Mongolia becomes new donor to World Bank's fund for poorest countries

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."