The World Bank Group said on Saturday that Mongolia has become a new donor to the International Development Association fund for the poorest countries, after previously spending nearly three decades as a recipient of IDA funding, Report informs via Reuters.
The development lender said that Mongolia's parliament approved a 4.8 billion tugrik ($1.3 million) contribution to the latest IDA funding round, marking a milestone in the country's development journey.
Since becoming a World Bank member country in 1991, Mongolia has received more than $1.62 billion in development financing, including IDA support for transport, rural development, health and education. Mongolia graduated from IDA support in July 2020, becoming a client of the World Bank's main lending arm for middle-income countries, the International Bank for Reconstruction and Development.
"Mongolia's contribution to IDA21 marks an important milestone in our longstanding partnership with the World Bank and reflects our commitment to international solidarity," Mongolian Finance Minister Mendsaikhan Zagdjav said in a statement released by the World Bank.
"Having benefited firsthand from IDA's support, we recognize the vital role of concessional financing in helping countries reduce poverty, build resilience, and expand opportunities. As we continue to advance Mongolia's own development priorities, we are proud to support other countries in pursuing theirs."