The Shock-Responsive Project is a key part of ADB’s package of support to mitigate the impact of COVID-19 in Mongolia,” said Mr Ramachandran, ADB Country Director for Mongolia.
“The project aims to lessen the socio-economic impacts of the COVID-19 pandemic on poor and vulnerable groups in Mongolia, and to support the government’s response in social protection,” he added.
Sources said the economic cooperation zone project, will help stimulate the economy by providing employment opportunities, improving connectivity, and reducing trade costs. The project will also help boost international trade and diversify the nation’s economy.
In addition, the grant for SWM is likely to open new income as well as job opportunities, especially for poor, women, and disadvantaged people. The project will help reduce environmental and health risks by eliminating economic and environmental losses and health costs.
Founded in1966, ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.