ADB to help Mongolia tap international market of agriculture products

The Asian Development Bank (ADB) will help tap the huge export potential of Mongolia's agriculture sector through a 1 million U.S. dollar technical assistance grant, said ADB in a news release Monday.

Mongolia's agriculture industry is potentially attractive to international markets as it could offer production processes such as chemical free methods, environment friendly practices, free range livestock, combined with its unique culture of nomadic lifestyle, family production, traditional relationship with animals and nature, and boutique practices, said ADB.

"Investment will be necessary to fund processing facilities, management, and raw material supply before agricultural enterprises can meet the quality and reliability standards expected by international markets,"says Mandar Jayawant, ADB Senior Country Economist at its office in Mongolia.

Financed by Japan, the grant will assist eight to 10 private agricultural enterprises with a team of international and national experts working with them to identify supply-chain partners for the enterprises, help develop investment plans, and arrange financing for investment plans on attractive terms.

The technical assistance will also target companies with a long- term commitment to Mongolia and its unique production environment.

Source: Xinhua